Big data market growth three times that of IT overall
The big data technology market will grow three times faster than the overall IT market, according to Forrester Research.
The firm’s latest forecast predicts that the big data technology market will grow at a 13 percent compound annual growth rate (CAGR) over the next five years. The market as measured by Forrester includes enterprise data warehouse, NoSQL, Hadoop, big data integration, data virtualization and in-memory data fabric.
Among the key findings from the report is that in 2016 almost 40 percent of organizations are implementing and expanding big data technology adoption. Another 30 percent are planning to adopt big data in the next 12 months.
In-memory data fabric is taking off, the report said, set to grow 29 percent annually over the forecast period. Interest in non-relational databases (NoSQL and Hadoop) is increasing, the report said. NoSQL will grow 25 percent and Hadoop will grow 39 percent annually over the forecast period.
More than 40 percent of organizations have implemented and are expanding use of NoSQL, and another 20 percent plan to implement NoSQL in the next 12 months. Nearly one third had implemented Hadoop in 2016 versus only 26 percent in 2015. The increase in unstructured data stored in the cloud using Hadoop increased from 29 percent in 2015 to 35% in 2016.
In the next five years, the pharmaceutical, transportation, and primary production industries will see the highest adoption of big data technology, Forrester said. Currently the professional services, telecommunications, government and financial service sectors are the largest users.