Worldwide revenues for big data and business analytics will grow from nearly $122 billion in 2015 to more than $187 billion in 2019, according to a new report from International Data. Corp. (IDC). That represents an increase of more than 50% over the five-year forecast period.

Services will account for more than half of all big data and business analytics revenue for most of the forecast period, the firm says, with IT services generating more than three times the annual revenues of business services.

Software will be the second largest category, generating more than $55 billion in revenues in 2019. Nearly half of these revenues will come from purchases of end-user query, reporting, analysis tools and data warehouse management tools. Hardware spending will grow to nearly $28 billion in 2019.

The industries that will spend the most on big data and analytics technologies include discrete manufacturing ($22.8 billion in 2019), banking ($22.1 billion) and process manufacturing ($16.4 billion). Four other sectors, federal/central government, professional services, telecommunications and retail, will spend more than $10 billion in 2019.

The industries experiencing the fastest growth in spending include utilities, healthcare and banking, although nearly all of the industries profiled in the report will see gains of more than 50% over the five year forecast period.

"Organizations able to take advantage of the new generation of business analytics solutions can leverage digital transformation to adapt to disruptive changes and to create competitive differentiation in their markets," said Dan Vesset, group vice president, analytics and information management. "These organizations don't just automate existing processes; they treat data and information as they would any valued asset by using a focused approach to extracting and developing the value and utility of information."

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