The big data software market is set to grow nearly sixfold by 2019, according to new research, as companies formally roll out the technology.

Although it remains a small part of the overall information management software market, which is growing at a CAGR of 11 percent, big data is set to increase at a CAGR of 50 percent over the next four years.

According to Ovum, who carried out the research, big data analytics will become a core capability for many enterprises by 2019.

The research firm includes big data, business intelligence (BI) & analytics, data management, enterprise content management and enterprise performance management in its definition of information management software.

Day-to-day data management remains the largest part of the market, according to the report, accounting for more than 40 percent of total spend.

BI and analytics are also strongly contributing to growth and are expected to nearly double over the forecast period.

In particular, Ovum said self-service BI is driving the expansion of this area.

Tom Pringle, co-author of the report, said: “The experimental era of big data is coming to an end, organisations are formalising their use of big data technology to realise the business value they expect to find.

“Big data, as an open source technology, has been accessible without creating huge financial impact on the market.

“Ovum believes that situation is changing, with commercial [analytics software] Hadoop distributions and a fast-growing ecosystem of enabling and extending technologies pointing toward a bright future for big data.”

According to European Communications’ fourth annual big data survey, a lack of products to analyse and exploit the data they hold is one of the biggest challenges operators face in successfully executing a big data strategy.

Click here to watch videos from our big data seminar, held in London last month, including Telefónica, Arthur D Little, Amdocs and Ineoquest.

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