|By Tim Watson||
|December 14, 2013 01:00 PM EST||
Research firm IDC has predicted that the big data and analytics market will hit $16.1 billion in 2014 at a rate faster than the overall market growth for information technology, Forbes reported Thursday.
Gil Press writes infrastructure will account for 45 percent of the market, services 29 percent and software tools 24 percent and that a separate forecast from the International Institute of Analytics says companies will embed analytics into business processes.
The IDC projected cloud infrastructure to achieve a compound annual growth rate of 50 percent from 2013 through 2017, according to the report.
Both the IDC and IIA forecast the big data professional services market to reach more than $4.5 billion in 2014 and that the number of firms providing those services will increase three times over the next three years, the report says.
Another IDC prediction says venture capital investments will focus on big data software such as information management, analytics and discovery and applications.
Press writes security infrastructure will also represent a significant portion of the big data market as companies are using information to counter threats.
Sensor, mobile devices, wearable technology and connected devices will also drive the big data market, Forbes reports.