Spending on Big Data and Analytics in CEE Will Reach $4.4 Billion in 2020
According to the latest Worldwide Semiannual Big Data and Analytics Spending Guide from IDC, big data and analytics spending in Central and Eastern Europe (CEE) will exceed $3 billion in 2017 and reach $4.4 billion in 2020, achieving a 12.1% compound annual growth rate (CAGR) over a five-year-forecast period.
Business and IT services will contribute over 58% to the overall market spending in CEE, with an increasing market share over the forecast period, reaching 63% in 2020. Hardware investments will be the fastest growing submarket, with a 16.4% CAGR, as enterprises invest mainly into storage. In terms of software, cognitive software platforms, content analytics, and search systems will be the fastest growing groups, with CAGRs all exceeding 18%.
Investments into end-user query, reporting tools, relational data warehouse management tools, and enterprise performance management applications will reach $0.48 Billion, generating over 55% of the total software market spending in the region.
Banking, telecommunications, and federal and central government will be the verticals with highest big data and analytics investments over the forecast period. Banking will be the fastest growing vertical market, with double-digit year-on-year growth as well as a 13.5% CAGR.
In terms of company size segments, organizations with over 500 employees will generate more than 67% of the market revenue in 2017. Although growth dynamics will be similar across all company sizes, large businesses (500-999 employees) will be the fastest growing market segment, with 12.7% CAGR over the 2016-2020 period.
From a geographical perspective, CEE is one of the regions with a relatively small spending share of the worldwide market, comparable to the Middle East and Africa or Canada. Romania will be the fastest growing country in terms of big data and mobility spending, with a forecast CAGR of almost 16%, followed by the Czech Republic and Hungary, each with a CAGR slightly above 13% over the forecast period.