The latest Worldwide Semiannual Big Data and Analytics Spending Guide from research firm International Data Corporation (IDC) forecasts worldwide revenues for big data and business analytics (BDA) solutions to reach US$260 billion in 2022.
The industries making the largest investments are banking, discrete manufacturing, process manufacturing, professional services and federal/central government. Combined, these five industries will account for nearly half (US$81 billion) of worldwide BDA revenues this year. They will also be the industries with the largest BDA opportunity in 2022 when their total investment will be US$129 billion.
“At a high level, organisations are turning to BDA solutions to navigate the convergence of their physical and digital worlds,” said Jessica Goepfert, program vice president for Customer Insights and Analysis at IDC. “This transformation takes a different shape depending on the industry. For instance, within banking and retail – two of the fastest growth areas for BDA – investments are all about managing and reinvigorating the customer experience. Whereas in manufacturing, firms are reinventing themselves to essentially be high tech companies, using their products as a platform to enable and deliver digital services.”
The Worldwide Semiannual Big Data and Analytics Spending Guide is designed to address the needs of organisations assessing the BDA opportunity by geography, industry and company size. The Spending Guide provides subscribers with revenue projections for 19 technology and service categories across 19 industries, five company size bands, and 53 countries.