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.

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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.

"Traditional approaches to data management and analysis built around data warehousing and largely focused on well-understood, internal data sources are extremely difficult to scale for the new challenges of big data," Pringle said. "The volume of data is, of course, an issue. However, in many cases it is the variety of data types and the velocity with which that data is created which present the biggest challenge."

He explained capturing and managing this data is a big-enough issue in itself, but exploring it for value-adding insight requires an expanded toolbox of technology and specialist skills.

Day-to-day data management remains the largest part of the market, according to the report, accounting for more than 40 percent of total spending, or $24.1 billion in 2015.

"Ovum sees big data technologies starting to mature. This is best evidenced by the integration of 'enterprise grade' capabilities such as security, encryption and governance into the core of big data platforms," Pringle said. "One of the major issues for adopters of big data software has been the range of approaches and the various tools that could be applied to tackle the questions they're trying answer."

He also noted that the cloud offers a means to more easily access technology capability without the commitments of physically owning and managing the solution.

"Ovum expects more enterprises to use this as one of the ways to benefit from big data solutions without having to manage the complexity of diverse and fast-evolving technologies," Pringle said.