Report: Big Data to Become $50B Industry by 2017

A new study has found that the big data industry is set to become a $50 billion market in three years due to improving confidence in and growth of big data-related services and products, Silicon Angle reported Monday.

Bert Latamore writes Wikibon‘s “Big Data Vendor Revenue and Market Forecast 2013-2017″ predicts market growth will slow to 53 percent and reach $28.5 billion this year compared to 2013’s 58 percent growth

The report adds that big data is still on track to become a $50 billion industry by 2017.

Jeff Kelly, principal research contributor and big data analyst at Wikibon, said in the report the big data market has developed because of improved privacy, security, backup and recovery capabilities as well as the increasing partnerships between big data vendors and non-big data dealers.

However, issues still exist to prevent big data adoption including absence of best practices for integration, volatile markets as well as data privacy and security concerns, Silicon Angle reports.