IDC: Turkey's Big Data & Analytics Market to Top $477 Million by 2022
Spending on big data and analytics (BDA) in Turkey is set to total $292 million this year, up 15.2% on 2017, according to the latest forecast announced today by International Data Corporation (IDC). The global ICT research and consulting services firm's newly released Worldwide Semiannual Big Data and Analytics Spending Guide tips annual spending to reach $477 million by 2022, with the market expanding at a compound annual growth rate (CAGR) of 13.5% over the 2017–2022 forecast period.
"A growing number of Turkish enterprises are finding value in data-driven decision making as they look for differentiated insights from the large variety and volume of internal and external data available to them," says Eren Eser, principal analyst at IDC Turkey. "While the primary short-term objective of utilizing big data and analytics is to improve business operations, many Turkish organizations are also looking to use BDA to develop new business and revenue streams in the longer term."
The top three industries in terms of BDA investment in 2018 will be banking, telecommunications, and central government. Combined, these three industries will invest around $132 million in BDA solutions this year, accounting for more than 45% of total BDA spending in Turkey. IDC expects these industries to remain the largest spenders in 2022 when their combined investments will total $215 million. However, construction, insurance and local government will see the fastest growth over the coming years, with IDC forecasting respective CAGRs of 15.6%, 15.5%, and 15.0% for the 2017–2022 period.
In terms of software, relational data warehouse management tools will be the biggest BDA segment in Turkey this year, with spending forecast to reach $29 million, accounting for 9.9% share of the market. IDC expects spending on this group of software tools to pass the $38 million mark by 2022.
IDC's Worldwide Semiannual Big Data and Analytics Spending Guide is designed to address the needs of organizations assessing the big data and business analytics opportunity by geography, industry, and company size. The Spending Guide provides subscribers with revenue projections for 19 technology and service categories across 19 industries, 5 company size bands, and 53 countries. Unlike any other research in the industry, the comprehensive Spending Guide was designed to help IT decision makers clearly understand the industry-specific scope and direction of big data and business analytics opportunities today and over the next five years.
International Data Corporation (IDC)
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications and consumer technology markets. More than 1000 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries worldwide. For more than 47 years, IDC has provided strategic insights to IT professionals, business executives, and the investment community to help them achieve their key business objectives.
Buy credits to publish your articles on Al Bawaba Biz here