Despite being challenged in the global innovation stakes during recent years, Australia and New Zealand ranks as the region's most mature markets for Big Data and analytics adoption.
Findings from analyst firm IDC report that the Big Data and analytics market globally will reach $US210 billion by 2020, with the worldwide Internet of Things market to hit the $US146 trillion mark.
The research also supports the notion that data-driven intelligence and data governance, as well as security, remain high on the trans-Tasman radar, with executives recognising the opportunity to embrace the optimisation of customer experience and supply chains, while also increasing crop yield and quality.
"It is clear that as organisations look to digitally transform, Cloud is at the foundation and data is at the core," IDC research director of data driven intelligence, Sally Parker, said.
"When it comes to data driven intelligence the industry has done a stellar job at creating misnomers; Big Data is less about the size of the data than the size of the value that can be derived from enhanced data sources.
"Similarly, the Internet of Things is in reality more about the Analytics of Things."
As interest and uptake rises in Australia and New Zealand, the vendor ecosystem is also evolving to adapt, according to IDC Australia market analyst software and analytics, Melanie Disse.
"The local market for business analytics software is starting to see disruption from smaller players, often pure cloud or open source players,” she said.
Although the large traditional players continue to lead the pack in terms of revenue size, Disse added that it's the smaller ones that continue to grow faster and are quickly catching up.
"Collaboration, visualization, self-service data discovery, and cloud offerings are popular amongst customers and continue to drive uptake," she added.