Business interest in big data analytics solutions is set to continue growing at a rapid pace over the next few years, with the market for this technology expected to increase sixfold by the end of the decade.

This is according to a new report from Ovum, which forecast that demand for big data services is set to climb at a compound annual growth rate of 50 per cent over the next five years. This compares with a figure of just 11 per cent for the information management sector as a whole. 

Co-author of the report and practice leader at the firm Tom Pringle said one of the key reasons for this will be companies looking to move beyond the pilot stage and deploy full-scale solutions across their business.

"[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 stated.

So far, big data has been a relatively accessible technology, but has not had a major financial impact on the IT market. This has been largely due to the open source nature of many of the key tools that underpin the technology.

However, Mr Pringle said that this situation is set to change in the near future, due to "commercial Hadoop distributions and a fast-growing ecosystem of enabling and extending technologies pointing toward a bright future for big data".

Ovum's report also forecast that business intelligence and analytics are also contributing strongly to growth, with these solutions set to be worth $15.85 billion by 2019 – nearly double today's value.

This will be primarily driven by a new generation of self-service BI tools, which will introduce a wider range of users to the technology.

"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," Mr Pringle said.