China’s big data market will continue to expand in the coming years, driven by the country’s economic development and digital transformation, an industry report showed.
The size of China’s big data market was estimated to exceed $10 billion for the first time in 2020, up 15.9 per cent year on year, according to a report from global market research firm International Data Corporation (IDC).
Banking, telecommunication and local governments accounted for 38 per cent of total spending in the big data market last year, and these sectors will continue to lead in big data spending.
China will see an upward trend in the big data market as fintech innovation and digital government construction drive the steady growth of industry users’ demand for big data, said Wang Limeng, an analyst with IDC.
By 2024, China’s big data market size is expected to exceed 20 billion U.S. dollars, representing a 145 percent increase from the level registered in 2019, according to the report.
