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It is estimated that the global big data market expenditure will reach about 298.3 billion US dollars in 2024 From IDC

The following is the It is estimated that the global big data market expenditure will reach about 298.3 billion US dollars in 2024 From IDC recommended by recordtrend.com. And this article belongs to the classification: IDC, big data.

IDC recently released the “2021 V1 global big data and analytics spending guide”, which forecasts the global market size in the next five years from the dimensions of technology, industry and enterprise scale, and comprehensively reviews the historical data of one year.

Overview of big data market

According to the latest released “2021 V1 global big data and analytics spending guide” (2021v1), IDC predicts that the global big data market spending will reach about 298.3 billion US dollars in 2024, and achieve a compound growth rate (CAGR) of about 10.4% in the five-year forecast period (2020-2024). Among them, big data service expenditure will maintain its dominant position at the global level, accounting for more than half of the total market.

As far as the Chinese market is concerned, the overall scale of big data market in 2020 is expected to exceed US $10 billion for the first time, with a year-on-year growth of 15.9% compared with that in 2019, which is basically consistent with the previous forecast. In the long run, China’s big data expenditure shows a steady growth trend as a whole, and the total market volume is expected to exceed US $20 billion in 2024, with an increase of 145% compared with that in 2019. At the same time, China’s big data market has developed rapidly, with a CAGR of about 19.7% in five years, leading the world in growth.

Big data technology and sub Market

Different from the trend of global service spending occupying half of the market share, China’s big data technology and service spending scale is relatively average, and the hardware market share is about 40% in the five-year forecast period of 2020-2024. Due to compliance, data security, privacy protection and other reasons, big data applications mainly in the financial and government industries tend to adopt the local deployment mode, and then the demand for hardware is relatively large. At the same time, with the development of China’s cloud computing industry, cloud deployment will replace local deployment to a greater extent, so the software market presents corresponding development potential. By 2024, 29% of China’s big data market will be composed of software spending, which is 4% higher than that in 2020, and the five-year CAGR will be about 26%.

IDC’s “2021 V1 global big data expenditure guide” further subdivides the big data sub market on the basis of the first level technology dimension (software, hardware and services). Take the fast-growing software market as an example, the three largest software sub markets are end-user query, reporting, and analysis tools, AI software platforms, and relational data warehouses. IDC estimates that the total contracts of the three will account for 50% of China’s big data software market in 2020, and will increase to about 58% in 2024. From the perspective of growth rate, AI software platform, continuous analytics tools and non relational analytical data stores are the three hot point markets in China respectively, with CAGR of 30% – 50% in five years, which develops rapidly.

Big data industry application

Among the 19 industries continuously tracked by IDC’s global big data spending guide, banking, communications and local governments constitute 38% of China’s big data market spending in 2020, and will maintain a leading edge until 2024. In terms of growth rate, IDC predicts that the big data market will develop rapidly in the three fields of health care, professional services and local government. Especially for local governments, with the promotion of digital government construction and other policies, the investment of local governments in smart big screen, government data query and analysis, shared data exchange and other scenarios will continue to grow at a high speed.

Big data enterprise scale

At the same time, IDC’s “global big data spending guide” divides the enterprise scale into five intervals from top to bottom, and makes a further perspective on big data spending from the dimension of enterprise scale. Among them, super large enterprises with more than 1000 employees account for more than 60% of the total expenditure in the five-year forecast period (2020-2024). Compared with smaller enterprises, large and super large enterprises have more data, more business and better information foundation. At the same time, in order to maintain the competitive advantage, large enterprises have relatively abundant budgets in terms of digital transformation, which drives the demand for big data expenditure.

Wang limeng, analyst of IDC China emerging technology research group, believes that in the post epidemic era, digital products and services deeply drive economic growth, digital transformation accelerates, and the development of China’s big data market is improving as a whole. Financial technology innovation, digital government construction and other factors directly drive the steady growth of industry users’ demand for big data. With the gradual maturity of big data construction in various industries and the accelerated penetration of artificial intelligence applications, the landing demand of artificial intelligence scenarios also accelerates the progress of industry users’ adoption of big data.

IDC: the overall revenue of global big data related hardware, software and service market is expected to reach 187.84 billion US dollars in 2020 IDC: the global IT security related hardware, software and service expenditure will reach 103.1 billion US dollars in 2019 IDC: the investment of Internet of things (IOT) of Chinese medical institutions is expected to reach 9.89 billion US dollars in 2022 IDC: the expenditure of digital transformation in the Asia Pacific region is expected to reach 375.8 billion US dollars in 2019 I DC: the total investment of global smart city market will reach 114.4 billion US dollars in 2020 IDC: the scale of China’s smart city market will reach 26.6 billion US dollars in 2020 IDC: the total expenditure of China’s network security market is expected to reach 8.75 billion US dollars in 2020 IDC: it is predicted that the investment of global network security related hardware, software and service market will reach 125.21 billion US dollars in 2020 IDC: it is predicted that China’s blockchain market in 2024 The overall expenditure scale of the market will reach $2.28 billion The annual compound growth rate is as high as 51% IDC: the total amount of soft and hard services in China’s big data solution market will reach 38.88 billion yuan in 2018 IDC: seven forecasts in big data, cloud computing and other fields in 2016 IDC: the big data expenditure is expected to reach 48.6 billion US dollars in 2019 IDC: Q2 in 2015, the global consumer and enterprise wireless LAN (WLAN) market will decrease by 5.3% compared with the same period last year IDC: the global PC shipment is expected in 2016 IDC: Q2 global server market size is 11.9 billion US dollars in 2013

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