Business analytics and Big Data spending will increase more than 50% from 2015-2019, according to IDC’s latest ¨Worldwide Semiannual Big Data and Analytics Spending Guide.¨IDC’s forecast calls for corporate and enterprise business analytics and Big Data spending to rise from $122 billion to more than $187 billion over that time.
The U.S. will account for more than half of all Big Data and business analytics revenues across the 53 national markets IDC studied, the market research company highlights, with revenues exceeding $98 billion in 2019.
Delving deeper into industry verticals than it had in previous reports, IDC expects spending to grow at more than 50% per annum across nearly all 19 verticals covered in the report. Revenues will grow fastest in Utilities, Resource Industries, Healthcare and Banking, IDC says.
Business Analytics and Big Data Spending
Large corporations (with more than 500 employees) will be the biggest revenue driver, generating more than $140 billion in Big Data and business analytics revenues in 2019. SMBs are expected to account for nearly 25% of worldwide revenues for the forecast period.
The largest revenue opportunities are in Discrete Manufacturing ($22.8 billion in 2019), Banking ($22.1 billion) and Process Manufacturing ($16.4 billion). Federal/Central Government, Professional Services, Telecommunications and Retail will yield revenues of more than $10 billion in Big Data and business analytics revenues come 2019, according to IDC.
“There is little question that Big Data and analytics can have a considerable impact on just about every industry,” Jessica Goepfert, program director, Customer Insights and Analysis, was quoted. “Its promise speaks to the pressure to improve margins and performance while simultaneously enhancing responsiveness and delighting customers and prospects. Forward-thinking organizations turn to this technology for better and faster data-driven decisions.”
Across the Big Data and business analytics landscape, IDC expects spending on services will make up more than half of total market revenues throughout most of the five-year forecast period. IT services will yield more than three times the revenues from Business Services.
Software will rank second, generating revenues of more than $55 billion in 2019. Hardware spending will rise to nearly $28 billion in 2019, IDC says.
“Organizations able to take advantage of the new generation of business analytics solutions can leverage digital transformation to adapt to disruptive changes and to create competitive differentiation in their markets,” commented Dan Vesset, group vice president, Analytics and Information Management. “These organizations don’t just automate existing processes – they treat data and information as they would any valued asset by using a focused approach to extracting and developing the value and utility of information.”