IDC is forecasting a big surge in sales of big data and business analytics solutions with sales expected to reach $215.7 billion worldwide this year (up 10.1% on 2020) and set to grow at an average of 12.8% annually until 2025. The UK is one of the healthiest markets with sales expected to surpass $10 billion this year.
► UK is seeing healthy growth as firms seek out better decision support
► Automation and improving customer experience high on the agenda
► Increase spans all industry sectors
As the global economy recovers from the COVID-19 pandemic, businesses will seek solutions to enable better, faster decisions, said the firm.
Gaining insights into internal business operations and the customer journey is high on the strategic agenda. IDC said that banks are already using big data and analytics to improve customer on-boarding, automate operations, and detect and prevent fraud. Even in slower-moving industries like construction, there is investment in areas such as extended supply chain planning and interconnected and collaborative workspaces.
The sectors currently making the largest investments in big data and analytics solutions are banking, discrete manufacturing, and professional services. Combined, they will account for one third ($72 billion) of all spending on big data and analytics in 2021. The next three industries – manufacturing, telecommunications, and central government – will together spend nearly $47 billion this year.
