TRENDING
“
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,” said
Dan Vesset, group vice president,
Analytics and Information
Management. “This market is
forecast to grow 11.3% in 2016
after revenues reached $122 billion
worldwide in 2015 and is expected
to continue at a compound annual
growth rate (CAGR) of 11.7%
through 2020.”
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 20152020.
“This year and over the life of the
forecast, we’re expecting to see
healthy growth in spending on big
data and analytics technologies
from nearly all industries, including
banking and telecommunications,”
said Jessica Goepfert, program
director,Customer Insights and
Analysis. “In our end-user research,
respondents from organisations in
these industries are placing a high
priority on BDA initiatives over other
18
INTELLIGENTCIO
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.
technology investments. Within
banking, many of these efforts
are focused on risk management,
fraud prevention and compliance
related activities. The customer
experience is at the heart of the
telecommunication industry’s
BDA investments; for instance,
BDA technologies are being
deploye d in call centres to enable
representatives to delight callers
with superior service.”
Large and very large companies
(those with more than 500
employees) will be the primary
driver of the big data and business
analytics opportunity, generating
revenues of more than $154
billion in 2020. However, small and
medium businesses (SMBs) will
remain a significant contributor
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