Spending on Big Data and Analytics to reach $42.2 bn in Asia Pacific: IDC

Spending on Big Data and Analytics in Asia Pacific will be growing by 19.6 percent to $42.2 billion in 2023, IDC report said.
2023 Big Data and Analytics Spending in Asia Pacific“Data-driven everything is an overarching theme to drive companies’ DX initiatives, especially for those with higher DX maturity stages. More of them need to modernize their organization’s data platform, to centrally address trust, adaptability, and agility issues associated with highly disparate and diverse data sources and sinks,” said Jessie Cai Danqing, Associate Research Director, Big Data & Analytics, IDC Asia Pacific.

Banking, Telecommunications, and Professional Services are the primary industries contributing to more than 35 percent revenue share in the big data and analytics market in Asia Pacific in 2023. They will continue to dominate the market over the forecast period.

The ability to churn real-time insights from customer data and enhanced risk management are some use cases driving spending in the banking industry.

Spending on the big data and analytics market in Asia Pacific by telecommunications industry will grow to $4.6 billion in 2023. The telecoms sector is predicted to experience significant disruption owing to the increasing adoption of “cloud first” with organizations’ “wireless first” multi-access network model and rising emphasis on connectivity resilience. The deployment of big data and analytics solutions offers faster provisioning, network visibility, and traffic analytics.

Professional services captured a market share of 10.3 percent in 2023, which is expected to increase to 10.6 percent by 2026. 360 degree customer and client management, intelligent building energy management, and asset performance management are the primary use cases driving the adoption of big data and analytics solutions in the region.

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