Local market reaches Big Data “tipping point” as adoption accelerates
- 24 June, 2015 06:37
The local Big Data Technology and Services market is expected to grow at a five year compound annual growth rate (CAGR) of more than 28 per cent from $US260.3 million in 2014 to $US711.2 million in 2018 with the fastest growing segments being Cloud Infrastructure, Storage, Discovery and Analytics Applications, and Networking Infrastructure.
IDC's 2014 Big Data Pulse end-user research reveals that Big Data and Analytics budgets are up on the previous year as organisations look to capitalise upon both top and bottom line data-driven gains across verticals with 25 per cent of Australian organisations in particular planning to increase their Big Data and Analytics budgets in 2015.
“Australia’s adoption of Big Data has been characteristic of a two-speed economy,” says Sally Parker, Research Director for Cloud and Big Data, IDC.
“However, a growing imperative for organisations to leverage technology to innovate and ultimately remain competitive not just locally but globally is driving data-driven intelligence initaitives.
“While one of the most mature markets in Asia/Pacific, many organisations remain in discovery stage.”
At present, IDC believes that 2015 represents a tipping point for Big Data and Advanced Analytics adoption in Australia, and while the analyst firm did not release Kiwi figures, the same can no doubt be said for the New Zealand market across the Tasman.
Going forward, IDC claims opportunities for competitive gains exist across verticals with improving customer experience and customer service ranking as a top business priority in line with priorities in New Zealand and Asia/Pacific.
Australian organisations expect Big Data and Advanced Analytics projects to deliver outcomes that will improve competitive advantage, enhance customer service and support, and aid with customer acquisition and retention.
IDC also observes trends towards bottom line initiatives in Healthcare and Resources versus top line initiatives in Financal Services and Insurance.