The global big data analytics market is expected to enjoy continued momentum in the coming years, as companies across all sectors look to complete a transformation into becoming data-driven businesses.
This is among the key findings of a new study by International Data Corporation (IDC), which forecast that the sector is set to see a compound annual growth rate of 23.1 per cent between 2014 and 2019. This will equate to global spending of $48.6 billion on big data technologies and services by the end of the decade.
Ashish Nadkarni, program director for Enterprise Servers and Storage at IDC and co-author of the report, said: "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."
Although every industry will have its own unique business drivers that lead them to big data analytics, as well as their own challenges that can hinder adoption, there are a few key themes that are present across all sectors.
IDC noted that regardless of industry, the majority of big data efforts are focused around delivering a better customer experience, supporting product and service innovation, and optimising business processes.
Meanwhile, the most common barriers to adoption include worries over the security and privacy of their solutions, as well as challenges related to collecting, using, and managing customers' personal data. A shifting regulatory environment is another area of concern across industries.
Jessica Goepfert, program director for IDC's Global Technology and Industry Research Organisation, said that being able to develop an integrated view of customer activities and business operations by leveraging big data analytics will help companies stand out from their competitors.
She added: "However, in addition to the huge opportunities, big data presents some significant risks and liabilities to organisations. Line of business and IT executives will need to approach these ongoing challenges with awareness, flexibility, adaptability, and responsibility."