Big Data, business analytics revenues to hit $203B in 2020, IDC says
- Big Data and business analytics revenues worldwide will grow from $130.1 billion in 2016 to more than $203 billion in 2020, according to a new IDC report.
- The banking, discrete manufacturing, process manufacturing, federal/central government and professional services industries are driving the majority of the growth, according to the report. Those five industries alone will account for nearly 50% of worldwide Big Data and business analytics investments in 2016 and are projected to remain the top five industries through 2020.
- The market is forecast to grow more than 11% in 2016 and is expected to continue at a compound annual growth rate of 11.7% through 2020.
Companies are using Big Data and analytics in a number of ways, from identifying risk and fraud to creating product insights organizations can act on. As companies wrestle with data that comes in varieties and volumes never encountered before, analytic capabilities have become critical to helping companies drive business decisions that can give them an edge over the competition.
Demand for Big Data and analytics technology is being driven by "the availability of data, a new generation of technology and a cultural shift toward data-driven decision making," said Dan Vesset, group vice president of IDC Analytics and Information Management.
Banking, in particular, will see the largest investment in Big Data and business analytics solutions and is projected to spend nearly $17 billion in 2016. Though IDC said it expects to see "healthy growth" in spending on Big Data and analytics technologies from nearly all industries.