The big data industry is expected to grow by 10 times over in the next five years as more and more businesses adopt the practice of crunching information to learn more about their customers.
"The big data market is exploding, not only in terms of marketing hype, but also in real revenue," said Jeff Kelly, a principal researcher at Wikibon. "While reasonable people can debate definitions and overall market sizes, one thing is clear — big data is a large and fast-growing market."
The research shows big data services lead the way, taking in 44 percent of the total market share. Hardware accounts for 31 percent of the market, with software salestaking in 25 percent.
IBM is at the top of the list of companies profiting from businesses' desire to use critical customer information as a competitive advantage. IBM's $1 billion in revenue is followed by Intel and HP, which both take in more than $500 million in cash big data services.
While the IT heavyweights currently lead the big data market in overall revenue, the study found the most impactful innovationsare in fact coming from the numerous vendors that focus most of their attention on big data specifically.
While not all Big Data vendorswill succeed in the long term, Kelly expects many of them to enjoy rapid growth over the next five years as their offerings, support services and sales channels mature.
The study, How Big is the Big Data Market?, is based on research of public revenue figures, media reports, interviews with vendors and resellers regarding customer pipelines, product roadmaps and feedback from the Wikibon community of IT practitioners.