The Big Data Market Is Set to Skyrocket by 2022
In business, amongst consumers, and across the internet, data is currency. It's what makes the machine work.
The right data can give companies predictive advantages in the market (if they know how to analyze it), give apps and services personalized context to tailor experiences to users, and power the online ad market that allows much of the web to remain free.
According to IDC, the global Big Data and business analytics market has grown at a healthy clip over the past few years. The market made $122 billion in global revenue in 2015, which jumped to $149 billion in 2017, $169 billion in 2018, and an estimated $189 billion in 2019. IDC projects revenue will shoot up dramatically to $274 billion by 2022.
In this lucrative market, it's no surprise that standalone business intelligence (BI) and data visualization platforms are being acquired and rolled into bigger tech companies.
This month alone, Google Cloud spent $2.6 billion to buy Looker, and Salesforce dropped a hefty $15.7 billion on Tableau. Both companies specialize in enterprise-scale data modeling that automates data analysis with reports and interactive visualizations.
Google and Salesforce can fold these companies into their existing cloud and services platforms, which have artificial intelligence and machine learning algorithms built into their foundations. AI and business analytics are two entirely distinct fields, but both require as much data as they can possibly get.
This article originally appeared on PCMag.com.