Big data and analytics software will see record growth in the coming years

According to the data it reflects IDC in its Big Data and Analytics Software Report, which is published every six months, geopolitical events will now have a slight impact on the growth of the sector, and its forecasts for the future are positive. So much so that the expected growth for the market points to record figures. The tendency for companies to depend on data manipulation to analyze, predict and quickly adapt to market conditions will contribute to this; has come to stay.

The big data and analytics industry has suffered moderately from the war between Russia and Ukraine. It has also been affected by the weakening of the euro against the dollar. But these effects have been very limited to the EMEA area (Europe, the Middle East and Africa). In the first half of 2022, the zone market had a year-on-year growth of 10% in US dollars, while growth in constant currency has reached 19.5%.

As for the American market, it grew 21% in the first six months of 2022, a slightly higher percentage than it had in the second half of 2021. As for Asia-Pacific, Japan included, it had a 16% increase in dollars and a 23.3% improvement in constant currency in the same period.

As for the future of the sector, investment in EMEA will improve in 2023, with an expected year-on-year increase of 15.2%. Little by little, moreover, it will rise until it reaches the levels of America and Asia-Pacific-Japan. Regarding the compound annual growth rate in the period 2022-2026, it is likely that in EMEA it will reach 19.1%. It is a growth slightly higher than that of America, but 1.4% than that of Asia-Pacific-Japan.

Within the overall Big Data and analytics market, Business Intelligence and analytics tools and platforms will post a CAGR of 23.6% over the reporting period. There are three key factors for this growth in the Big Data and analytics market. The first is the growing importance of data in the modern enterprise, the ongoing shift to the public cloud, and the rise of Artificial Intelligence and machine learning in enterprise applications.

Thomas Vayra, IDC Associate Vice President for Europe Data and Analytics Softwarehas stressed that «Just as during the COVID pandemic, the first half of 2022 saw the most transformative technologies, such as popular analytics applications, Artificial Intelligence software platforms, as well as data integration and integrity tools; They are the ones that show the least impact of market challenges. They are, in fact, crucial for strategies that seek new opportunities and mitigate risks.«.

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