eDiscovery Daily Blog
Not Surprisingly, The Big Data Market is Getting Really Big: eDiscovery Trends
A new forecast from International Data Corporation (IDC) announced last week predicts BIG growth for the big data technology and services market through 2019. Are you surprised by that? Didn’t think so. Here is a closer look.
The IDC study, Worldwide Big Data Technology and Services Forecast, 2015–2019, provides a revenue forecast of the Big Data technology and services market for the 2015–2019 period, predicting the big data technology and services market to grow at a compound annual growth rate (CAGR) of 23.1% over the 2014-2019 forecast period with annual spending reaching $48.6 billion in 2019. Additionally, a new IDC Special Study (Driven by Data, Fueled with Insights: Worldwide Big Data Forecast by Vertical Market, 2014-2019) examines spending on big data solutions in greater detail across 19 vertical industries and eight big data technologies.
“The ever-increasing appetite of businesses to embrace emerging big data-related software and infrastructure technologies while keeping the implementation costs low has led to the creation of a rich ecosystem of new and incumbent suppliers,” said Ashish Nadkarni , Program Director, Enterprise Servers and Storage and co-author of the report with Dan Vesset , Program Vice President, Business Analytics & Big Data. “At the same time, the market opportunity is spurring new investments and M&A activity as incumbent suppliers seek to maintain their relevance by developing comprehensive solutions and new go-to-market paths.”
All three major big data submarkets – infrastructure, software, and services – are expected to grow over the next five years. Infrastructure, which consists of computing, networking, storage infrastructure, and other datacenter infrastructure-like security – is predicted to grow at a 21.7% CAGR. Software, which consists of information management, discovery and analytics, and applications software – is predicted to grow at a CAGR of 26.2%. And services, which includes professional and support services for infrastructure and software, is predicted to grow at a CAGR of 22.7%. Infrastructure spending will account for roughly one half of all spending throughout the forecast period.
From a vertical industry perspective, the largest industries for big data spending include discrete manufacturing ($2.1 billion last year), banking ($1.8 billion last year), and process manufacturing ($1.5 billion last year). The industries with the fastest growth rates include securities and investment services (26% CAGR), banking (26% CAGR), and media (25% CAGR). That’s not exactly doubling every 1.2 years, but it still reflects significant growth.
For more information or to purchase a copy of the study, click here.
So, what do you think? How will the strong growth of the big data market affect how organizations manage eDiscovery? Please share any comments you might have or if you’d like to know more about a particular topic.
Disclaimer: The views represented herein are exclusively the views of the author, and do not necessarily represent the views held by CloudNine. eDiscovery Daily is made available by CloudNine solely for educational purposes to provide general information about general eDiscovery principles and not to provide specific legal advice applicable to any particular circumstance. eDiscovery Daily should not be used as a substitute for competent legal advice from a lawyer you have retained and who has agreed to represent you.