Global spending on big data technology is expected to surpass $57 billion this year, and will increase by at least 10 percent per year through 2020.

That is the forecast of SNS Research, which just released its report “Big Data Market: 2017 – 2030 – Opportunities, Challenges, Strategies, Industry Verticals & Forecasts.” The report presents an in-depth assessment of all aspects of big data, including key market drivers, challenges, investment potential, vertical market opportunities and use cases, future roadmap, value chain, case studies on big data analytics vendor market share and strategies.

As noted by SNS Research, big data was originally used to describe datasets that too large for the ability of traditional databases. But the term has expanded greatly in its scope and not only refers to the data itself but also to the technologies that capture, store, manage and analyze large collections of data to solve complex problems.

“Amid the proliferation of real-time data from sources such as mobile devices, web, social media, sensors, log files and transactional applications, big data has found a host of vertical market applications, ranging from fraud detection to scientific R&D,” the report noted.

Many firms continue to wrestle with issues around big data, including organizational resistance and privacy, the study notes. Despite that, the pace of new firms exploring big data initiatives is expected to grow at double digit figures for the next few years.

The report also presents market size forecasts for big data hardware, software and professional services from 2017 through 2030. The forecasts are further segmented for eight horizontal submarkets, 14 vertical markets, six regions and 35 countries.

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