Big Data market on a global note reached the figure of $11.4 billion in the year 2012, with a 58% growth than seen in the year 2011. The survey was conducted by Wikibon, a research and advisory firm focusing on big data infrastructure.
Wikibon has released its second annual report forecast on big data vendor revenue and market and pegged the worldwide big data market revenue at $11.4 billion. Wikibon has also predicted that the big data market will reach $18.2 million in the current year and the forecast is said to reach $50 billion by 2017.
IBM is said to be the leading the big data market with USD 1.3 billion, while HP and Teradata will be sharing the next two places in this aspect.
The year 2012, witnessed professional services occupying the largest share in big data market generating $3.9 billion in revenue. It was immediately followed by computing field with $2.4 billion revenue generation and storage with a $1.8 billion revenue generation.
As per Wikibon analysis, on realizing the benefits of big data; financial firms, pharma companies and retail sector constituted as major contributors to the big data market. Software maturation like such as Hadoop, NoSQL Data stores, in- memory analytic engines and massively parallel processing databases are also adding momentum to the growth of market related to big data.
“The big data market witnessed a significant growth across all market segments in the year 2012, which also promoted a encouraging and healthy vendor ecosystem,” said Jeff Kelly, Big Data Analyst at Wikibon. He added that his firm projects the big data forecast for 2013 as $18 billion and by the year 2017, the market will reach $50 billion. The balance of income creation and value to swing from big data infrastructure and middleware to value add services and software will be witnessed in coming five years. Hardware revenue will be accounting to 40% of big data revenue and the rest will be accounted by software generation and technical services related to big data platform.