Worldwide revenues for Big Data and Business Analytics (BDA) solutions will reach $260 billion in 2022 with a compound annual growth rate (CAGR) of 11.9 per cent over the 2017-2022 period, according to a new forecast from International Data Corporation (IDC).
BDA revenues are expected to total $166 billion this year, an increase of 11.7 per cent over last year, showed the updated "Worldwide Semiannual Big Data and Analytics Spending Guide" from IDC on Wednesday.
The industries making the largest investments in Big Data and Business Analytics solutions throughout the forecast period are banking, discrete manufacturing, process manufacturing, professional services, and federal/central government, the report said.
Combined, these five industries will account for nearly half ($81 billion) of worldwide BDA revenues this year, it added.
"At a high level, organisations 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 and Analysis at IDC, said in a statement.
More than half of all BDA revenues will go to IT and business services over the course of the forecast, said the report, adding that two of the fastest growing BDA technology categories will be Cognitive/AI Software Platforms and Non-relational Analytic Data Stores.
The US is by far the largest geographic market, delivering nearly $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 $35 billion, followed by the Asia/Pacific region with $23.9 billion, IDC said.