Big Data Analytics Market to increase to over $40 billion by 2023
Big data analytics is continuing to be a rapidly progressing industry with no indication of slowing down.
According to data provided by ResearchandMarkets.com, the global data analytics market is expected to reach a value of over $40 billion by 2023, with a combined annual growth rate of just under 30% from 2017 until 2023.
The Asia-Pacific market, in particular, is showing strong interest in the big data market. A growth forecast report from the IDC suggests that there is a strong appeal for big data in the Asia Pacific and will likely have a significant influence in future growth of the market.
The report states that revenue from big data in APAC will likely exceed $15 billion by 2022. More specifically, the Chinese market is predicted to be the market leader in the APAC region, followed by Australia.
Companies recognising the business value of analytics
Many businesses are now fully aware of how critical data analytics is in supporting companies making decisions and this realisation of the potential is driving further demand for this technology. Data from a recent SAS survey suggests that over 70% of respondents believed analytics provided valuable insights and a further 60% believed that data analytics enabled their business to continue innovating.
Many of these businesses do, however, encounter certain challenges, in particular relating to data that isn’t commonly used in a business. A study from Exasol explored companies within the UK and Germany and discovered that over 80% of respondents were unable to confirm the location of vital data. A further 55% also confirmed that data fragmentation across various locations was making it more difficult to extract all the relevant information.
Understanding big data analytics requires businesses to invest in specific resources that will ensure they meet their goal. Utilising the data in the most effective way will support the progression of the big data analytics market and at the same time tackle some of the risks connected to ‘dark data’, including security and compliance with data privacy regulations.
Furthermore, data related careers are becoming more attractive and companies are more willing to hire data professionals. The growing interest is data jobs is increasing the overall market value. Some businesses are already starting to benefit from people looking to pursue data related careers. For example, the leading budget airline, EasyJet announced a three-fold surge in the number of data science employees, with further plans to hire another 30 data scientists. According to their chief data officer, the added focus on data analytics will enable the business to control the damage that some factors can have on the airline. Big data allows Easy Jet to forecast certain changes that can influence business performance.
IoT systems are producing colossal amounts of data
IoT technology is used by many people today and this involves devices send and collecting huge amounts of data. According to a recent study, the total data produced from IoT devices will exceed 500 zettabytes each year by the end of 2019. Many businesses are now utilising data from IoT devices to understand things that weren’t possible without connected devices. Many businesses that use IoT devices are not necessarily utilising the opportunities available from the collected data. The increase in IoT devices and the data provided will support further market success in the future. As businesses continue to explore innovative ways to use their data or look to employ data professionals, the market will continue to prosper.