Thu. Mar 18th, 2021

Strategy Analytics predicts big data analytics software market to hit $81B in revenue by 2022

A new report from Strategy Analytics predicts big data analytics software will generate $81 billion in revenues by 2022, more than double the $36.2 billion expected to be generated globally this year.

In the report, “Big data analytics: the ‘Internet of Things’ (IoT) differentiator,” Laura DiDio, director of Strategy Analytics’ IoT Strategies Service and author noted “corporations’ increased use of analytics – particularly in the healthcare, financial, industrial and manufacturing IoT vertical market segments, enables them to interpret the vast amounts of data they generate and respond to market dynamics in ways that benefit the corporation and its customers.”

Among specific verticals, Strategy Analytics predicts the healthcare market will see a boost in software revenues form less than $8 billion this year to $17 billion by 2022; while the financial sector is predicted to see worldwide revenues increase from $6.9 billion this year to $13.8 billion by 2022.

As for the software itself, Strategy Analytics said much of it will be open source, which it claims is less expensive than proprietary software and can be run on commodity hardware that vendors expect will broaden its appeal to small- and mid-size business and mid-size enterprises.

Strategy Analytics also provided its interpretation on the market.

“Big data analytics is the difference between being proactive and reactive,” said Andrew Brown, executive director of the Enterprise and IoT Research at the research firm. “Predictive analytics software can help businesses respond in a proactive way by dealing with issues before they occur, while, prescriptive analytics on data sources can suggest decision options that take advantage of the predictive elements and provide real differentiation and competitive advantage for companies leveraging these technologies.”

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