The study, conducted by 451 Research, indicates that data platforms, management, analytics and mining, collectively known as the Total Data Market, is forecasted to undergo significant expansion over the next few years. Currently valued at $60 billion, the market is expected to be worth $115 billion by 2019.
“The market continues to evolve, and new approaches have emerged that more efficiently store and process data, while also providing access to those that need it to analyze it and gain business insight,” Matt Aslett, research director for 451 Research’s Data Platforms and Analytics Channel explained in a press release.
“Our research illustrates the dichotomy inherent in the data platform and analytics market: while it is smaller start-ups in emerging sectors that are growing the fastest, the incumbent providers in established markets are likely to contribute the greatest value over the next five years.”
As the need to address unstructured data becomes a growing concern for enterprises, the adoption of Big Data practices, along with structured data processing and analytics programs, has become more widespread. The report states that this wave of adoption will result in a market compound annual growth rate (CAGR) of 14 per cent.
Forecasts for this report were based on the Total Data Market Monitor service, which provides a bottom-up analysis of the 202 vendors that cover the Total Data subdivisions followed by 451 Research.
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