Spending on big data, analytics by Indian enterprises to touch US$ 2 billion in 2021: IDC
- IBEF
- August 26, 2021
According to research company IDC, Indian businesses are investing in big data analytics to make choices based on real-time data, and expenditure on such solutions is expected to expand by 11.5% to US$ 2 billion in 2021. Over the projected period of 2020-25, IDC expects big data technology and service-related spending to rise at a five-year CAGR of 14.6%.
Banking is anticipated to have the highest proportion of expenditure in 2021, with a CAGR of 13.7% from 2021 to 2025, according to IDC.
“The banking sector has developed a deep understanding of a variety of aspects of operations, including data as an asset in an uncertain environment, customer happiness, and improving efficiency and performance. By using analytics in the Indian market, the banking industry is now making choices faster than before,” It was also mentioned.
According to the report, telecommunications is the second-most-adopted industry in terms of using big data analytics to better understand consumers, businesses, and overall operations. In 2021, the banking and telecommunications industries are anticipated to account for more than 30% of BDA (Big Data and Analytics) spending.
Data played a key role in decision-making to prevent the spread of the epidemic, therefore spending by public sector organisations has increased as well.
“Enterprises throughout the industry have recognised the value of intelligence technologies (such as big data analytics and AI/ML) and are working to create new decision environments based on data-driven insights. The present COVID-19 situation has heightened demand for intelligence technology that enable new modes of operation,” According to Mr. Sharad Kotagi, a market analyst at IDC Asia/Pacific.
In order to accomplish cost optimization and maintain company resiliency, Indian businesses are anticipated to expand their expenditures in analytics software during the next 12 months, according to him.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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