Businesses to up spending on big data technology, says IDC

Thursday 10 January 2013

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The global big data technology and services market is set to grow at a compound annual growth rate or 31.7 per cent over the coming four years, it has been claimed.

Technology analyst IDC believes the market will reach a value of $23.8 billion (£14.9 billion) in 2016, as more firms invest in solutions allowing them to capitalise on this information.

The rate of growth is predicted to be seven times the rate of the overall information and communication technology market during this period.

ICC said the big data market is "emerging at a rapid pace" and incorporating technology and services from a wide range of existing and new market segments.

"While there are multiple scenarios that could unfold and many demand and supply variables remain in flux, IDC expects the market to exhibit strong growth over the 2012-2016 forecast period," the firm stated.

Dan Vesset, vice president for IDC's business analytics and big data research, said the market presents "a fast-growing, multibillion-pound worldwide opportunity".

He claimed it is "an important topic on many executive agendas" and presents some of the most attractive job opportunities for people with the right technology, analytics, communication and industry domain expertise.

Posted by Dan Smith