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Grow Your Business Technology

Big Data Expected to Drive Big Revenue Over Next Decade

binary nubers, big data Credit: Balefire9 for Dreamstime.com

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.

A study by technology organization Wikibonrevealed that the revenue from big data is expected to growfrom its current $5 billion mark to more than $50 billion by 2017.

"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.

Chad Brooks

Chad Brooks is a Chicago-based freelance writer who has nearly 15 years experience in the media business. A graduate of Indiana University, he spent nearly a decade as a staff reporter for the Daily Herald in suburban Chicago, covering a wide array of topics including, local and state government, crime, the legal system and education. Following his years at the newspaper Chad worked in public relations, helping promote small businesses throughout the U.S. Follow him on Twitter.

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