As businesses navigate the headwinds created by today's uncertain economic environment, data analytics plays a critical role in addressing complex business challenges. Its problem-solving and predictive prowess are being applied in numerous urgent business processes in order to increase operational resilience and address external market disruptions such as the pandemic, supply chain vulnerabilities, and rapidly evolving customer needs.
In Asia Pacific, spending on big data and analytics solutions is set to grow by 19% in 2022 and forecast will rise 1.6 times to USD$53.3 billion by 2025. i Depending heavily on data, momentum of AI use cases will continue with AI systems spending rising from USD$17.6 billion in 2022 to around USD$32 billion in 2025, with a CAGR of 25.2% for the period 2020-2025. ii
Banking – The Largest Investor in Big Data Analytics
With the highest spending of 15.3% in 2022, the banking industry will continue to invest the most in analytics solutions over the next five years. i Leveraging valuable data and AI assets more broadly across organizations, the industry is expected to focus on customer experience (CX) improvement and risk mitigation through data-driven CX systems and fraud analysis applications respectively.
To facilitate AI adoption at scale, banks should modernize legacy systems that are lack of capacity and flexibility to support AI applications. With the integration of new digital technologies, banks will be able to mine the massive data sets, generate predictive insights to identify opportunities for specific customer microsegments in real time and prevent complex fraud cases.
Telecommunications – Enhance Network Operation Efficiency by AI
The telecommunication industry is the second biggest spender in analytics solutions accounting for 12.6% in 2022, directing toward more intelligent ways to enable data models, improve efficiency and effectiveness of network operations, increase throughput and reduce downtime. i
Telecom operators have been using AI to meet unprecedented levels of bandwidth demand. By future-proofing data under well-defined governance process and adaptation of a modular IT architecture, operators will be able to scale AI application delivery with strong results.
Government – Invest to Accelerate Smart City Development
Utilizing analytics for evidence-based policy and operations, government agencies will lead investment to grow by 16% until 2025 i, focusing on public safety and emergency response systems. To accelerate innovation in the public sector, governments integrate data and digital technology to build sustainable smart cities through digitized services for better user experience and efficient internal operations.
Building a More Resilient Business for the Future
Data-driven approaches are critical for business recovery, and AI will be a game changer along the way. Aligning a clear analytics strategy with business priorities will enable enterprises to scale AI successfully and stay ahead of disruption. Consult with your trusted technology partner to ensure that your efforts and resources have a long-term impact.
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