Big things are in store for "big data."
The market for big data will jump an eye-popping 31.7 percent compound annual growth rate (CAGR) by 2016, with revenues reaching $23.9 billion that’s seven times the rate of the overall information and communication technology market, says International Data Corp. (IDC) in a new report.
"The Big Data technology and services market represents a fast-growing, multibillion-dollar worldwide opportunity," said Dan Vesset, vice president for IDC’s Business Analytics and Big Data research. "It is an important topic on many executive agendas and presents some of the most attractive job opportunities for people with the right technology, analytics, communication, and industry domain expertise."
Breaking down the big-data market, IDC says growth of individual segments varies from 21.1 percent for services to 53.4 percent for storage. The high CAGR for storage compared with other infrastructure components is attributable to the current dual use of storage in big-data environments.
Look for a shortage of analytics and big-data technology skills to drive a growing number of buyers toward cloud solutions and appliances, IDC added. To address the skills shortage, there will be greater focus on automation across the information management and analytic life cycle, and more companies will look to outsource analytic services, not just technology.
In addition, big-data solutions for machine-generated data will begin to gain greater public awareness toward the end of the forecast period, the researcher noted.
Big data refers to data large and complex enough to make it difficult to process using on-hand database management tools or traditional data-processing applications.