The global big data software market will expand at a massive rate over the next five years as organisations stop experimenting and start formalising the role of big data technology, according to Ovum’s latest market size and forecast report on information management software.
While big data is currently a small part of the overall information management market, it will increase at a compound annual growth rate (CAGR) of 50 per cent through 2019, and big data analytics will be positioned as a core capability for many enterprises by 2019.
“Big data, as an open source technology, has been accessible without creating huge financial impact on the market. Ovum believes that situation is changing, with commercial Hadoop distributions and a fast-growing ecosystem of enabling and extending technologies pointing toward a bright future for big data,” said Tom Pringle, Ovum practice leader and co-author of the report.
The overall market for information management software is growing at a CAGR of 11 per cent, and in addition to big data, business intelligence and analytics are also strongly contributing to growth – close to doubling by 2019, from a market size of US$15.85 billion in 2015.
“Self-service BI, enabling a whole new universe of users, is driving the expansion of the market,” said Pringle. “With easier to use self-serve tools becoming mainstream, and moves to the cloud and mobile providing accessibility, barriers to growth in this market are being eroded.”
The largest part of the information management market remains day-to-day data management, accounting for more than 40 per cent of total spend, at US$24.1 billion in 2015, and with a forecast CAGR through to 2019 on 9 per cent.
“This expansion speaks not only to the growth in data volumes, but particularly the newer challenges of managing a much more heterogenous range of data types and the speed with which those data are generated,” said Pringle.
