Big Data Market Reached $27.4 Billion in 2004 – Wikibon

The big data market continued its maturation in 2014, experiencing both significant growth as measured by vendor revenue associated with the sale of big data products and& services and increased adoption of big data tools and technologies by large enterprises across vertical markets, according to the report Big Data Vendor Revenue and Market Forecast, 2011-2020 by Wikibon.
 
For the calendar year 2014, the big data market – as measured by revenue associated with the sale of big data-related hardware, software and professional services – reached $27.36 billion, up from $19.6 billion in 2013.

While growing faster than other enterprise IT markets, the big data market’s overall growth rate slowed year-over-year from 60% in 2013 to 40% in 2014. This is to be expected in an emerging but quickly maturing market such as big data, and Wikibon does not believe this slightly slower growth rate indicates any structural market issues.
 
Wikibon also extended its market forecast for big data through 2020 from 2017. It expects the big data market to top $61 billion in 2020, which represents a 26% CAGR over the nine year period beginning in 2011, the first year Wikibon sized the big data market. After a several-year period of intense growth, big data market growth will slow considerably in the outlying years of the forecast. This growth pattern, represented by the well-known Ogive curve, is common to disruptive technology markets as they mature.

Big Data Market Forecast, 2011-2020
(in $ billion)

(Source: Wikibon 2015)

There were a number of factors driving growth of the big data market in 2014.

They include:

• The emergence and maturation of data warehouse optimization as a definitive, initial big data use case applicable across vertical markets.
• The continued maturation of big data products and services, particularly with regard to data governance, data transformation and data pipeline creation capabilities.
• The increasing establishment of big data-driven decision making as a key strategic priority in board rooms and C-suites across vertical market but particularly in the financial services, retail, healthcare and telecommunications industries.