The telecoms industry will spend over $10 billion on big data and business analytics products and services in 2019, according to a new report.

Research house IDC is forecasting that telcos’ spending will be on a par with counterparts in the government, professional services and retail verticals.

However, all four industries trail companies in the discrete manufacturing and banking sectors, which are forecast to spend over $20 billion each.

Across all businesses, revenues for big data and business analytics will grow from nearly $122 billion in 2015 to more than $187 billion in 2019.

More than half of spending will be on services in three years' time, with software accounting for $55 billion.

More than half of all revenues will come from the United States, with Western Europe accounting for the second largest geographic region.

Latin America and the Middle East & Africa regions will see the fastest growth.

Dan Vesset, Group Vice President, Analytics and Information Management, at IDC said: "Organisations able to take advantage of the new generation of business analytics solutions can leverage digital transformation to adapt to disruptive changes and to create competitive differentiation in their markets.

"These organisations don't just automate existing processes – they treat data and information as they would any valued asset by using a focused approach to extracting and developing the value and utility of information."

According to European Communications’ latest survey, over 80 percent of respondents think it is important for telcos to acquire a big data-related business.

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