Increased BDA (Biga data analytics) investments in disaster preparedness, operational management and prediction models worldwide are expected to fuel exponential growth in big data and analytics.
We have not finished counting the beneficial effects of the Covid-19 crisis and repeating that it served, as the case may be, to reveal or accelerate trends. If you look at big data and analytics, the great contribution of the pandemic is to have mobilized capabilities hitherto unused in the field of high performance data-driven computing.
This tiny micro-organism has set in motion a gigantic analytical machinery and made use of thousands of researchers by mobilizing unprecedented means. Of course, the race to be the first to shout Eureka and pick up the laurels, and the hard cash that goes with it, and the prestige of the find are not unrelated to this general mobilization. In a study titled Post-pandemic Growth Opportunity Analysis of the Big Data Analytics Market, Frost & Sullivan predicts that the global market for big data analytics (BDA) will experience double-digit growth in the post-pandemic period from Covid-19.
Two growth scenarios are possible
Between the researchers who are implementing different models of the virus’s spread to predict the evolution of the pandemic and those who are running their supercomputers to design a pharmacological arsenal, data is the sinews of war. Sharing this has become crucial for advancing research and several initiatives have emerged in the main economic regions of the world: Europe, China and the United States. This in addition to national portals such as the data.gouv.fr portal in France.
According to the scenarios imagined by analysts at Frost & Sullivan, two trends can emerge. The first is an ambitious and rather optimistic scenario, which assumes that the Covid-19 virus will be contained by August 2020 and that world markets can recover by the end of the year. In this case, the BDA market is expected to grow at a compound annual rate (CAGR) of 28.9%, to reach $ 68.09 billion in 2025, compared to $ 14.85 billion in 2019.
The least optimistic, if not conservative, scenario is that the market will depend on the development and availability of a vaccine, with conservative forecasts forecasting a market slowdown and a recovery period of 18-24 months. According to this vision, the BDA market should reach $ 41.84 billion by 2025, with a CAGR of 18.8%.
Interest in BDA is expected to increase
“The use of BDA will continue to grow as it is currently used to manage, diagnose and develop a remedy for Covid-19,” said Deviki Gupta, senior industrial analyst in information and communication technologies at Frost & Sullivan.
“Despite the current crisis, the BDA continues to be among the top three deployment priorities for businesses, after data security and the replacement of existing systems. In addition, key competitive drivers will include a supplier’s ability to serve advanced use cases and its ability to play an advisory role to customers, for example by helping them better understand their hardware and software needs to realize these use cases in the two BDA market segments: data discovery and visualization (DDV) and advanced analysis (AA), ”he added.
An essential prediction tool in uncertain times
Longer sales cycles and lower customer spending on BDA solutions, while budgets are frozen or diverted to meet urgent operational needs, are likely to dampen growth in the BDA market. However, “market players should consider the following key growth opportunities,” advise analysts at Frost & Sullivan:
- organizations’ goal of reducing latency and taking timely action, especially during the pandemic, will encourage vendors to focus more on intuitive search through deeper metadata schema and machine learning;
- increased BDA investments in disaster preparedness, operational management and diagnostic use cases worldwide will create exponential growth prospects for suppliers;
- Big data, cloud computing and consumer demand for personalized and contextual services are the driving forces behind the implementation of AI / ML applications;
- APAC has high and continued growth potential with the increasing use of BDA, AI and robotics in China, Singapore, Taiwan and Japan to contain Covid-19.