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 shows.
The size of China's big data market was estimated to exceed 10 billion US dollars for the first time in 2020, up 15.9 percent year on year, according to a report from global market research firm International Data Corporation (IDC).
Banking, telecommunication and local governments accounted for 38 percent of total spending in the big data market last year, and these sectors will continue to lead in big data spending, read the report.
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 US dollars, representing a 145 percent increase from the level registered in 2019, according to the report.