Besides the increasing interest in artificial intelligence and machine learning, companies in the Asia-Pacific region are also investing large sums of money in big data and business analytics (BDA) solutions to improve business performance, detect fraud, and maintain a competitive edge in the global economy.
A report by technology research firm IDC says revenue for BDA solutions is likely to reach $27 billion mark by 2022, witnessing a CAGR of 15.1% during the forecast period (2017-2022). What’s more, the BDA revenue will hit $15.3 billion by the end of this year, up from last year’s 14.3%.
The figures are for markets in China, the Philippines, Australia, and Vietnam.
IDC says industries including banking, telecom, discrete manufacturing, professional services, and government are driving the growth of BDA and will account for more than 56% market share of total big data and business analytics spend in 2018. “These industries are expected to invest around half of BDA revenue ($8.5 billion) this year, which will reach $15.1 billion by 2022,” the report says.
“Asia Pacific (excluding Japan) has seen an exponential growth of data and analytical complexity which has pushed businesses with larger economies at scale like banking, telecommunication, retail, among others to invest in big data and analytics,” says Swati Chaturvedi, senior market analyst at IDC, in the press release. Read more