This year is set to see the big data analytics market grow into a sector that it is worth $46 billion (£34.6 billion) in revenues, as the technology continues to become commonplace throughout all businesses.
According to predictions from SNS Research, the rise is set to continue for the coming years, with business spending forecast to reach $72 billion by the end of 2020, as firms invest in big data hardware, professional services and software.
The company has predicted that the compound annual growth rate (CAGR) will be around 12 per cent over the next four years. More than $7 billion is expected to move from hardware dominated to software dominated goods by the end of this decade.
This suggests that the challenges big data has previously faced – such as privacy concerns and organisational resistance – are a thing of the past.
The report – entitled 'Big Data Market: 2016 – 2030: Opportunities, Challenges, Strategies, Industry Verticals and Forecasts' attributes the growth to several different factors, rather than just a single component.
SNS Research provided a detailed assessment of the big data ecosystem, covering elements including key market drivers, investment potential, vertical market opportunities, value chain, future roadmaps and data from the vendor markets.
It noted: "Amid the proliferation of real time data from sources such as mobile devices, web, social media, sensors, log files and transactional applications, big data has found a host of vertical market applications, ranging from fraud detection to scientific research and development."
While the last few months have been relatively quiet, it is no indicator that the market is slowing down. SNS Research suggest that instead, this is indicative of the sector establishing big data analytics as a crucial element for businesses.
Big data is no longer in its infancy, meaning there are no longer a slew of groundbreaking product releases hitting the news. Instead, vendors are having to take a new approach that focuses on the details.