Increasing at 10.2 per cen5 CAGR over 2020-2025
Data and analytics market in China, in terms of enterprise spending opportunity, is expected to increase at a CAGR of 10.2 per cent over 2020-2025, boosted by the acceleration in enterprise digital transformation efforts in the country, and growing demand for business intelligence, data discovery tools, and big data platforms, says GlobalData, a leading data and analytics company.
Given the increasing volume and the complexity of data available to them because of the rising mobile data and cloud traffic and growing adoption of technologies such as IoT, connected devices, blockchain and AI, enterprises leverage advanced data analytics solutions to make sense of that data and derive valuable insights to improve their decision making and operational efficiency.
According to GlobalData’s recent survey of the enterprise IT decision makers from over 20 different verticals in China featuring 366 respondents, the country’s enterprises have allocated an average 35.3 per cent of their total ICT budget on digital transformation efforts in 2020, which has been increased to about 42.3 per cent in 2021 with much of this share dedicated for data led technologies.
Pragyan Tarasia, Senior Technology Analyst at GlobalData says: “Enterprise spending on data and analytics in China is expected to reach $US10.3bn by 2025 driven by growing adoption of these solutions in key industry verticals such as banking, financial services & insurance (BFSI), manufacturing, information technology, and construction.”
Accelerated pace of fintech innovation, and growing emphasis on digital banking and financial services, make BFSI sector the largest spender on data and analytics solutions in the country. The sheer size of manufacturing sector, and manufacturers’ inclination towards innovation, smart product designs and agility in responding to fast changing market trends and customer needs, will make China’s manufacturing sector another major market for data and analytics.
Tarasia adds: “Among all the data and analytics segments analyzed, data and content management will account for the largest share of the total data and analytics spending in China through the forecast period.”
Enterprise spending on big data platforms, on the other hand, will grow at a fastest CAGR of 14.7 per cent during the forecast period while spending on business intelligence and data discovery tools will grow at a CAGR of 12.2 per cent during the same period.
Tarasia concludes: “The large enterprise (1,001+ employees) segment will account for the largest share of the total enterprise networking spending in China through the forecast period, given its stronger digital transformation budgets and wider adoption of advanced technologies like IoT and AI, which create strong business case for the adoption of data and analytics solutions. The combined spending from micro (1-50 employees) and small and medium enterprises (51-1,000 employees) will increase at a marginally faster CAGR of 10.2 per cent over the forecast period.”
Tags: AnalyticsDataGlobalData
