Big Data Analytics Market to Grow to $40.6 Billion by 2023
Big data analytics is an in-demand industry that shows no signs of slowing. The big data analytics industry will reach a global market worth of $40.6 billion by 2023, according to information from ResearchandMarkets.com. It shows a combined annual growth rate (CAGR) of 29.7 percent from 2017 until then.
Here are some of the exceptionally prominent aspects motivating the industry’s projected success:
The Asia-Pacific Market Is Showing Particular Interest in Big Data
A growth projection report from IDC about big data analytics in the Asia-Pacific (APAC) market indicated the appeal of big data is particularly evident in that region. It found that area of the world will be a significant driver in future growth. The report says that big data revenue in the APAC revenue will get to $15.1 billion by 2022, and it also expects the largest businesses to account for almost half the market share during the forecast period.
Moreover, the Chinese market will be the biggest player in the APAC region, followed by Australia. These statistics show why it’s necessary to take a broad geographic look when pinpointing the market’s growth.
Companies Recognize the Worth of Analytics for Their Businesses
Most enterprises know data analytics is instrumental in helping them make business decisions, and that realization is also spurring the market growth for the technology.
According to information from SAS, 72 percent of respondents said analytics give them valuable insights, and 60 percent cited data analytics as something that helped their organizations innovate.
But many of those businesses encounter challenges, especially regarding dark data — data not regularly used in business operations. A separate study from Exasol surveyed companies in the United Kingdom and Germany and discovered 82 percent of respondents couldn’t verify the location of critical data. And 55 percent of those polled admitted that data fragmentation across multiple locations was hindering efforts to get the most from the information.
Getting a handle on big data analytics requires businesses that will invest in tools and people that will help them meet that goal. Companies already realize that handling their data will pay off. Once they take action, their efforts will help the big data analytics market prosper. They’ll also start conquering some of the risks associated with dark data, such as security and data privacy law compliance.
