Big Data technology is set to surge to nearly $50 billion by 2019. The report claims that software will be the main growth driver. The Big Data market is growing at a compound annual growth rate (CAGR) of 23.1 per cent over the 2014-19 forecast period with annual spending reaching US $48.6 billion in 2019.
“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.
As per the report, all the three sectors of Big Data market- infrastructure, software and services will grow over the next five years. The industry sectors are interested in big data but the largest sector is discreet manufacturing, banking and process manufacturing.