The management of unstructured data (e.g. Big Data), the leveraging of analytics tools to derive value, and the integration between Cloud, Internet of Things (IoT), and enterprise operational technology are key focus areas for large companies across virtually every industry vertical. However, Big Data and Analytics tools are not limited to large companies as products and services are emerging that are democratizing data for smaller companies.
A new data economy is developing in which the data associated with corporate products and services becomes almost as value as the company offerings themselves. New models are emerging to reduce friction across the value chain including enhanced Big Data as a Service (BDaaS) offerings. BDaaS is anticipated to make cross-industry, cross-company, and even cross-competitor data exchange a reality that adds value across the ecosystem with minimized security and privacy concerns.
The global Big Data Market will reach $72B USD by 2021 with a CAGR of 20.8%.
Western Europe will be a market leader with $20.9B USD by 2021 with CAGR of 22.2%.
Business Intelligence Tools and Analytics Platforms will reach $15.8B USD globally by 2021.
Professional Services remains the leading revenue area through 2021 with CAGR of 23.8%.
Open development tools and communities are driving innovation in key areas such as Cloud and IoT.