Data is the new oil- this spunky mantra will continue to be the biggest talking point of tech pandits for the next five years as the Big Data Analytics industry sets off to reach the highest record in its market forecast.
Expert Market Research, in their latest market outlook for the year 2022-2027, predict the expected revenue figure, which the Big Data industry could generate by the end of 2027, as US$450 billion. Currently the estimated figure for 2022 stands at US$274 billion.
The CAGR (Compound Annual Growth Rate), which tells you the rate of investment per year to achieve the desired forecast at the end of the investment period, will remain at 10%. This indicates a huge growth in Big Data/Business Analytics market identifying a gain of US$176 billion in just five years.
North America will continue to sweep largest revenue share for 2027 while Asia Pacific region will see new highest growth in regional market with China leading the competition before India and South Korea.
One prime reason for this zenith is the massive growth of business data which has boosted the adoption of Big Data Analytics. International Data Corporation- IDC estimates a CAGR of 23% increase in data creation– a ginormous size of 175 Zeta Bytes in 2025 compared to 64.1 Zeta Bytes in 2020.
Nearly any business can relate to Big Data technology because it enables these companies to use relevant data and find insights and trends that guide intelligent business decisions. For example, a financial services firm can use data to make decisions on a risky investment. Or government sector firms can perform data analytics to discover new development projects or take urgent steps during times of crisis.
Similarly, in e-commerce, Big Data marketing could play a vital role in attracting a huge chunk of customers. This can be achieved by gathering data on customer buying interest and analyzing it to offer similar and related products.
Companies Around the Globe Show Increased Big Data Technology Investments
A survey from IDC in 2020 found that Covid-19 caused businesses around the Asia Pacific region to limit their ICT investments, but companies continued to show confidence in Big Data Analytics because of the benefits the technology provides to their business sustainability such as digital trust and resiliency.
Now, IDC’s new report shows an improvement in technology spending in Digital Transformation (DX) globally with an increase from $1.4 trillion in 2021 to $2.8 trillion in 2025. This shows the potential of Big Data Analytics in creating value for the business in their operations with IDC estimating fastest investment growth in Customer Experience (CX) area specifically banking, and retail.
Similarly, another 2021 study finds out investment confidence of 85 of the Fortune 1000 companies to obtain insight in their decade-long Big Data investments. Pertinent to the market forecast, the investment rate remained very high to almost 99.0% with almost 41% businesses successfully tapping the potential of data analytics and innovating their business strategies with data.
Pakistan is On-Track to Invite Big Data Investments
With Pakistan’s vision of a digital nation, where power of rapid digital innovation, service, and content delivery will serve its people, digital governance, e-banking, and e-commerce remain top of the mind for its IT ministry.
As part of the US$63 billion CPEC (China-Pakistan Economic Corridor) project, Pakistan’s private businesses have been granted soft loans from China to build safe-city projects across the country that utilize Big Data, AI, and Machine Learning. These technologies are used to offer state-of-the-art security services such as facial recognition, vehicle number plate detection, object tracking, geographical information, and other technology-driven applications to security agencies of Pakistan.
Pakistan has a wide potential for e-commerce attracting investors from countries like China in the cross border e-commerce exhibition, to promote Pakistani local products such as brass wares, silver pots, wood carvings, and shawls. Although this step doesn’t directly impact the Big Data Analytics industry, it implies that e-commerce will create huge volumes of data that could then be utilized using data analytics to improve customer services.
Opportunity Bonanza for Youth of Country
With this analytics growth happening within Pakistan and around the globe, a pertinent factor for Big Data companies will certainly be the availability of skillful individuals with the high-tech training and skills to run the analytics systems.
Afterall data will be just data and huge corporations and small organizations will require Data Engineers, Data Analysts, Business Analysts, Data Scientists, and AI experts to build a concrete pipeline to enable value-creation from data.
With this in mind, we believe this Big Data Industry boom would create wide opportunities for young people who seek to develop and enhance their analytics skills to grab onto a promising career in Big Data Analytics.
