While Big Data software in 2015 is just a small part of the overall market for information management, it is set to increase at a Compound Annual Growth Rate (CAGR) of 50 per cent through 2019, according to independent research company, Ovum.
In its latest market size and forecast report on information management software, titled Ovum Software Market Forecasts: Information Management 2015, it claimed the Big Data software market will grow nearly sixfold by 2019 and play an increasingly important role that will position Big Data analytics as a core capability for many enterprises.
Ovum practice leader, and co-author of the report, Tom Pringle, said the experimental era of Big Data is coming to an end, and organisations are formalising 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 $US15.85 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."
But day-to-day data management remains the largest part of the market, according to the report, accounting for in excess of 40 per cent of total spend amounting to $US24.1 billion in 2015.
"Even as the biggest dollar spend on information management, data management continues to grow strongly, with a CAGR through 2019 of nine per cent. This expansion speaks not only to the growth in data volumes, but particularly the newer challenges of managing a much more heterogeneous range of data types and the speed with which those data are generated," he added.