Global investment in big data analytics technology is set to double between 2015 and 2021, with innovations such as the Internet of Things driving business interest in the technology.
This is according to a report from Strategy Analytics, which estimated that global revenues from big data analytics solutions will reach $73.77 billion by 2021, up from £36.2 billion in 2015. By 2022, the market will have reached $80 billion, for a compound annual growth rate of 12 per cent over the next seven years.
Key sectors for the technology include the healthcare, financial services, industrial and manufacturing markets. Companies in these markets will particularly benefit from solutions that can interpret the vast amounts of data they generate, allowing them to respond to evolving market dynamics in ways that benefit them and their customers.
Andrew Brown, executive director of the Enterprise and IoT Research team at Strategy Analytics, said that big data analytics will make the difference between reactive and proactive businesses.
He added: "Predictive analytics software can help businesses respond in a proactive way by dealing with issues before they occur. Prescriptive analytics on data sources can suggest decision options that take advantage of the predictive elements and provide real differentiation and competitive advantage for companies leveraging these technologies."
The report also noted that many investments in big data analytics technology will go towards open-source tools. As well as being less expensive than proprietary alternatives, these solutions will also have the advantage of being able to run on commodity hardware, which OEM vendors are hoping will help broaden the technology's appeal to small and medium-sized enterprises.
The healthcare vertical segment will remain the largest market for big data analytics solutions, with this set to grow from $7.96 billion in software revenue in 2015 to $17.03 billion in 2022. This will be followed by the financial services market, which Strategy Analytics forecast is set to double in size by 2022.