The Big Data and analytics market is expected to continue its rapid growth over the next several years, according to IDC.
By 2019, the research firm expects the market will be worth $187 billion, up from $122 billion last year.
Services and software are expected to be the greatest revenue drivers for Big Data and analytics.
The study shows that Big Data continues to be a hot topic as companies move to advance their enterprise capabilities and offerings. Last year, another IDC study on Big Data found that the number of organizations with deployed or implemented data-driven projects increased by 125% over the previous year.
Companies are using Big Data and analytics in a number of ways, from identifying risk and fraud, to helping improve productivity to creating product insights companies can act on.
Big Data and analytics services will be responsible for almost half of all related revenue, the IDC predicted. Software around Big Data and analytics, meanwhile, will pull in an estimated $55 billion by 2019, followed by hardware at around $28 billion.
In particular, the utilities, resource industries, healthcare and banking sectors are expected to see the greatest Big Data and analytics growth.