No Decision Made Without First Analyzing Big Data

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.

Wednesday, October 5, 2016

Availability of information, new technologies and cultural change towards making decisions based on data is changing the way we do business.

According to estimates by the firm International Data Corporation (IDC), at the global level "... business investment in these systems will increase from $130,000 million in 2016 to $203,000 million in 2020."

The market for big data and analytics will grow by 11% this year. In 2015 sales of these systems added up to $122,000 million, and according to projections by IDC, it is expected that in the next four years the pace will maintained at almost 12%.

On an international level, "... 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."

See the full report by the IDC.

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