About This Statistic
The statistic shows a revenue forecast for the global big data industry from 2011 to 2026. For 2016, the source projects the global big data market size to grow to just under 38 billion U.S. dollars in revenue.
Big data – additional information
The term "big data" describes the enormous amount of data that inundate businesses on a constant basis, as well as the industry which has grown around attempts to collect, analyze, and act upon that data. Due to the size and complexity of "big data" sets, traditional data processing applications are seen as inadequate. While the volume of data becomes largely unimportant beyond a certain point, it is what organizations are able to do with the data that matters. According to its proponents, the ability to harness big data effectively allows businesses to make faster, smarter decisions and improve short- and long-term strategic planning.
The largest big data segment is currently professional services, which represents around two fifths of the total market and generates around 10 billion U.S. dollars annually. Some analysts suggest this may not last, however, with service revenues giving way to big data software revenues over the coming decade. Across all segments, IBM is the current market leader, with revenues of about 1.5 billion U.S. dollars from big data. Hewlett-Packard and SAP round out the top three, with big data revenues close to a billion U.S. dollars each.
While the industry is growing steadily, companies continue to have some concerns with the wholesale adoption of big data. Employees and executives working with big data have listed security, cost, and a lack of technical big data expertise as some of their most pressing concerns, and many executives believe that maintaining the quality of collected data remains a significant challenge.