Today’s big data analytics market is quite different from the industry of even a few years ago. The coming decade will see change, innovation, and disruption ripple through at every segment of this global industry.
In the recently published annual update to its market study, Wikibon, the analyst group of SiliconAngle Media, found that the worldwide big data analytics market grew at 24.5 percent in 2017 from the year before. (I work for Wikibon.) This was faster than forecast in the previous year’s report, owing largely to stronger-than-expected public cloud deployment and utilization as well as accelerating convergence of platforms, tools, and other solutions. Also, enterprises are moving more rapidly out of the experimentation and proof-of-concept phases with big data analytics and are achieving higher levels of business value from their deployments.
Going forward, Wikibon forecasts that the overall big data analytics market will grow at an 11 percent annual growth rate by 2027, reaching reach $103 billion globally. Much of the market growth in later years will be sustained by adoption of big data analytics in internet of things (IoT), mobility, and other edge-computing use cases.
What will drive big data analytics industry evolution over the coming decade are the following key trends, as substantiated in Wikibon’s research:
Although the forecast for big data analytics adoption looks rosy, there remain many persistent issues that frustrate users’ attempts to maximize the value of their investments in these technologies. Chief among these are:
For enterprise IT, Wikibon’s chief recommendation is to start migrating more of your big data analytics development efforts to public cloud environments. This will accelerate your ability to take advantage of rapidly maturing, low-cost offerings provided by Amazon Web Services, Microsoft, Google, IBM, and other public cloud providers. You should consider building out your enterprise hybrid cloud to ensure a smooth transition to the public cloud over the next several years.
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