Big Data has become an inevitable part of the today’s business creation. Some experts cite that it’s just the starting of the data world as lot more is awaiting in future. According to Ovum’s latest market study embarks that Big Data software in 2015 is just a small part of the overall market for information management, the market is further reckon to grow at CAGR of 50 percent through 2019.
The big data software market in other words will grow nearly six fold by 2019, acting a pivotal role that will edifice Big Data analytics as a core capability for many enterprises.
The Mammoth Growth Structure
Ovum practice leader, and co-author of the report, Tom Pringle, said the experimental era of Big Data is coming to an end, and organizations are formalizing their use of Big Data technology to realise the business value they expect to find.
“Big Data, as an open source technology, has been accessible without creating huge financial impact on the market. Ovum believes that situation is changing, with commercial Hadoop distributions and a fast-growing ecosystem of enabling and extending technologies pointing toward a bright future for Big Data,” he said.
In addition, the report found that the overall market for information management software is growing at a significant CAGR of 11 per cent. “Aside from the major impact of Big Data’s growth, business intelligence (BI) and analytics are also strongly contributing to growth – close to doubling by 2019, from a market size of $15.85 billion in 2015,” Pringle claimed.
“Self-service BI, enabling a whole new universe of users, is driving the expansion of the market. 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.”
The Hurdles Glooming
However, the report notes that the biggest challenge is to management the data generated by the day-to-day data management – which remains the largest part of the market. This would account for in excess of 40 percent of total spend amounting to $24.1 billion in 2015.