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Data and Analytics Growth Projections
While some businesses and niche industries have been slow to accept data and analytics as a long-term part of business, a recent report from International Data Corp. convincingly shows that the trend towards data-driven businesses is very much here to stay. The report’s projections tell a story of wholehearted acceptance of the advantages of using clean, accurate data to run more efficient and more profitable business.
Data Industry Growth
In 2017, the global revenues for big data and business analytics solutions will reach $150.8 billion dollars. This is an increase of 12% over 2016 and this double-digit growth is expected to continue through 2020. According to the IDC report, the commercial purchase of BDA (big data and analytics) solutions will be valued at $210 billion. These revenues include money spent on BDA hardware and software, as well as services like consulting and analytics reporting.
Industries with Largest Big Data and Analytics Growth
The IDC report points to several key industries where BDA investment will be largest, including banking, discrete manufacturing, process manufacturing, federal government, as well as professional services. These industries alone are expected to be valued somewhere near $101.5 billion in 2020.
Other industries like healthcare, insurance, and telecommunications will see the fastest growth in BDA spending at a 13% increase in spending each year.
Big Data and Analytics Software Spending
Investment in BDA software will grow to more than $70 billion by 2020, one of the fastest growing segments of BDA investments. Reporting and analysis tools, coupled with data warehouse management tools will be the the leading purchases by end users, responsible for the $70 billion figure.