Big Data and Analytics (BDA) software market is expected to record strong growth in the coming years despite the geopolitical developments that have contributed to the global economic slowdown, according to a report published by International Data Corporation (IDC).
Although the BDA market suffered moderately due to the Russia-Ukraine war, the market intelligence growth expects this development to have a mild impact on market growth.
With a positive outlook for the future, the report added that most transformative technologies — such as popular analytics applications, AI software platforms, and data integration and integrity tools — are less impacted by market challenges
Consequently, data spending in the EMEA is expected to improve in 2023, with 15.2% growth year on year, gradually catching up with the Americas and APJ region, which means increasing by 2% and 4.5%, respectively.
In terms of compound annual growth rate (CAGR) over the 2022-2026 period, EMEA is expected to reach 19.1%, a bit stronger than the Americas, but 1.4% weaker than the APJ region.
Overall BDA market, including the business intelligence and analytics tools and platforms are expected to record a CAGR of 23.6% over the forecast period.