The global big data and business analytics (BDA) market was valued at billion U.S. dollars in 2018 and is forecast to grow to billion U.S. dollars by 2021. In 2021, more than half of BDA spending will go towards services. IT services is projected to make up around billion U.S. dollars, and business services will account for the remainder.
Big data
High volume, high velocity and high variety: one or more of these characteristics is used to define big data, the kind of data sets that are too large or too complex for traditional data processing applications. Fast-growing mobile data traffic, cloud computing traffic, as well as the rapid development of technologies such as artificial intelligence (AI) and the Internet of Things (IoT) all contribute to the increasing volume and complexity of data sets. For example, connected IoT devices are projected to generate ZBs of data in 2025.
Business analytics
Advanced analytics tools, such as predictive analytics and data mining, help to extract value from the data and generate business insights. The size of the business intelligence and analytics software application market is forecast to reach around billion U.S. dollars in 2022. Growth in this market is driven by a focus on digital transformation, a demand for data visualization dashboards, and an increased adoption of cloud.