Big Data Market Expected to Grow Rapidly Through 2019
The Ovum report indicates that the overall market for information management software is expanding at a significant CAGR of 11 percent.The big data software market will grow nearly six-fold by 2019, according to IT research firm Ovum’s latest market size and forecast report on information management software. The report highlights the fact that while big data software in 2015 is just a small part of the overall market for information management, it is set to increase at a compound annual growth rate (CAGR) of 50 percent through 2019 and play an increasingly important role that will position big data analytics as a core capability for many enterprises by 2019. "Ovum is seeing big data move from experimental deployments to operationalized tools, driven by a number of use cases; particularly customer insights, risk and fraud, and security analytics," Tom Pringle, practice leader of information management at Ovum, told eWEEK. "Each of these cases speaks to the inherent challenges of big data, not just the volume of data to be stored and analyzed, but the speed with which that data is created and the variety of types. We see and expect financial services, telecommunications, including Internet companies, and retail to be among the strongest early adopters of big data technology." The report suggests that the overall market for information management software is growing at a significant CAGR of 11 percent.
Aside from the major impact of big data’s growth, business intelligence and analytics are also strongly contributing to growth—close to doubling by 2019, from a market size of $15.85 billion in 2015.