New research from the International Data Corporation (IDC) predicts significant growth in the Big Data technology and services market, forecasting impressive compound aggregate growth rates (CAGR) of 23.1% that put the Big Data market at $48.6 billion within 5 years.
Infrastructure, Software, and Services
IDC's research shows growth in three key areas within the Big Data technology and services market: Big Data-related infrastructure, software, and services.
Infrastructure in this case specifically refers to data centers, storage, networking, and computing. Big Data-related software within the scope of this study includes anything used for Big Data discovery and analytics, information management, and applications software (so, think Hadoop etc.). Big Data-related services include specifically professional and support services for infrastructure and software (tech support).
The 23.1% CAGR rate is broken up into those three categories, specifically:
Infrastructure: 21.7% growth.
Software: 26.2% growth.
Service: 22.7% growth.
Fastest-growing Big Data Industries
The Big Data-related industries with the largest growth rates forecasted by the IDC include securities investments and services (26% CAGR), banking (26% CAGR), and media (25% CAGR). Compare to the current largest industries for Big Data spending, including discrete manufacturing ($2.1 billion in 2014), banking ($1.8 billion in 2014), and process manufacturing ($1.5 billion in 2014).
What do you think about these findings? Will the Big Data market really increase to $50B in the next five years? What are the best industries to get in on before they blow up?