Singapore's plan to become a Smart Nation will boost the adoption of analytics in the country as government agencies invest in data, infrastructure, and big data talents.
According to IDC's State of Analytics Adoption report, the analytics software market in the country - for four specific segments of advanced and predictive analytics, data integration and access, end-user query, reporting and analysis, and marketing - is projected to grow at compound annual growth rate of about 8.6 percent between 2016 and 2019.
The report, which was commissioned by SAS, examined the current analytics landscape in Singapore as well as past and future growth opportunities in this field.
"Analytics has always been integral in extracting in-depth insights for business decisions and with Singapore's Smart Nation vision, this role is only set to increase in importance," said Francis Fong, Managing Director of SAS Singapore, in a press release.
IDC said the increase in analytics software market can be attributed to new growth opportunities especially with self-service data discovery.
The report also found that organisations in Singapore are still finding it difficult to hire skilled data and analytics personnel despite the strong presence and growth of data centre parks, clear legal frameworks and government-led skills training initiatives in the country.
"Singapore's push towards being a Smart Nation will introduce an exponential growth of data streams, resulting in more users demanding actionable insights from these data. In the wake of this technical skill set crunch, we've found that self-service analytics tools are democratising data to allow for data discovery and visualisation by non-technical users," Fong added.
As government agencies focus on investing in data technologies, IDC said this will provide opportunities for organisations to leverage on infrastructure, data, and talent.
In terms of infrastructure, IDC said the continued enhancement of network and communications infrastructure in the country will see the building of extensive sensor networks to collect more data. A "Data Centre Corridor" is also expected to be put up to enable a quicker and easier access to domestic and international market.
Aside from that, IDC noted the creation of a trusted data marketplace where public and private data sets are available. Educational institutions in the country are also working to build labs and courses to hone data and analytics talent.
"Singapore's Smart Nation initiatives bode well for organisations operating in Singapore as they strive to compete and innovate in the complex global and regional economy. The success of Smart Nation will be dependent on organisations being able to readily access actionable and automated insights from the massive data curated. Such insights will be delivered by analytics with cognitive features such as machine and deep learning capabilities," said Chwee Kan Chua, AVP for Big Data and Analytics & Cognitive Computing Practice at IDC Asia Pacific.
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