IDC Korea announces market size of KRW 397.4 billion.
The domestic business analytics software market grew 9.5% last year.

The domestic business analytics (BA) market size last year was recorded at 397.4 billion won, a 9.5% growth compared to 2014.

Korea IDC (CEO Hong Yoo-sook), an IT market analysis and consulting firm, announced these results in a recently published report ('Korea Business Analytics Software 2015 Market Share Report').

▲ Domestic Business Analytics Software Market Outlook, 2015-2020 (Unit: KRW billion, Source: IDC, 2016)


▲ IDC Business Analytics Software Market Definition

Last year's growth in the domestic BA software market was driven by the growing demand for advanced information systems, including data warehouses, the growing demand for traditional advanced analytics platforms, and the growing demand for industry-specific analytics solutions based on these platforms.

Do Sang-hyeok, a senior researcher at IDC Korea who is in charge of domestic BA software market research, said, "Data-driven business innovations by companies and the increase in data generated from the Internet of Things are driving increased demand for analytics software."; and predicted that "the advancement of data warehouses, the introduction of data visualization solutions, and the increased use of related ecosystems including Hadoop will drive the growth of the domestic business analytics software market."

“Driven by these growth factors, the domestic business analytics software market is expected to continue its growth, growing at an average annual rate of 5.5%, reaching a market size of KRW 520.3 billion by 2020,” said Senior Researcher Do Sang-hyeok.