According to analyst firm IDC, the market for big data and business analytics (BDA) technologies will grow at a compound annual growth rate of 11.9 percent over a five-year period (2017-2022).
IDC has pegged BDA revenues at $166 billion for 2018, which already is an 11.7 percent gain over 2017. By 2022, IDC is forecasting that BDA revenue will hit $260 billion.
"At a high level, organizations are turning to Big Data and analytics solutions to navigate the convergence of their physical and digital worlds," Jessica Goepfert, program vice president, Customer Insights & Analysis at IDC, wrote in a statement. "This transformation takes a different shape depending on the industry."
Most of the BDA revenues are coming from the U.S., which accounts for over half of the revenue that IDC is forecasting. Large organizations of 1,000 or more employees are spending the most on BDA, representing almost two thirds of the revenues that IDC expects over a five year period.
"Within banking and retail – two of the fastest growth areas for Big Data and analytics – investments are all about managing and reinvigorating the customer experience," Goepfert stated. "Whereas in manufacturing, firms are reinventing themselves to essentially be high-tech companies, using their products as a platform to enable and deliver digital services."
Sean Michael Kerner is a senior editor at EnterpriseAppsToday and InternetNews.com. Follow him on Twitter @TechJournalist.