The Asia Pacific excluding Japan (APEJ) big data technology and services market is expected to hit US$1.76 billion by 2016, according to IDC.
In a recent survey released by the market intelligence company, IDC forecasts big profits for big data as it rides on the 46.8 percent compound annual growth rate (CAGR) of the next 5 years. The APEJ big data technology and service market value for 2011 stands at US$258.5 million.
"The Big Data market in Asia/Pacific is building the momentum that will deliver a strong acceleration in 2-3 years time," according to Research director of Asia/Pacific Big Data and analytics at IDC, Craig Stires.
According to IDC, the segments that will experience the highest growth are: storage (at 56.1 percent), networking (55.8 percent) and services (48.3%).
The study also revealed the APEJ market to have unique traits that will create significant growth opportunities in big data, including population mega centers and distributed manufacturing hubs.
Start now and get ahead of the pack
Although big data will create new opportunities for analytics in many areas, IDC notes that it may exacerbate data related issues of the past.
"Big Data requires organizations to rethink their technology architectures, processes, and skill sets in order to attain the real value of this phenomenon," said Daniel-Zoe Jimenez, Program manager of Asia/Pacific Big Data and analytics, and nextgen enterprise applications research at IDC.
Another challenge organizations will face is the lack of analysts will sufficient skills, similar to the case of advanced analytics where there has traditionally been a shortage of talent and this could be an inhibition to growth.
IDC believes opportunities for vendors will exist at all levels of the big data technology stack, including software and services.
"Organizations that start that process now may find themselves with a 12-18 month competitive advantage over those who wait," added Stires, in relation to developing an effective business analytics program.
Sign up for MIS Asia eNewsletters.