At first glance, recent predictions for the big data analytics market appear contradictory. According to IDC’s Worldwide Semiannual Big Data and Analytics Spending Guide , the big data and business analytics market will grow by 13.1 percent to $130 billion by 2020.
But in a news release citing a recent online survey among Gartner Research Circle, Gartner says: “The survey revealed that 48 percent of companies have invested in big data in 2016, up 3 percent from 2015. However, those who plan to invest in big data within the next two years fell from 31 to 25 percent in 2016.”
So, which is it? Is the big data analytics market growing? My take on this is that the amount of growth you forecast depends on what you are measuring. We are definitely reaching a slow-down period for hand-crafted, one-off, “science experiment” types of big data projects.
On the other hand, the need to understand customers better, to use analytics to deliver better business outcomes, and to either be a digital disruptor or head off digital disruption has never been greater. It looks like the broader analytics spending will continue to grow and along with it, the Big Data projects that are connected to measurable business outcomes. But the trend will probably be away from stand-alone Big Data projects and more towards Big Data as an important part of a major business initiative.
In particular, we are seeing a lot of investment in customer-centricity types of projects and investment in marketing analytics.