£32bn big data sector to prove the doubters wrong

The phenomenon of Big Data marches on, with the latest estimates showing that spending on technology and services will reach $48.6bn (£32bn) within four years.

That is according to IDC, which says that between 2014 and 2019, the market will grow at a compound annual growth rate (CAGR) of 23.1%, with the big data market comprising three main submarkets: infrastructure; software; and services.

The software segment – which it defines as information management, discovery and analytics and applications software – will be the main growth driver, with a CAGR of 26.2% over the period.

Services – which includes professional services and support services for infrastructure and software – will grow by 22.7% a year, while infrastructure (computing, networking and storage) will see 21.7% growth.

Barriers for big data market

However, despite the predicted boom time, IDC warns that there will be certain barriers for the big data market such as privacy and security concerns as well as challenges relating to the collection of personal data.

IDC programme director, Jessica Goepfert (pictured), said: “The ability to leverage big data and analytics to develop an integrated view of customer activities and business operations will provide competitive differentiation to companies across industries.

“However, in addition to the huge opportunities, big data presents some significant risks and liabilities to organisations. Companies will need to approach these ongoing challenges with awareness, flexibility, adaptability and responsibility.”