China’s big data sector will continue to post steady expansion by 2023, driven by policy support and technology integration, said a report from the International Data Corporation (IDC).
Revenue of the domestic big data sector is predicted to reach 9.6 billion U.S. dollars this year, and is expected to expand at a compound annual growth rate of 23.5 percent during 2019-2023, said the report.
By 2023, the size of China’s big data market is estimated to hit 22.49 billion US dollars.
In 2019, traditional hardware such as server and storage will take up the lion’s share of the big data market, followed by information technology services and commercial services.
With the soaring of data, the IDC predicts that artificial intelligence software platform will become the third largest sub-market of the overall big data industry by 2023, replacing commercial services.