- The market for prescriptive analytics software is estimated to grow from approximately $415M in 2014 to $1.1B in 2019, attaining a 22% CAGR.
Making enterprises more customer-centric, sharpening focus on key initiatives that lead to entering new markets and creating new business models, and improving operational performance are three dominant factors driving analytics, Big Data, and business intelligence (BI) investments today. Unleashing the insights hidden in unstructured data is providing enterprises with the potential to compete and improve in areas they had limited visibility into before. Examples of these areas include the complexity of B2B selling and service relationships, healthcare services, and maintenance, repair, and overhaul (MRO) of complex machinery. All organizations face the daunting task of integrating systems together to enable greater process visibility. enosiX is taking a leadership role in this area, offering real-time integration between SAP and Salesforce systems, giving enterprises the opportunity to be more responsive to suppliers, resellers, partners and most importantly, customers.
Presented below are a roundup of recent analytics and big data forecasts and market estimates:
- The global big data market will grow from $18.3B in 2014 to $92.2B by 2026, representing a compound annual growth rate of 14.4 percent. Wikibon predicts significant growth in all four sub-segments of big data software through 2026. Data management (14% CAGR), core technologies such as Hadoop, Spark and streaming analytics (24% CAGR), databases (18% CAGR) and big data applications, analytics and tools (23% CAGR) are the four fastest growing sub-segments according to Wikibon. Source: Wikibon forecasts Big Data market to hit $92.2B by 2026.
- The Total Data market is expected to nearly double in size, growing from $69.6B in revenue in 2015 to $132.3B in 2020. The specific market segments included in 451 Research’s analysis are operational databases, analytic databases, reporting and analytics, data management, performance management, event/stream processing, distributed data grid/cache, Hadoop, and search-based data platforms and analytics. Source: Total Data market expected to reach $132bn by 2020; 451 Research, June 14, 2016.
- Improving customer relationships (55%) and making the business more data-focused (53%) are the top two business goals or objectives driving investments in data-driven initiatives today. 78% of enterprises agree that collection and analysis of Big Data have the potential to change fundamentally the way they do business over the next 1 to 3 years. Source: IDG Enterprise 2016 Data & Analytics Research, July 5, 2016.
- Venture capital (VC) investment in Big Data accelerated quickly at the beginning of the year with DataDog ($94M), BloomReach ($56M), Qubole ($30M), PlaceIQ ($25M) and others receiving funding. Big Data startups received $6.64B in venture capital investment in 2015, 11% of total tech VC. M&A activity has remained moderate (FirstMark noted 35 acquisitions since their latest landscape was published last year). Source: Matt Turck’s blog post, Is Big Data Still a Thing? (The 2016 Big Data Landscape).
- IDC forecasts global spending on cognitive systems will reach nearly $31.3 billion in 2019 with a five-year compound annual growth rate (CAGR) of 55%. More than 40% of all cognitive systems spending throughout the forecast will go to software, which includes both cognitive applications (i.e., text and rich media analytics, tagging, searching, machine learning, categorization, clustering, hypothesis generation, question answering, visualization, filtering, alerting, and navigation). Also included in the forecasts are cognitive software platforms, which enable the development of intelligent, advisory, and cognitively enabled solutions. Source: Worldwide Spending on Cognitive Systems Forecast to Soar to More Than $31 Billion in 2019, According to a New IDC Spending Guide.
- Big Data Analytics & Hadoop Market accounted for $8.48B in 2015 and is expected to reach $99.31B by 2022 growing at a CAGR of 42.1% from 2015 to 2022. The rise of big data analytics and rapid growth in consumer data capture and taxonomy techniques are a few of the many factors fueling market growth. Source: Stratistics Market Research Consulting (PDF, opt-in, payment reqd).
Additional sources of market information:
Analytics Trends 2016 The Next Evolution, Deloitte.
Big data analytics, Ericsson White Paper Uen 288 23-3211 Rev B | October 2015
Big Data and the Intelligence Economy in Canada Big Data: Big Opportunities to Create Business Value, EMC.
The Forrester Wave™: Big Data Hadoop Distributions, Q1 2016
The Forrester Wave™: Big Data Hadoop Cloud Solutions, Q2 2016
The Forrester Wave™: Big Data Text Analytics Platforms, Q2 2016
The Forrester Wave™: Big Data Streaming Analytics, Q1 2016
The Forrester Wave™: Customer Analytics Solutions, Q1 2016
From Big Data to Better Decisions: The ultimate guide to business intelligence today (Domo)
Gartner Hype Cycle for Business Intelligence and Analytics, 2015
IBM: Extracting business value from the 4 V’s of big data
IDC Worldwide Big Data Technology and Services 2012 – 2015 Forecast
Opportunities in Telecom Sector: Arising from Big Data. Deloitte, November 2015
Who will win as Finance doubles down on analytics?