A new report from Forrester Research predicts the big data management market will grow at a 12.8% compound annual growth rate through 2021.
Big data has finally hit its stride, and will explode in growth over the next five years, according to a Forrester Research report released Thursday. In the past five years, big data has moved from "buzzword" to "standard business practice," the report said, and will continue its climb.
"In 2016, almost 40% of global data and analytics decision-makers say their firms are implementing as well as expanding big data technology and solutions, and another 30% are planning to adopt big data in the next 12 months," the report said.
Because of this explosion in the use of big data, the market for solutions to manage and deploy these tools has also increased in size. Overall, Forrester predicts this solutions market will grow at a 12.8% compound annual growth rate (CAGR) from 2016-2021. According to the report, these solutions could include enterprise data warehouse, NoSQL, Hadoop, big data integration, data virtualization, and in-memory data fabric.
To put that number into perspective, Forrester forecasts that tech spending, overall, will only grow about 4-5% over the next couple years.
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The US is the largest geographic market for these big data solutions, according to the report. In terms of industries, the top users of these big data solutions are professional services, telecommunications, government, and financial services.
Much of the growth of big data and the market for its management solutions is driven by the rise of nonrelational databases. As new data types emerge, and the need to manage different types of data (such as unstructured data) continues, nonrelational databases and their ability to handle any data type make a compelling option for big data deployments.
Within these nonrelational databases, Forrester predicts that NoSQL will grow by 25% in the five year period from 2016-2021. Of those surveyed, 41% said they had already implemented NoSQL or were expanding their use. Additionally, 20% planned on implementing it within the next year, the report said. NoSQL does well to support e-commerce and graph data databases, and open source options can help organizations lower the cost of their big data deployment.
Another aspect of this big data growth is the strength of the Hadoop ecosystem. The Forrester report said that Hadoop will grow by 32.9% annually over the next five years. "Based on our survey data, 30% of respondents have implemented Hadoop in 2016 versus only 26% in 2015," the report said.
The 3 big takeaways for TechRepublic readers
- Forrester predicts that the market for big data management solutions will grow with a CAGR of 12.8% from 2016-2021.
- Nonrelational databases like NoSQL are one of the driving factors behind this growth, as companies look for flexibility and scalability.
- Hadoop is also a strong component of this market, as many organizations are looking to the framework to better manage unstructured data.
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