Malaysia’s big data market to grow to US$1.9bil by 2025: IDC
By Digital News Asia May 24, 2021
- Services sector will contribute 64% of total data-driven spending
- Companies investing in BDA will expand their presence with Malaysia as regional base
MALAYSIA's big data analytics (BDA) market in Malaysia is set to grow from US$1.1 billion in 2021 to US$1.9 billion in 2025, according to research firm IDC.
The study, comissioned by the Malaysia Digital Economy Corporation (MDEC), forecasted that the BDA market in Malaysia will grow and that the services sector will contribute 64% of the total data-driven spending, with the banking and telecommunications contributing nearly a third, MDEC said in a statement.
“Covid-19 has been a true game-changer in terms of demand for BDA, backed by the surging demand for data and cloud services, both accelerating digital transformation and enabling business sustainability,” said Raymond Siva, senior vice president, investment and brand, and chief marketing officer (CMO) (pic)
He said companies investing in BDA will continue to expand their presence by having Malaysia as a base for its regional and global businesses and operations to manage its core functions.
Citing another recent analysis by IDC Worldwide Big Data and Analytics Spending Guide 2020, Siva noted that Asia Pacific’s BDA industry is set for further growth.
“APAC’s BDA industry can expect to grow at the fastest rates and in excess of 15% compound annual growth rate (CAGR) of between 2019 and 2024 due to increased BDA investments by many start-ups and businesses,” he claimed.
The report also forecasted that the revenues for BDA solutions has reached US$22.6 billion in 2020, with a year-over-year (YoY) growth of 12% in Asia/Pacific.
According to MDEC, DataMicron Systems Sdn. Bhd., a local MSC Malaysia company; and TDCX, a customer experience service provider, have started embarking on an aggressive expansion starting with BDA as part of their new investment portfolio.
MDEC said that BDA is central to Malaysia’s digital economy and this has resulted in the explosive growth of other digital technologies such as artificial intelligence (AI), Internet of Things (IoT), and advanced automation.
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