Spending on technology and services related to big data is set to surge to nearly 50 billion by 2019, according a new report, which claims that software will be the main growth driver.
A forecast from International Data Corporation (IDC) sees the big data technology and services market growing at a compound annual growth rate (CAGR) of 23.1 per cent over the 2014-2019 forecast period with annual spending reaching USD 48.6 billion in 2019.
And a new IDC Special Study examines spending on big data solutions in greater detail across 19 vertical industries and eight big data technologies.
"The ever-increasing appetite of businesses to embrace emerging big data-related software and infrastructure technologies while keeping the implementation costs low has led to the creation of a rich ecosystem of new and incumbent suppliers," said Ashish Nadkarni, Programme Director, Enterprise Servers and Storage and co-author of the report with Dan Vesset, Programme Vice President, Business Analytics & Big Data.
"At the same time, the market opportunity is spurring new investments and M&A activity as incumbent suppliers seek to maintain their relevance by developing comprehensive solutions and new go-to-market paths."
All three sectors of the big data market infrastructure, software and services will grow over the next five years.
Software that includes information management, discovery, analytics and applications will show a CAGR of 22.7 per cent.
All industry sectors are interested in big data but the largest sector is discrete manufacturing, banking and process manufacturing.