Big Data technology and services market is expected to increase at compound annual growth rate (CAGR) of 27% to $32.4bn through 2017, according to a report from the market research firm International Data Corporation (IDC).
The rise represents about six times the growth rate of the overall information and communication technology (ICT) market, the report said.
According to the report, the market is expected to exhibit healthy growth during the next five years despite various scenarios that may impact like demand and supply.
IDC Business Analytics and Big Data research vice president Dan Vesset said the Big Data technology and services market represents a fast-growing multibillion-dollar worldwide opportunity.
"The Big Data market is expanding rapidly as large IT companies and start-ups vie for customers and market share," Vesset added.
The individual segment is expected to register highest CAGR of 49% through 2017, though it would vary, while the decision automation applications on Big Data technology are expected to start replacing or have a major impact on the knowledge worker roles.
IDC Storage Systems and Big Data research Research Director Ashish Nadkarni said that owing to the rapidly developing nature of this market, the research firm continues to review the methodology and forecast assumptions on an ongoing basis.
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"IDC made a number of changes to the Big Data market sizing and forecast presented in this document, including the addition of infrastructure software, such as security and datacenter management, and high performance data analysis (HPDA), which the company considers to be a portion of High Performance Computing (HPC) market that fits within IDC’s Big Data definition," Nadkarni said.
