BUSINESS ANALYTICS / BIG DATA
Introduction and Overview
According to a report by IDC, in 2012, the worldwide business analytics software market grew 8.7% to reach $34.9 billion. The market is now forecast to grow at a 9.7% compound annual growth rate (CAGR) through 2017. Similarly, the Big Data technology and services market represents a fast-growing multibillion-dollar worldwide opportunity and is expanding rapidly. A recent forecast by the International Data Corporation (IDC) shows that the Big Data technology and services market will grow at a 27% compound annual growth rate (CAGR) to $32.4 billion through 2017 – or at about six times the growth rate of the overall information and communication technology (ICT) market.
In addition, a recent study by Transparency Market Research found that the worldwide big data market will achieve a 40.5 percent compound annual growth rate (CAGR) from 2012 to 2018, increasing from $6.3 billion to $48.3 billion in the process. North America is projected to dominate the sector, accounting for more than half of all spending on big data, while Europe is expected to rank second. The Asia-Pacific region will likely grow the fastest with a 42.6 percent CAGR during that time period. There will be a growing demand for expertise in Big Data in the APAC region. There is a strong demand in Business Analytics and Big Data worldwide, especially in the growing Singapore market.