With Malaysian businesses beginning to prioritise analytics solutions and C-level executives seeking ways to convert data into meaningful information to drive strategic decisions, the big data and analytics software market in Malaysia is predicted to jump from RM433 million in 2017 (a 10.9 per cent increase from 2016) to RM595 million by 2021, a compound annual growth rate of 8.8 per cent.
“Big data and analytics is no longer uncommon in Malaysia, and many organisations have started to accept this technology these days. By using analytic capabilities, organisations will be able to run their business operations, improve the overall customer experience, and expand its product and services offering, by increasing their competitive advantage over other existing competitors in the market,” said Ng Quan Xiong, market analyst for software, IDC Malaysia.
The analyst firm said that with an increasing amount of unstructured data gathered from various channels such as social media, company websites and contact centres, enterprises are seeking to use analytics to gain insights from this data. Visual analytics is particularly popular because it provides functionality to support the analytic workflow, provides a channel for consumption of analytics, and enables non-IT staff to analyse, visualise, share and review data.
According to IDC, software vendors and the channel ecosystem will play an important role in drive adoption of big data technology. There will also be an increase in the need for customisation, deployment options, and the incorporation of cognitive computing capabilities to guide enterprises as they adopt big data technologies.
