Big Data is forecast to drive $120 billion of IT spending in 2013, $232 Billion through 2016

Big data is Big money. Gartner published some economic forecasts regarding big data last week. Gartner says big data will drive $232 billion in spending through 2016. It will directly or indirectly drive $96 billion of worldwide IT spending in 2012, and is forecast to drive $120 billion of IT spending in 2013. Here are some interesting conclusions from Gartner based on their research:

• Big data currently has the most significant impact in social network analysis and content analytics with 45 percent of new spending each year.
• Despite the hype, big data is not a distinct, stand-alone market, but it represents an industrywide market force which must be addressed in products, practices and solution delivery
• Big data will once again become ‘just data’ by 2020 and architectural approaches, infrastructure and hardware/software that does not adapt to this ‘new normal’ will be retired
• IT spending driven by big data functional demands will total $28 billion. Most of that will go toward adapting existing solutions to new demands driven by machine data, social data and the unpredictable velocity that comes with it.

The observation that Big data currently has the most significant impact in social network analysis and content analytics with 45 percent of new spending each year is interesting in the light of our own new report on big data titled Big Social. It offers a multi-faceted orientation into next-generation Social Analytics and Social Media by presenting the rapid developments, the analysis of available tools, best practices and inspiring cases. Make sure you read our report if this is the topic you are interested in.  [DOWNLOAD] Source: Gartner Press Release