The FINANCIAL — According to IDC’s 2015 Big Data Heat Map, the Big Data Technology and Services market is expected to grow at a five year compound annual growth rate (CAGR) of more than 28% from US$260.3 million in 2014 to US$711.2 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% of Australian organizations 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. 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,” said Sally Parker, Research Director for Cloud and Big Data at IDC. “While one of the most mature markets in Asia/Pacific, many organisations remain in discovery stage.” IDC believes that 2015 represents a tipping point for Big Data and Advanced Analytics adoption in Australia.
Opportunities for competitive gains exist across verticals. Improving customer experience and customer service ranked 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 observes trends towards bottom line initiatives in Healthcare and Resources versus top line initiatives in Financal Services and Insurance.
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