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Big data market forecast set for strong growth

The global market for big data solutions is set to see strong growth over the next five years as companies from around the world look to become more involved with the technology.

Research by Markets and Markets estimated that by 2018, the industry will be worth a total of $46.34 billion by 2018.

This will represent a compound annual growth rate (CAGR) of 25.52 percent between 2013 and 2018, the company estimated. The largest sub sector within this is set to be services, as more organizations look to get involved with the technology for the first time. It was calculated this this sector is likely to see a CAGR of 28.7 percent.

As a result, there will be high demand for consulting solutions and expertise to assist businesses with the integration and deployment of the tools. This is likely to be be down due firms finding it difficult to secure the skills they need internally.

It has been observed that a lack of skilled data scientists is set to be one of the biggest challenges facing firms in the coming years. A study by Hudson earlier this month in Australia, for instance, found 78 percent of companies in the nation do not have the competencies needed to undertake a big data analytics projects.

Markets and Markets' study found the key driving forces for the adoption of big data include a need for enterprises to be constantly upgrading their business processes to boost performance and efficiency.

Among the other forces are the continuous rise of unstructured data, which will require new solutions in order to sort and interpret this, as well as demand to provide advanced and predictive analytics to guide future strategy, it continued.

On a regional basis, the firm found North America is expected to be the biggest market for data analytics tools, in terms of revenue and widespread adoption of solutions. However, the global market is also set to be boosted by increasing demands for big data in emerging economies.