Worldwide revenues for Big Data and business analytics (BDA) are expected to reach $150.8 billion in 2017, an increase of 12.4% over 2016, according to a new report from International Data Corporation (IDC).
Banking, discrete manufacturing, process manufacturing, federal/central government, and professional services will make the biggest investments in BDA in 2017, the report found, and are expected to spend $72.4 billion this year.
"BDA as an enabler of decision support and decision automation is now firmly on the radar of top executives. This category of solutions is also one of the key pillars of enabling digital transformation efforts across industries and business processes globally," said Dan Vesset, group vice president of Analytics and Information Management at IDC, in a statement.
Because Big Data and analytics hold huge potential for helping businesses make bottom line improvements, demand for Big Data solutions is high and will continue rapid growth over the next couple of years.
The demand is also bolstering sales at companies that are in the business of helping other companies figure out what to do with all their data. For example, Cloudera, a company that offers just that type of solution, is reportedly filed for an IPO this year.
In addition to helping businesses run more efficiently, Big Data and analytics can also be used to bolster the customer experience and attract new customers, which explains why so many companies are investing here.