Big data analytics software revenues will double its current global 2015 revenue of $36.2 billion to $73.8 billion by 2021 and reaching $81 billion by 2022, a CAGR of 12% in the next seven years, according to Strategy Analytics.
Laura DiDio, director in the IoT strategies service at Strategy Analytics, said corporations’ increased use of analytics – particularly in the healthcare, financial, industrial and manufacturing IoT vertical market segments — enables them to “interpret the vast amounts of data they generate and respond to market dynamics in ways that benefit the corporation and its customers.”
DiDio said IBM, SAS and SAP are the current and traditional market leaders, but there are many powerful challengers including Bosch, Cisco, Dell, General Electric, Intel, Microsoft, Oracle and others who are coming on strong. She said there is room for many competitors in this burgeoning market.
The big data analytics healthcare vertical segment will grow from about $8 billion in software revenue in 2015 to $17 billion in 2022, a CAGR of 11% worldwide.
The financial sector is the second-largest big data analytics vertical market. Strategy Analytics forecasts that 2015 worldwide revenue reached $6.9 billion and will double to $13.8 billion by 2022.
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 enterprises.