Big Data investments will grow by nearly 12% per year until 2022, according to a new report by IDC analysts. The study also reveals which industries are most hungry for megadata.
A new report released by IDC predicts that revenues generated by Big Data and Business Analytics (BDA) solutions will reach 260 million in 2022with an annual growth rate of 11.9% over the period 2017 to 2022. In 2018, revenues generated by BDAs are expected to reach approximately $166 billion. This represents an increase of 11.7% over 2017.
The report also reveals which industries invest the most in Big Data: banking, manufacturing, professional services, and governments. These industries will invest $81 billion in BDA solutions in 2018, nearly half of the revenues generated for the entire year.
By 2022, the total amount of investment by these industries is expected to reach 129 billion. The industries in which Big Data investments will grow the most are retail (13.5% per annum), banking (13.2%) and professional services (12.9%).
Investments in software will reach an amount of more than $90 billion in 2022through self-service solutions, reporting tools, analytical tools, and data warehouse management tools.
The artificial intelligence platforms will also experience strong growth (36.5% per year), as will non-relational analytical data stores (30.3%). Purchases of servers and storage space related to Big Data will grow by 7.3% per year, reaching a total of $27 billion in 2022.
Big Data Investments: Why Banks and Factories are Big Data Favourites
Still according to IDC, very large companies (more than 1,000 employees) will be responsible for nearly two-thirds of BDA’s investments, with more than $100 billion invested in 2018. Small and medium-sized enterprises (fewer than 500 employees) will account for a quarter of the revenues generated worldwide.
For banks, data is extremely valuable. Data collection and analysis has become a central part of their activities. By using BDA solutions, banks can find hidden trends and detect customer preferences in order to create new products and services to get the edge on the competition.
For manufacturers, Big Data also offers many opportunities. The Internet of Things now allows the tracking of products sold to customers, thanks to sensors that return information from the product to its manufacturer. This data can be used for product development. Similarly, data from internal sources can be used to better adjust machines to improve efficiency in plants.