Spending on big data, analytics to touch $2 billion in 2021: IDC

Indian enterprises are investing in big data analytics to base decisions on real-time data, and spending on such solutions is poised to grow by 11.5 per cent in 2021 to touch USD 2 billion, according to research firm IDC.

IDC estimates big data technology and service-related spending to grow with a five-year CAGR of 14.6 per cent over the forecast period of 2020-25.

From an industry standpoint, banking has the largest share of spending in 2021, with an expected CAGR of 13.7 per cent during the forecast period till 2025, IDC said.

“The banking industry has gained in-depth cognizance in numerous facets of operations – from data being an asset for the unpredictable environment, customer satisfaction, enhancing productivity and performance.