Spending on Big Data and Analytics solutions in Asia Pacific will grow by 19 percent in 2022 and will rise 1.6 times to $53.3 billion by 2025.
A report from IDC said Enterprises’ need to gain operational efficiency and operational resilience is driving investments in big data and analytics. Building operational resilience stems from providing a real-time response to external market disruptions such as the pandemic, supply chain vulnerabilities, or rapidly evolving customer needs, IDC report said on April 26.
“Organizations need to have a clear strategy to extract value from their data asset, to enable evidence-based decision making, data science explorations, and actionable insight delivery at scale,” said Jessie Danqing Cai, Associate Research Director at IDC Asia Pacific, Big Data & Analytics Practice, in a news statement.
Banking will to be the largest investor in big data analytics solutions; capturing 15.3 percent in 2022, the highest BDA spending, focusing on fraud detection and customer experience to ensure customer loyalty.
Telecommunication will be second largest investor in big data and analytics solutions grabbing 12.6 percent in 2022. Telecoms will direct investments toward infrastructure and networks to generate insight to improve the efficiency and effectiveness of network operations, improve throughput, and reduce downtime.
The federal and central government’s focus on critical infrastructure management and health/wellness monitoring will lead investment to grow by 16 percent until the end of the forecast period. The top four industries, banking, telecommunication, federal/central government, and professional services registered cumulative spending of $15 billion, nearly 46 percent of the total spending share in 2022 captured by the 19 industries mapped by IDC.
“Finance and government sectors prioritize automation and cybersecurity, while retail and wholesale focus more on customer experience, and manufacturing focuses on worker productivity/quality. Hence, it is imperative that vendors target outcomes of their solutions by industries,” Abhik Sarkar, Market Analyst at IDC Asia Pacific IT Spending Guides, Customer Insights & Analysis.