Big data and analytics revenue set to rocket

IDC claims market is set to shoot up by more than 50 per cent

The big data and business analytics market is predicted to soar by more than half by 2019 to $187bn (£128.6bn), according to IDC.

Its new research shows that services-related revenue will account for more than half of the overall big data and business analytics between 2015 and 2019.

Software revenues are expected to reach more than $55m and hardware spending is forecast to grow to nearly $28bn by 2019.

Companies with more than 500 employees will be the primary driver of the market, said IDC, generating more than $140bn in revenues in 2019.

More than half of all big data and business analytics revenues will come from the US, with the country's market reaching more than $98bn by 2019. The region with the second-largest revenues will be western Europe, followed by APAC and Latin America.

Dan Vesset, group vice president of IDC for analytics and information management, said: "Organisations 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.

"These organisations 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."