The global spending on big data and business analytics (BDA) solutions are forecast to reach $215.7 billion this year, an increase of 10.1 percent over 2020, a new IDC report has said.
The forecast also shows that BDA spending will gain strength over the next five years as the global economy recovers from the Covid-19 pandemic.
Banking, discrete manufacturing, and professional services are currently making the largest investments in big data and analytics solutions.
The IDC report said that these three industries will account for one-third of all BDA spending in 2021.
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“Leveraging data for insights into everything from internal business operations to the customer journey is top of mind and of strategic importance,” said Jessica Goepfert, program vice president, Customer Insights and Analysis.
The compound annual growth rate (CAGR) for global BDA spending over the 2021-2025 forecast period will be 12.8 percent.
“Firms in the professional services industry, for instance, are utilizing big data and analytics to support their 360-degree customer and client management efforts, as well as advanced project management initiatives,” Goepfert added.
While the telecommunications industry will see the fastest growth in BDA spending over the five-year forecast, all but one of the 19 industries covered in the Spending Guide are expected to deliver double-digit growth.
Over half of all BDA spending in 2021 will go toward services with IT services accounting for more than $85 billion of the total and business services making up the remainder, the IDC report added.