The global big data and business analytics (BDA) market, which is valued at $215.7 billion in 2021, is projected to grow by 27% to over $274 billion by the end of the next year.

 

According to StockApps.com, the increasing mobile data and cloud computing traffic and the rapid development of technologies such as artificial intelligence and the Internet of Things significantly increased the volume and complexity of data sets, driving the growth of the big data and business analytics market.

 

Over the years, digitalisation has completely changed the economy, society, and people, and the Covid-19 has only speeded up the entire process. The data generated by billions of devices is in the centre of this revolution. 

 

According to Statista, there are more than 21 billion interconnected devices globally, and their number is set to explode in the following years as internet consumption rises and new gadgets and machinery hit the market.

 

Big data is the set of technologies created to store, analyse and manage this bulk data, and identify patterns to design smart solutions. However, digitalisation and increased cloud adoption have also been significant boosters for the growth of the business analytics market. Advanced analytics tools, like predictive analytics and data mining, help extract value from the data and generate business insights.

 

According to IDC's Worldwide Semiannual Big Data and Analytics Spending Guide, the global big data and business analytics (BDA) market had seen impressive growth even before the pandemic, with revenues rising from $122 billion in 2015 to nearly $169 billion in 2018.

 

By the end of 2019, total spending on these technologies and solutions jumped to over $189 billion. As the Covid-19 continues driving the global shift to digital solutions, total BTA spending is expected to jump above $215 billion in 2021. More than half of BDA spending will go towards services. IT services are projected to make up around $85 billion, and business services will cover the remainder.

 

By the end of 2022, global BDA spending is projected to jump by almost $60 billion, showing the most significant annual increase so far.

 

The IDC survey also showed the US is the leading big data and business analytics market, with a 51% market share in 2021. 

 

The adoption of big data and AI in the country has been increasing for the last two years, and as of 2021, around 49% of industry-leading firms in the US are driving innovation with data.

 

Far behind the US, Japan ranked as the second-largest BDA market with a 5.7% share this year. China, the UK and Germany follow, with 5.5%, 5.1%, and 4.4% market share, respectively.-- TradeArabia News Service