Intelligent CIO Middle East Issue 12 | Page 18

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 www.intelligentcio.com