The IDC "Worldwide Semiannual Big Data and Analytics Spending Guide," predicts that the big data and business analytics (BDA) market will grow from US$189.1 billion in 2019 to US$274.3 billion by 2022. IDC calculates compound annual growth rate (CAGR) of 11.7% over the next years. By comparison, the big data and analytics market was worth about US$112 billion in 2015.
"Digital transformation is a key driver of BDA spending with executive-level initiatives resulting in deep assessments of current business practices and demands for better, faster, and more comprehensive access to data and related analytics and insights," said Dan Vesset, group vice president, Analytics and Information Management at IDC.
"Enterprises are rearchitecting to meet these demands and investing in modern technology that will enable them to innovate and remain competitive. BDA solutions are at the heart of many of these investments."
Watch the video to hear more of what he has to say about Big Data.
Click here for the full article: Mining big data – challenges, opportunities and tips for 2020
Click here to subscribe to FutureCIO QuickTakes