Domestic big data market in 2019 grows 10.9% year-on-year
Published2020.01.22 16:47Big Data Market in 2019, Recorded at 1.6744 Trillion Won
Expected to grow at an average of 16.3% per year until 2023
Recently, the number of companies and public institutions across all industries that are trying to achieve business innovation and insight generation through efficient use of data is increasing.
(Graph = Korea IDC)
On the 22nd, Korea IDC announced in its recently published research report, 'Domestic Big Data and Analytics 2019-2023 Market Outlook' that the domestic big data and analytics market in 2019 recorded KRW 1.6744 trillion, up 10.9% year-on-year.
According to the report, the domestic big data and analytics market is expected to grow at an average annual rate of 11.2% by 2023, reaching a size of KRW 2.5692 trillion. During the forecast period, IT and business services are expected to account for the largest share, growing at an average annual rate of 16.3% in the overall market.
It was found that companies are continuously making efforts for digital transformation (DX) and actively considering various forms of cloud environment conversion. With this as a growth driver, the big data and analytics market is steadily growing in size and potential.
The report predicts that the related market will continue to grow in the future due to the increasing need for data for building advanced analytics and AI systems based on big data.
Big data and analytics solutions enable enterprises to discover diverse forms of data insights in real time and automatically resolve complex analytics and business decisions, thereby generating continuous revenue and securing competitive advantage.
Choi Seung-geun, senior researcher at IDC Korea, said, “Using insights from big data and analytics to design business strategies, improve management efficiency, manage performance, and predict markets is no longer an option for organizations, but a must.”
He added, “As refining, managing, and integrating existing data is essential, the data-related market is expected to show steady growth,” and “In addition to government policy support, investment at the corporate management level will be the main drivers accelerating market growth.”
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