Big data market to grow three times faster than tech overall

Forrester’s latest forecast predicts that the big data technology market will grow at a 12.8% CAGR over the next five years.

In the first forecast of its kind from Forrester, the market is segmented into six buckets — enterprise data warehouse, NoSQL, Hadoop, big data integration, data virtualization, and in-memory data fabric.

Forrester data found that, in 2016, almost 40% of firms are implementing and expanding big data technology adoption. Another 30% are planning to adopt big data in the next 12 months.

In-memory data fabric is taking off. In-memory data fabric will grow 29% annually over the forecast period, according to Forrester data.

Interest in non-relational databases (NoSQL and Hadoop) is increasing. NoSQL will grow 25%, and Hadoop will grow 33% annually over the forecast period.

Among respondents, 41% have implemented and are expanding use of NoSQL, and another 20% plan to implement NoSQL in the next 12 months.

Also, 30% of respondents implemented Hadoop in 2016 versus only 26% in 2015. The increase in unstructured data stored in the cloud using Hadoop increased from 29% in 2015 to 35% in 2016.

Further, market growth varies by industry. In the next five years, the pharmaceutical, transportation, and primary production industries will see the highest adoption of big data technology. Currently the professional services, telecoms, government, and financial service sectors are the largest users.