China's big data market forecast: 2021 - 2024

28 DEC 2023

China's big data market forecast: 2021 - 2024

The big data market in China has exceeded US$10 billion for the first time in 2020, with over 15.9% on year-on-year growth in 2019.
The big data expenditure has shown a steady growth trend for the long haul. The market volume is expected to exceed over US$20 billion by 2024, with an increase of 145% compared to 2019.
China's big data market forecast- 2021 - 2024
By 2024, the IDC predicts that the global big data market expenditure will reach over US$298.3 billion with an achieved compound growth rate (CAGR) estimated at 10.4% during the five-year forecast period (2020 – 2024). Big data service expenditure will remain dominant globally and will account for more than half of the total market.
The speed of China’s big data market will increase, with an expected CAGR of 19.7% in five years. In the five-year forecast period 2020-2024, the hardware market share makes up about 40%. Big data applications are mainly in the financial and government industries as the demand for hardware is relatively great. Due to compliance, data security, privacy protection, and other reasons, these industries tend to adopt the local deployment mode. 

China’s cloud computing industry will soon replace local deployment to a much larger extent. The software market presents potential in the corresponding development.

It is expected that by 2024, software spending that will be 4% higher than that in 2020 will comprise 29% of the country’s big data market, with the expected five-year CAGR at 26%.

At least three major software submarkets include “End-User Query, Reporting, and Analysis Tools,” and AI software platforms and relational data warehouses.

IDC estimated that in 2020, the three submarkets accounted for more than 50% of China’s big data software market and will only continue to increase by about 58% in 2024.

The three hot segments in China with an expected CAGR of 30%-50% in the next five years include artificial intelligence software, continuous analytics tools, and non-relational analytical data stores. Others include banks, communications, and local governments, making up 38% of the market expenditure in 2020 will take a leading edge until 2024.

IDC predicts the big data market will develop rapidly in three fields of health care, professional services, and local government. China expects that scenarios in the local governments will continue to grow exponentially with the promotion of digital government construction and other policies. Local governments will start investing in the smart-big screen, government data query, and analysis shared data exchange

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