IDC: Big Data and Analytics Software Market to Record Strong Growth
January 24, 2023
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.
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.
Wharff, VP Global Alliance Marketing at Quantexa explained, "In an
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