Dive Brief:
- Big Data and business analytics revenues worldwide will grow from $130.1 billion in 2016 to more than $203 billion in 2020, according to a new IDC report.
- The banking, discrete manufacturing, process manufacturing, federal/central government and professional services industries are driving the majority of the growth, according to the report. Those five industries alone will account for nearly 50% of worldwide Big Data and business analytics investments in 2016 and are projected to remain the top five industries through 2020.
- The market is forecast to grow more than 11% in 2016 and is expected to continue at a compound annual growth rate of 11.7% through 2020.
Dive Insight:
Companies are using Big Data and analytics in a number of ways, from identifying risk and fraud to creating product insights organizations can act on. As companies wrestle with data that comes in varieties and volumes never encountered before, analytic capabilities have become critical to helping companies drive business decisions that can give them an edge over the competition.
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SOURCE: CIO Dive
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