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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 U.S.
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
U.S. dollars, representing a 145 percent increase from the level
registered in 2019, according to the report.
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