The Middle East and Africa (MEA) region as well as Latin America will have the fastest big data and business analytics revenue growth over the next five years.
This was revealed in the International Data Corporation's (IDC's) Worldwide Semi-annual Big Data and Analytics Spending Guide, which forecast worldwide revenue for big data and business analytics will grow from nearly $122 billion in 2015 to more than $187 billion in 2019.
The research company's report notes the services-related opportunity will account for more than half of all big data and business analytics revenue for most of the forecast period.
Software will be the second largest category, generating more than $55 billion in revenue in 2019, while hardware spending will grow to nearly $28 billion for the same period.
Large and very large companies (those with more than 500 employees) will be the primary drivers of the big data and business analytics opportunity, generating revenue of more than $140 billion in 2019, according to the IDC. However, small and medium businesses will remain a significant contributor, with nearly a quarter of the worldwide revenue coming from companies with fewer than 500 employees.
The industries that present the largest revenue opportunities are discrete manufacturing ($22.8 billion in 2019), banking ($22.1 billion) and process manufacturing ($16.4 billion). Four other industries ? federal/central government, professional services, telecommunications and retail ? will generate revenue of more than $10 billion in 2019.
"Organisations able to take advantage of the new generation of business analytics solutions can leverage digital transformation to adapt to disruptive changes and create competitive differentiation in their markets," according to Dan Vesset, group vice-president, analytics and information management.
"There is little question that big data and analytics can have a considerable impact on just about every industry," adds Jessica Goepfert, IDC programme director for customer insights and analysis.
"Its promise speaks to the pressure to improve margins and performance while simultaneously enhancing responsiveness and delighting customers and prospects. Forward-thinking organisations turn to this technology for better and faster data-driven decisions."
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