In a new study, International Data Corporation is forecasting that the big data technology and services market will grow at a 27 percent compound annual growth rate (CAGR) to $32.4 billion through 2017 — or about six times the growth rate of the overall information and communication technology market.

Although there are multiple scenarios that could unfold and many demand and supply variables remain in flux, IDC expects the market to exhibit strong growth over the next five years.

"The big data technology and services market represents a fast-growing multibillion-dollar worldwide opportunity," Dan Vesset, vice president for IDC's Business Analytics and Big Data research, said in a statement. "The big data market is expanding rapidly as large IT companies and start-ups vie for customers and market share."

IDC's forecast also finds that decision automation solutions based on big data technology will increasingly begin to replace or significantly impact knowledge worker roles; and a significant amount of data that can be described as “big data” in data centers will either get disposed of or archived to the cloud, which will result in lower revenue for traditional storage in the data centers.

The IDC study, “Worldwide Big Data Technology and Services 2013-2017 Forecast,” examines the big data technology and services market for 2012–2017 and describes IDC's definition of big data and the criteria and methodology for sizing the market. The study segments the market into server, storage, networking, software and services.

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