Big Data analytics software revenues will experience strong growth in the coming years, doubling its current global 2015 revenue of $US36.20 billion to $US 73.77 billion by 2021 and reaching $US81 billion by 2022, a compound annual growth rate of 12 per cent in the next seven years..
Strategy Analytics findings cite IBM, SAS and SAP as the traditional market leaders but claims “many powerful challengers” now exist including: Bosch, Cisco, Dell, General Electric, Intel, Microsoft, Oracle and others who are coming on strong.
“And there is room for many competitors in this burgeoning market,” adds Laura DiDio, Director of Internet of Things Strategies, Strategy Analytics.
DiDio says the increased use of analytics within enterprise - particularly in the healthcare, financial, industrial and manufacturing IoT vertical market segments - will enable businesses to “interpret the vast amounts of data they generate and respond to market dynamics in ways that benefit the corporation and its customers.”
“Big Data analytics is the difference between being proactive and reactive,” adds Andrew Brown, Executive Director of the Enterprise and IoT Research, Strategy Analytics.
“Predictive analytics software can help businesses respond in a proactive way by dealing with issues before they occur.
“While, prescriptive analytics on data sources can suggest decision options that take advantage of the predictive elements and provide real differentiation and competitive advantage for companies leveraging these technologies.”
Drilling down into industry specifics, findings also claim that the Big Data analytics healthcare vertical segment will grow from $US7.964 billion in software revenue in 2015 to $US17.031 billion in 2022, a CAGR of 11 percent worldwide.
At present, the financial sector stands tall as the second largest Big Data Analytics vertical market - with forecasts claiming 2015 worldwide revenue reached $US6.87 billion and will double to $US13.78 billion by 2022.
Going forward, Brown believes much of Big Data analytics software will be open source which is less expensive than proprietary software.
“It will also have the ability to run on commodity hardware, which OEM vendors are betting will help broaden its appeal to small and midsize (SMBs) and midsize enterprises (SMEs),” he adds.