13 Dec 2017
KUALA LUMPUR, December 14th, 2017 – According to the recent IDC APEJ Semiannual Business Analytics Software Tracker 2017 report, the big data and analytics software market in Malaysia is forecasted to reach RM 595 million by 2021. Malaysia spending on business analytics software will total MYR 433.7million in 2017, which is an increase by 10.9% over 2016. Hence, business analytics software revenue is expected to achieve a compound annual growth rate (CAGR) of 8.8% over the year 2016 to 2021 forecast period.
Big data and analytics play a key role as organizations begin their digital transformation journey. Enterprises across industries such as manufacturing, retail, banking and telco are looking for advanced predictive analytics solutions to better manage machineries, fraud cases, customer satisfaction, and customer expectations. Organizations in Malaysia have started to prioritize analytics solutions, where C-level executives are constantly seeking for intelligent solutions to convert raw data into meaningful information to make strategic decisions in their business processes.
Currently, there is an increasing amount of unstructured data gathered from various channels such as social media, company websites and contact centers by enterprises in Malaysia. Enterprises are tapping into these internal resources and are inclined to use analytics to analyze these data to create useful information. Visual analytics, which has great potential to impact business processes, are taking the lead in Malaysia because of its functionalities to support the analytic workflow, provide immediate access to readily consume analytics, and enable non-IT staff to analyze, visualize, share, and review data.
“Big data and analytics is no longer uncommon in Malaysia, and many organizations have started to accept this technology these days. By using analytic capabilities, organizations will be able to run its business operations, improve the overall customer experience, and expand its product and services offering, by increasing their competitive advantage over other existing competitors in the market,” says Ng Quan Xiong, Market Analyst for Software, IDC Malaysia.
Software vendors and its channel ecosystem play an important role in driving the adoption of big data technology among enterprises of various sizes and industries in Malaysia. Some local banks and hospitals have adopted IBM Watson into their organization to improve customer services in banking sector and provide medical assistance to doctors for cancer treatment in the healthcare sector respectively.
As data is now the new business currency and the key to the growth for enterprises, there will be an increase in the need for customization, options for deployment method, consultation and incorporation of cognitive computing capabilities in software solution offerings to guide enterprises in their big data technology adoption journey.
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