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Worldwide revenues for big data analytics and business analytics will blossom from almost $122 billion last year to more than $187 billion in 2019, according to new research by IDC.
The projected revenue growth was an increase of more than 50% over the previous five-year forecast period by IDC . The report found that the services-related opportunity would account for more than half of all big data and business analytics revenue for most of the forecast period, with IT services clocking in with more than three times the annual revenues of business services.
Software will be the second-largest category with more than $55 billion in revenues by 2019. Almost half of the revenues will come from purchases of end-user query, reporting and analysis tools and data warehouse management tools, IDC says.
Hardware spending will grow to nearly $28 billion in 2019. While there's a move underway to virtualizes elements in networks, in conjunction with using more software, in most cases big data analytics requires deploying more devices in the networks to gather information.
By generating more than $140 billion by 2019, companies with more than 500 employees will be the primary drivers for adoption of big data and business analytics. But small and medium businesses (SMBs) will chip in nearly a quarter of the worldwide revenues, according to IDC.
"Organizations able to take advantage of the new generation of business analytics solutions can leverage digital transformation to adapt to disruptive changes and to create competitive differentiation in their markets," IDC's Dan Vesset, group vice president, Analytics and Information Management, wrote in the report. "These organizations don't just automate existing processes -- they treat data and information as they would any valued asset by using a focused approach to extracting and developing the value and utility of information."
Heavy Reading recently published a report on how cable operators can tap into the potential of big data analytics. (See Big Data: 5 KPIs for Cable.)
— Mike Robuck, Editor, Telco Transformation
