The big data and analytics market is expected to be worth more than $187 billion in 2019, up from $122 billion in 2015, according to IDC.
Over five years, the big data market is expected grow at about a 50 percent clip, said IDC.
Services will represent more than half of all big data and analytics revenue with software representing the second largest category. Big data and analytics software will be a $55 billion market in 2019. Hardware will be about $28 billion in 2019.
Most of the software revenue will revolve around query, reporting, analysis and data warehouse applications.
By industry, IDC said that discrete manufacturing will be the biggest industry to chase big data followed by banking and process manufacturing. Government, services, telecom and retail will also be large categories.
Among the key takeaways:
- Utilities, resource industries, healthcare and banking will show the most big data and analytics revenue growth over the next five years.
- Large enterprises will drive spending and account for $140 billion in big data analytics revenue in 2019.
- Smaller businesses (less than 500 employees) will be a quarter of big data revenue.
- The U.S. will be the biggest market for big data and analytics tools and represent $98 billion by 2019. The U.S. will be followed by Western Europe, Asia Pacific and Latin America.