The US market set to represent more than 52% of overall revenue
Worldwide revenue for big data and business analytics is set to grow from nearly $122 billion in 2015, to more than $187 billion in 2019, an increase of more than 50% over the five-year forecast period, according to a recent study by IDC.
The research firm expects services to account for more than one-half of revenue, followed by software – including end-user query, reporting and analysis tools, and data warehouse management tools – which are set to account for $55 billion. Hardware revenue is forecast to reach $28 billion in 2019.
In terms of industry verticals, discrete manufacturing – which encompasses distinct items like cars, consumer electronics, furniture and toys – represents a $22.8 billion big data and analytics opportunity, IDC estimated. Meanwhile banking and process manufacturing are forecast to represent $22.1 billion and $16.4 billion revenue opportunities, respectively. IDC also said industries experiencing the fastest revenue growth will be utilities, resource industries, health care and banking.
“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,” said Dan Vesset, group VP for analytics and information management at IDC.
Large and very large companies – with more than 500 employees – are expected generate more than $140 billion in revenue in 2019, according to the study. IDC also estimates the U.S. market for big data and business analytics solutions will reach more than $98 billion in 2019. The second-largest geographic region will be Western Europe, followed by Asia Pacific (excluding Japan) and Latin America. The two regions with the fastest growth over the five-year forecast period will be Latin America, and the Middle East and Africa.