Spending on technology and services related to big data is set to surge by 2019, according to IDC, which claims that software will be the main growth driver.
Between 2014 and 2019, the market will grow at a compound annual growth rate (CAGR) of 23.1 per cent and spending will reach $48.6bn (£32.18bn).
IDC claims the big data market consists of three main submarkets: infrastructure; software; and services.
The software submarket - which it defines as information management, discovery and analytics and applications software - will be the main growth driver, with a CAGR of 26.2 per cent over the period.
Services - which includes professional services and support services for infrastructure and software - will grow by 22.7 per cent annually over the same period, while infrastructure, which consists of computing, networking and storage, will enjoy 21.7 per cent growth.
Discrete manufacturing - the precise assembly of exact products - will be the biggest market for big data kit, with banking coming in second place. Process manufacturing, where an imprecise amount of products are made according to a certain process, will be the third-largest market for big data kit.
Despite the booming opportunity, IDC warns that there will be certain barriers for the big data market such as privacy and security concerns as well as challenges relating to the collection of personal data.
"The ability to leverage big data and analytics to develop an integrated view of customer activities and business operations will provide competitive differentiation to companies across industries," said IDC programme director Jessica Goepfert.
"However, in addition to the huge opportunities, big data presents some significant risks and liabilities to organisations. Line of business and IT executives will need to approach these ongoing challenges with awareness, flexibility, adaptability, and responsibility."
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