Revenues for Big data, business analytics to hit USD 260 bn by 2022: IDC

More than half of all BDA revenues will go to IT and business services over the course of the forecast, projecting Cognitive/AI Software Platforms and Non-relational Analytic Data Stores as two of the fastest growing BDA technology categories.

Worldwide revenues for big data and business analytics (BDA) solutions will hit USD 260 billion in 2022 with a compound annual growth rate (CAGR) of 11.9 percent over the 2017-2022 forecast period, according to a new forecast from the International Data Corporation (IDC).

The updated 'Worldwide Semiannual Big Data and Analytics Spending Guide' revealed that BDA revenues are expected to total USD 166 billion this year, an increase of 11.7 percent over 2017 with banking, discrete manufacturing, process manufacturing, professional services, and federal/central government as the largest investors in the industry.

These five industries will not only account for nearly half (USD 81 billion) of worldwide BDA revenues this year but will also be the industries with the largest BDA opportunity in 2022 when their total investment will be USD 129 billion, the report added.

More than half of all BDA revenues will go to IT and business services over the course of the forecast, projecting Cognitive/AI Software Platforms and Non-relational Analytic Data Stores as two of the fastest growing BDA technology categories, it further added.

"At a high level, organizations are turning to Big Data and analytics solutions to navigate the convergence of their physical and digital worlds," said Jessica Goepfert, program vice president, Customer Insights & Analysis at IDC.

The report projects the United States as the largest geographic market, by far, delivering nearly USD 88 billion in BDA revenues this year and more than half of the worldwide total throughout the five-year forecast. Western Europe is the second largest geographic market with 2018 revenues expected to reach USD 35 billion, followed by the Asia/Pacific region with USD 23.9 billion.

The report from the IDC is designed to address the needs of organizations assessing the big data and business analytics opportunity by geography, industry, and company size.