Skip to main content

Big Data and Analytics Revenue will Reach $203B

The data-driven business era is creating demand for new products and services. Worldwide revenues for big data and business analytics (BDA) will grow from $130.1 billion in 2016 to more than $203 billion in 2020, according to the latest market study by International Data Corporation (IDC).

This market is forecast to grow 11.3 percent in 2016 after revenues reached $122 billion worldwide in 2015, and is forecast to continue at a compound annual growth rate (CAGR) of 11.7 percent through 2020.

"The availability of data, a new generation of technology, and a cultural shift toward data-driven decision making continue to drive demand for big data and analytics technology and services," said Dan Vesset, group vice president at IDC.

Big Data Analytics Market Development

The primary industries driving this growth include banking, discrete manufacturing, process manufacturing, federal government, and professional services. Together, they will account for nearly 50 percent of worldwide big data and business analytics investments in 2016 and will remain the top five industries through 2020.

In addition to being the industry with the largest investment in big data and business analytics solutions -- reaching nearly $17.0 billion in 2016 -- banking will see the fastest spending growth.

Telecommunications, utilities, insurance, and transportation will join banking as the leading industries with the largest CAGRs over the five-year forecast period.

However, these industries will not be alone. Sixteen of the eighteen industries covered in IDC market study will experience double-digit CAGRs from 2015-2020.

Moreover, respondents from organizations in these industries are placing a high priority on BDA initiatives over other technology investments. Within the banking sector, many of these efforts are focused on risk management, fraud prevention and compliance related activities.

Market Outlook for Big Data Analytics

Large and very large companies (those with more than 500 employees) will be the primary driver of the big data and business analytics opportunity, generating revenues of more than $154 billion in 2020.

Technology investments will be led by IT and business services, which together will account for more than half of all big data and business analytics revenue for most of the forecast period. Services-related spending will also experience the strongest growth, with a five-year CAGR of 14.9 percent.

Software investments will grow to more than $60 billion in 2020, led by purchases of End-User Query, Reporting and Analysis Tools and Data Warehouse Management Tools. Hardware investments will grow at a CAGR of 8.7 percent, reaching $29.9 billion in 2020.

From a geographic perspective, more than half of all big data and business analytics revenues will come from the United States. By 2020, IDC forecasts that the U.S. market for big data and business analytics solutions will reach more than $95 billion.

Popular posts from this blog

Software-Defined Infrastructure: The Platform of Choice

As more organizations adapt to a hybrid working model for their distributed workforce, enterprise CIOs and CTOs are tasked with delivering new productivity-enabling applications, while also seeking ways to effectively reduce IT cost, complexity, and risk. Traditional IT hardware infrastructure is evolving to more software-based solutions. The worldwide software-defined infrastructure (SDI) combined software market reached $12.17 billion during 2020 -- that's an increase of 5 percent over 2019, according to the latest market study by International Data Corporation (IDC). The market grew faster than other core IT technologies. The three technology pillars within the SDI market are: software-defined compute (53 percent of market value), software-defined storage controller (36 percent), and software-defined networking (11 percent). "Software-defined infrastructure solutions have long been popular for companies looking to eliminate cost, complexity, and risk within their data cente

Digital Identity Verification Market to Reach $16.7B

As more enterprise organizations embrace the ongoing transition to digital business transformation, CIOs and CTOs are adopting new technologies that enable the secure identification of individuals within their key stakeholder communities. A "digital identity" is a unique representation of a person. It enables individuals to prove their physical identity during transactions. Moreover, a digital identity is a set of validated digital attributes and credentials for online interactions -- similar to a person's identity within the physical world. Individuals can use a 'digital ID' to be verified through an authorized digital channel. Usually issued or regulated by a national ID scheme, a digital identity serves to identify a unique person online or offline. Digital Identity Systems Market Development Complementary to more traditional forms of identification, digital identity verification systems can enhance the authenticity, security, confidentiality, and efficiency of

Global Pandemic Accelerates the Evolution of Transportation

Given the current trends across the globe, organizations that depend upon the continued growth of personal vehicle ownership will need to consider a plan-B scenario. While some companies will be able to adapt, others may find that their traditional business model has been totally disrupted. According to the latest worldwide market study by Juniper Research, Mobility-as-a-Service (MaaS) will displace over 2.2 billion private car journeys by 2025 -- that's rising from 471 million in 2021. Juniper believes that for MaaS to enjoy widespread adoption, subscription or on-the-go packages need to offer a strong combination of transport modes along with feasible infrastructure changes, high potential for data collection and low barriers to MaaS deployments. Mobility-as-a-Service Market Development The concept of MaaS involves the provision of multi-modal end-to-end travel services through a single platform by which users can determine the best route and price according to real-time traffic