The growth rate is about seven times the rate of the overall information and communication technology (ICT) market.
The global big data technology and services market is expected to rise at a compound annual growth rate (CAGR) of 31.7% to $23.8bn in 2016, according to a new report from IDC.
The research firm revealed that the big data market is growing rapidly and incorporating technology and services from a range of existing and new market segments.
The market is expected to exhibit strong growth over the 2012-2016 forecast period.
IDC Business Analytics and Big Data research vice president Dan Vesset said that big data technology and the service market is a fast-growing, multibillion-dollar worldwide opportunity.
"It is an important topic on many executive agendas and presents some of the most attractive job opportunities for people with the right technology, analytics, communication, and industry domain expertise," Vesset said.
The report also reveals that big data technology skills will push the number of buyers towards cloud solutions and appliances, while big data solutions for machine-generated data are expected to rise after the forecast period.