Spending on big data, analytics by Indian enterprises to touch $2B in 2021: IDC
Indian enterprises are investing in big data and analytics to base decisions on real-time data, and spending on such solutions is poised to grow by 11.5 percent in 2021 to touch $2 billion, according to research firm IDC.
IDC estimates big data technology and service-related spending to grow with a five-year CAGR of 14.6 percent over the forecast period of 2020-25.
From an industry standpoint, banking has the largest share of spending in 2021, with an expected CAGR of 13.7 percent during the forecast period till 2025, IDC said.
"The banking industry has gained in-depth cognisance in numerous facets of operations — from data being an asset for the unpredictable environment, customer satisfaction, enhancing productivity, and performance. The banking industry is now making decisions much faster than the traditional ways by leveraging analytics in the Indian market," it added.
Telecommunication is the second leading industry in adopting big data and analytics solutions to understand customers, business, and overall operations, it noted. The banking and telecom industries are expected to contribute to more than 30 percent of the BDA (Big Data and Analytics) spend in 2021.
Spending by public sector organisations has also grown as data played a significant role in decision-making to control the spread of the pandemic.
"Enterprises across the industry have realised the potential of intelligence technologies (such as big data, analytics, AI/ML) and are focused on building new decision environments based on data-driven insights. The current COVID-19 crisis has further accelerated the demand for intelligence technologies to enable new ways of working," Sharad Kotagi, Market Analyst at IDC Asia/Pacific, said.
He added that Indian enterprises are expected to increase their investments in analytics applications in the next 12 months to achieve cost optimisation and retain business resiliency.