Forecast Pegs Data Market at $115B by 2019
Revenue growth for the global data market is forecast to grow nearly as fast over the next five years as the soaring volumes of data analysts are currently struggling to keep up with.
Global data market revenues are expected to hit $115 billion by 2019, according to forecast released this week by 451 Research. The growing focus on big data, “which has driven a wave of adoption to address unstructured data in addition to existing structured data processing and analytics technologies,” is fueling a compound annual growth rate of 14 percent through 2019, the market researcher forecast.
“Operational” and analytics databases combined are expected to continue serving as the foundation of the worldwide data market, accounting for more than half of the projected growth over the forecast period. A “reporting and analytics” category accounts for about one-quarter of projected growth over the next five years, 451 Research said.
The global data market “continues to evolve and new approaches have emerged that more efficiently store and process data, while also providing access to those that need it to analyze it and gain business insight,” Matt Aslett, a research director for 451 Research, noted in a statement releasing the market forecast. “
“Our research illustrates the dichotomy inherent in the data platform and analytics market: While it is smaller startups in emerging sectors that are growing the fastest, the incumbent providers in established markets are likely to contribute the greatest value over the next five years,” Aslett added.
The market researcher tracks 56 operational database vendors who generate the bulk of global data market revenue. The data management segment is the only other sector generating more than $1 billion in annual revenues. Other market sectors tracked by 451 Research are below $1 billion in yearly revenues.
While it remains a relatively thin slice of the total market, various Hadoop distributions collectively show steady growth through the forecasting period. By 2019, Hadoop revenues are forecast to reach into the multiple billions of U.S. dollars. The market researcher said it tracked 25 Hadoop vendors for its data market forecast.
Other Hadoop forecasts are more bullish. For example, Transparency Market Research estimated last November that the Hadoop market alone would grow at a whopping 54 percent compound annual rate through 2018 to $20.9 billion.
The Hadoop market is being driven by exponent growth of unstructured data volumes. The framework is increasingly seen as providing the capacity to access data faster while costing less than conventional systems like relational database managers.
Along with Hadoop, the 451 Research market survey also tracked data and performance management vendors along with distributed data/cache, event/stream processing and search vendors.
The explosion of data platforms, data management, analytics and data mining are all expected to fuel the near doubling of the data market revenues by 2019, 451 Research said.