Big data and analytics gaining traction in APAC
BIG DATA and analytics have been around for so long, that sometimes, they sound like ‘technologies’ from a previous generation.
Especially with all the talk around using artificial intelligence (AI) and machine learning (ML) to make more sense of all the data that today’s businesses collect.
However, no business can implement an AI or ML solution without the right digital infrastructure in place.
Big data and business analytics, therefore, are simply a part of the digital maturity curve that organizations must climb in order to leverage AI and ML — and leapfrog ahead of the competition.
But this isn’t to diminish the value of big data or analytics in any way. In fact, developing big data and analytics capabilities can help businesses do really exciting things.
In fact, as time passes, businesses in the APAC region are understanding the value of these technologies and investing in enterprise-wide deployments in order to augment their business.
According to IDC, revenues for big data and business analytics solutions will reach US$27 billion in 2022 in the APAC region, with a compound annual growth rate (CAGR) of 15.1 percent over the forecast period 2017-22. Revenues for big data and business analytics solutions are estimated to reach US$15.3 billion this year, an increase of 14.3 percent against 2017.
The region has seen an exponential growth of data and analytical complexity which has pushed businesses with larger economies at scale to invest in big data & analytics, said IDC analysts.
Those who’ve made the investment have found that it has allowed them to gain valuable insights, improve business performance, detect fraud, fulfill customer expectations, and save costs.
“For all enterprises, adoption of analyzing data is the first step to maintain a competitive edge in today’s global economy,” said Swati Chaturvedi, Senior Market Analyst at IDC.
Banking, telecommunications, discrete manufacturing, federal/central government, and professional services are the leading industries in 2018, shaping big data and analytics solutions with more than 56 percent share of overall spends in big data and analytics.
Altogether, these five industries will contribute nearly half (US$8.5 billion) of the projected revenues for the regions big data and analytics revenue projections this year, which are anticipated to reach US$15.1 billion by 2022.
Finally, IDC believes that services will dominate big data and analytics solutions spending with more than 44 percent share, equivalent to US$6.8 billion in 2018, where more than half of all BDA revenues will go to IT services throughout the forecast. The trend is likely to perpetuate with double-digit five-year CAGR of 17.8 percent during 2017-22.