Double-Digit Growth Forecast for the Worldwide Big Data and Business Analytics Market Through 2020 Led by Banking and Manufacturing Investments, According to IDC
According to the latest Worldwide Semiannual Big Data and Analytics Spending Guide from International Data Corporation ( IDC), worldwide revenues for big data and business analytics (BDA) will grow from $130.1 billion in 2016 to more than $203 billion in 2020. IDC's Spending Guides offer greater insight into key technology markets by providing expanded revenue detail by technology, industry, and geography.
"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, Analytics and Information Management. "This market is forecast to grow 11.3% in 2016 after revenues reached $122 billion worldwide in 2015 and is expected to continue at a compound annual growth rate (CAGR) of 11.7% through 2020."
The industries driving much of this growth include banking, discrete manufacturing, process manufacturing, federal/central government, and professional services. Together, these five industries will account for nearly 50% 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 (nearly $17.0 billion in 2016), banking will see the fastest spending growth. Telecommunications, utilities, insurance, and transportation will join banking as the industries with the largest CAGRs over the five-year forecast period. However, these industries will not be alone; 16 of the 18 industries covered in IDC's spending guide will experience double-digit CAGRs from 2015-2020.
idc.com
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