Big data software market to grow sixfold by 2019
The global big data software market will grow nearly sixfold by 2019, helping drive growth in the overall market for information management software, according to Ovum.
The research firm predicts that big data software will grow at a 50% CAGR through to 2019, helping to position big data analytics as a core capability for many enterprises.
According to Ovum practice leader Tom Pringle, the strong growth demonstrates that big data is reaching a tipping point. “The experimental era of big data is coming to an end, organisations are formalising their use of big data technology to realise the business value they expect to find,” he said.
The total information management software market is on track to grow at an 11% CAGR over the next four years.
Besides big data, business intelligence (BI) and analytics are strongly contributing to this growth. Ovum predicts that the total BI market will nearly double from an estimated US$15.85 billion ($21.18 billion) in 2015.
Day-to-day data management remains the largest segment of the overall market, accounting for over 40% of total spending this year, or an estimated US$24.1 billion.
“Even as the biggest dollar spend on information management, data management continues to grow strongly, with a CAGR through 2019 of 9%,” Pringle said.
“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.”
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