For the past decade or so, big data has taken the tech sector - and much of the business world overall - by storm. The possibilities afforded by large-scale business intelligence for automation, high-level analysis and increased business efficiency have proved to be all but endless. Now, as nations throughout the Asia-Pacific region develop their economies at a furious pace, the demand for big data in these countries is taking off considerably.
Citing data from IDC, Forbes stated that business analytics tools will experience a compound annual growth rate of 15.1 percent in the APAC region between 2017 and 2022. Analytics data stores and cognitive/AI software platforms represent the most popular product categories in the overarching field of big data, per IDC's projections, with respective CAGRs of 35.4 percent and 32.4 percent.
While most of the demand for this technology is coming from the largest APAC firms, small and medium-sized businesses are also making investments in it. Additionally, there will be a resulting need for more individuals trained in the specific skill sets necessary to leverage such technologies, which could help create tech jobs in these countries.
As far as the region's broader economy is concerned, projections remain quite positive. The International Monetary Fund's Regional Economic Outlook for APAC nations projects growth of 5.5 percent, two-thirds of the world's overall economic progression for 2018.