The increasing mobile data and cloud computing traffic and the rapid development of technologies such as artificial intelligence and the Internet of Things significantly increased the volume and complexity of data sets, driving the growth of the big data and business analytics market.
According to data presented by Stock Apps, the global big data and business analytics (BDA) market was valued at $215.7bn in 2021. This figure is projected to grow by 27% to over $274bn by the end of the next year.
Over the years, digitalization has completely changed the economy, society, and people, and the COVID-19 has only speeded up the entire process. The data generated by billions of devices is in the center of this revolution. According to Statista, there are more than 21 billion interconnected devices globally, and their number is set to explode in the following years as internet consumption rises and new gadgets and machinery hit the market.
Big data is the set of technologies created to store, analyze and manage this bulk data, and identify patterns to design smart solutions. However, digitalization and increased cloud adoption have also been significant boosters for the growth of the business analytics market. Advanced analytics tools, like predictive analytics and data mining, help extract value from the data and generate business insights.
According to IDC’s Worldwide Semiannual Big Data and Analytics Spending Guide, the global big data and business analytics (BDA) market had seen impressive growth even before the pandemic, with revenues rising from $122bn in 2015 to nearly $169bn in 2018.
By the end of 2019, total spending on these technologies and solutions jumped to over $189bn. As the COVID-19 continues driving the global shift to digital solutions, total BTA spending is expected to jump above $215bn in 2021. More than half of BDA spending will go towards services. IT services are projected to make up around $85bn, and business services will cover the remainder.
By the end of 2022, global BDA spending is projected to jump by almost $60bn, showing the most significant annual increase so far.
The IDC survey also showed the United States is the leading big data and business analytics market, with a 51% market share in 2021. The adoption of big data and AI in the country has been increasing for the last two years, and as of 2021, around 49% of industry-leading firms in the US are driving innovation with data.
Far behind the United States, Japan ranked as the second-largest BDA market with a 5.7% share this year. China, the United Kingdom and Germany follow, with 5.5%, 5.1%, and 4.4% market share, respectively.
Jastra has written for many other sites including BuyShares.co.uk, The Business Mogul, Inside Business, Business Today, Startups Magazine, and TradingPlatforms.com.
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