Revenues for Big Data and Analytics (BDA) solutions to reach $22.6 billion in 2020, with year-over-year growth of 12 per cent over 2019 in Asia-Pacific, according to a report by industry tracker International Data Corporation (IDC).
This is mainly due to decision-makers increasing confidence that investments in data and analytics will be necessary for achieving digital and business resiliency amid the pandemic, according to the IDC Worldwide Big Data and Analytics Spending Guide forecasts.
IDC expects big data technology and service-related revenues to grow with a five-year CAGR of 15.6 per cent over the forecast period of 2019-24.
"According to the latest Covid-19 survey, approximately 74 per cent of enterprises intend to keep investments in BDA solutions at the same level or to increase next year," Ritika Srivastava, Associate Market Analyst at IDC Asia/Pacific, said in a statement.
"This is because analytics solutions are an essential business need to enable digital trust and resiliency during the Covid-19 crisis."
To optimise the BDA investments, enterprises are moving towards public cloud deployments which are experiencing a growth of 32 per cent during the forecast period - 2019-2024, said the report.
Banking is a top vertical of the overall BDA market in 2020 and is expected to grow at a compound annual growth rate
(CAGR) of 15.6 per cent from 2019 to 2024.
The banking sector manifests various prospects to capitalize on financial, transactional, and customer data.
The second-largest vertical that reaps substantial benefits from data analytics is telecommunications -- specifically in the context of discovering critical insights related to customers, sales, and marketing.
Both industries contribute to nearly one-third of the BDA spend, amounting to $ 6.1 billion in 2020.
State/local government and healthcare providers are the industries which are expected to register the highest CAGR, with 18.8 per cent and 17.7 per cent respectively over the forecast period 2019-2024, said the report.
