Publication date: 24 Jan 2023
Big Data and Analytics Software Market to Record Strong Growth in the Coming Years, Says IDC
PRAGUE, January 24, 2023 – The Semiannual Big Data and Analytics Software Tracker published by International Data Corporation (IDC) expects current geopolitical developments to have a mild impact on market growth, with a positive outlook for the future. The trend of companies relying on data manipulation to analyze, predict, and swiftly adapt to changing market conditions is here to stay, being fueled by ongoing supply chain and demand shift challenges.
The BDA market has suffered moderately due to the Russia-Ukraine war, as well as to the euro weakening against the dollar, but this has largely been largely limited to the Europe, the Middle East, and Africa (EMEA) region. In the first half of 2022, the EMEA BDA market posted year-on-year revenue growth of 10% in U.S. dollars, while growth in constant currency reached 19.5%. On the other hand, the Americas market grew 21% in both U.S. dollars and constant currency, representing slight growth compared to the second half of 2021. The BDA market in the Asia/Pacific region, including Japan (APJ), saw 16% growth in U.S dollars and 23.3% growth in constant currency for this period.
“As was the case during the COVID pandemic, the first half of 2022 showed that the most transformative technologies — such as popular analytics applications, AI software platforms, and data integration and integrity tools — are less impacted by market challenges. They are, in fact, central to strategies to seek out new opportunities and mitigate risk,” says Thomas Vavra, IDC Associate Vice President, European Software Data & Analytics.
According to IDC’s BDA software forecast, EMEA spending is expected to improve in 2023, with 15.2% growth year on year. It will gradually catch up with the Americas and APJ, which means increasing by 2% and 4.5%, respectively. In terms of compound annual growth rate (CAGR) over the 2022-2026 period, EMEA is likely to reach 19.1%, which is a bit stronger than the Americas, but 1.4% weaker than APJ. Within the overall BDA market, business intelligence and analytics tools and platforms will record a CAGR of 23.6% over the forecast period.
Three key factors are affecting the expansion of the big data and analytics market: the increasing importance of data in the modern enterprise, the ongoing shift to public cloud, and the rise of artificial intelligence and machine learning within enterprise applications. IDC's Worldwide Semiannual Big Data and Analytics Software Tracker® measures and monitors these dynamics by tracking the performance of individual vendor's historical business performance and providing a five-forecast of industry development.
About IDC Trackers
IDC Tracker products provide accurate and timely market size, vendor share, and forecasts for hundreds of technology markets from more than 100 countries around the globe. Using proprietary tools and research processes, IDC's Trackers are updated on a semiannual, quarterly, and monthly basis. Tracker results are delivered to clients in user-friendly Excel deliverables and on-line query tools.
For more information about IDC’s Worldwide Semiannual Big Data and Analytics Software Tracker, please contact Thomas Vavra (email@example.com).
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International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.