Customers are increasing deployments of data and analytics tools and platforms with Indonesia and Malaysia expected to capitalise as key growth markets.
According to new findings from GlobalData, the regional market is forecast to experience a compound annual growth rate (CAGR) of 25.5 per cent until 2022, reaching US$89.6 billion in the process.
Such expected growth is set to be triggered by a customer desire to manage “disparate data sets” with higher volumes, alongside deriving "deeper insights" from the data.
The report - GlobalData Market Opportunity Forecasts to 2022: Data and Analytics - also revealed that platforms such as artificial intelligence (AI) and enterprise Internet of Things (IoT) will be the major growth drivers, together accounting for nearly 54 per cent of the overall market within the next three years.
As a result, Indonesia and Malaysia - alongside Australia, India and China - will witness the highest growth among regional countries.
“With the growing inter-device interactions expected to become automatic, predefined and adaptive, intelligent and real-time analytics via AI platforms and Enterprise IoT platform will gain predominant adoption,” said Sunil Kumar Verma, lead technology analyst, GlobalData.
“Not surprisingly, almost all enterprises are seeking to join the data and analytics bandwagon in a bid to understand the trends and derive insights from the myriad data points that are now available.”
In Indonesia specifically, Verma said the "disruption of traditional business models" by the digital services offerings, primarily in the areas related to digital finance, e-commerce and cloud services, has been driving the increased adoption of Data and Analytics tools among the enterprises.
“Major providers of analytics tools continue to invest and strengthen their capabilities by leveraging advanced technologies like AI, machine learning and cognitive computing as their preferred approach for new applications of data science,” Verma added.
“The proliferation of real-time data from multiple sources like sensors, web, social media, log files and transaction/interaction data, has resulted in the data and analytics market finding adoption amongst all the major vertical markets.
"This is ranging across various applications like customer segmentation, target-based marketing, risk assessment, enhancement of operational efficiency, streamlining business processes, meeting compliance requirements and uncovering valuable insights to driving profits and growth.”