The banking and manufacturing (discrete and process) industries will lead global spending on Big Data and Business Analytics (BDA) solutions. Together with professional services and federal/central government, these five industries, when combined, will account for nearly half (US$81 billion) of worldwide BDA revenues in 2018. The industries that will deliver the fastest BDA revenue growth are retail (13.5% CAGR), banking (13.2% CAGR), and professional services (12.9% CAGR).
IDC forecasts total global spend to reach US$260 billion in 2022, with the aforementioned industries reaching US$129 billion.
A new update to the Worldwide Semi-annual Big Data and Analytics Spending Guide from IDC forecasts worldwide revenues for big data and business analytics (BDA) solutions will reach $260 billion in 2022 with a compound annual growth rate (CAGR) of 11.9% over the 2017-2022 forecast period. BDA revenues are expected to total $166 billion this year, an increase of 11.7% over 2017.
"At a high level, organizations are turning to Big Data and analytics solutions to navigate the convergence of their physical and digital worlds," said
According to Jessica Goepfert, program vice president, Customer Insights & Analysis at IDC, the adoption of BDA is driven by the desire by banks to manage and reinvigorate customer experience. Manufacturers, on the other hand, want to reinvent themselves into high tech companies, using their products as a platform to enable and deliver digital services.
More than half of all BDA revenues will go to IT and business services over the course of the forecast. Services-related revenues will also be among the fastest growing areas of opportunity with a combined CAGR of 13.2%.
Software investments will grow to more than US$90 billion in 2022, led by purchases of End-User Query, Reporting, and Analysis Tools and Relational Data Warehouse Management Tools. Two of the fastest growing BDA technology categories will be Cognitive/AI Software Platforms (36.5% CAGR) and Non-relational Analytic Data Stores (30.3% CAGR). BDA-related purchases of servers and storage will grow at a CAGR of 7.3%, reaching nearly US$27.0 billion in 2022.