Big Data Analytics – $50 Billion Dollar Market By 2019

Advertise on CloudTweaks

Big Data Analytics Market

Big data analytics, the employment of advanced analytic techniques against enormous and diverse data sets, enables researchers, analysts, and business operators to more quickly make better decisions. Techniques include predictive analytics, text analytics, machine learning, data mining, stats, and natural language processing, and with the rapid advancement of big data analytics organizations can now tap previously unexploited data sources for significant insight. Says Jeremy Waite, Head of Digital Strategy at EMEA Salesforce Marketing Cloud, “In 2015 we learned that 90% of the world’s data had been created in the previous 12 months… The big data motto for 2016, therefore, needs to be ‘we must create more value from data than we capture’.”

The Big Data Progression

big-data-analytics-infographic-sm

(Infographic Source: Wipro)

Though the term ‘big data’ is relatively new, the concept is not, and even in the 1950s basic analytics were used to discover relevant trends and insights. As the computing environment has advanced, as well as access to new forms of data through sensors, monitors, IoT applications, and wearables, data analytics has taken on a more prominent role. A few years ago, analytics would have provided information for future decisions, but today businesses can use big data analytics to support immediate decision-making processes. Big data analytics in its most recent form allows organizations to work quickly and with agility, promising improved products and services along with reduced costs.

Essential Big Data Components

The benefits of big data are much lauded, but actually bringing these benefits into a business requires detailed planning and infrastructure provision. Cloud computing has reduced the entry requirements for effective use of big data analysis, but it’s still necessary to invest in features such as data collection and storage, and data analysis and output.

Collection & Storage

The array of collection devices is almost endless with innovators daily finding new means of gathering records, facts, numbers and statistics. Social media and customer feedback serve the essential role of personalizing data, while beacons, wearables, and IoT sensors capture endless bytes of seemingly meaningless data. In its raw form, this data can be overwhelming and incomprehensible, and often post-collection is simply stored safely away. Businesses with effective big data analysis tactics in place are careful not only to install necessary collection devices but implement storage systems that are accessible and supportive of the following phase.

Data Analysis & Output

Processing and analyzing data extracts insights through programming languages and platforms, including software from vendors such as Google, Oracle, Amazon Web Services, Microsoft, and IBM. Add to this, a host of startups have entered the market, often with simpler but more focused solutions. No matter the chosen tool, the data analysis process first requires that the data is cleaned and formatted. Following this, the analytic model is built, and finally, inferences are made. Once this analysis is complete, it’s important that the results are properly communicated to the relevant business departments and given the value they merit. Better a summary of recommendations with key substantiating figures for prompt action than a heap of restructured data easily ignored. Useful data output is as essential as each step which precedes it, and the effort put into making it attractive and easily understood shouldn’t be underestimated.

Big Data Trends

In 2014, big data analytics in the cloud was making waves; today it’s the norm. This year, analysts are predicting high growth rates, and the IDC expects the worldwide big data technology and services market to grow to $48.6 billion in 2019. The International Institute for Analytics believes that automated data curation and management will play a bigger role, with an ease in the analytics talent crunch, and analytical micro services facilitating embedded analytics. The IDC, however, believes this specific skills shortage will persist due to increased demand for such expertise, and Forrester echoes their expectation, suggesting the growth in degree programs launched globally will not be enough to meet the ‘huge demand.’ Today, big data analysis is promising more value to organizations, but the next few years will require a higher level of input and collaboration as businesses attempt to constructively engage with it.

By Jennifer Klostermann

Jennifer Klostermann

Jennifer Klostermann is an experienced writer with a Bachelor of Arts degree majoring in writing and performance arts. She has studied further in both the design and mechanical engineering fields, and worked in a variety of areas including market research, business and IT management, and engineering. An avid technophile, Jen is intrigued by all the latest innovations and trending advances, and is happiest immersed in technology.

CONTRIBUTORS

Are CEO’s Missing Out On Big Data’s Big Picture?

Are CEO’s Missing Out On Big Data’s Big Picture?

Big Data’s Big Picture Big data allows marketing and production strategists to see where their efforts are succeeding and where ...
Philips teams with HPE on ecosystem approach to improve healthcare informatics-driven outcomes

Philips teams with HPE on ecosystem approach to improve healthcare informatics-driven outcomes

The next BriefingsDirect healthcare transformation use-case discussion focuses on how an ecosystem approach to big data solutions brings about improved healthcare informatics-driven outcomes ...
73% of Executives Are Researching & Launching IoT Projects

73% of Executives Are Researching & Launching IoT Projects

New IoT Projects Manufacturing-based IoT connections grew 84% between 2016 and 2017, followed by energy & utilities (41%). 73% of ...
Cloud Job Opportunities

Cloud Computing Continues To Present New Job Opportunities

Cloud Computing Job Opportunities Over the next decade we can expect many new cloud computing job opportunities to come to ...
Cloud Computing Then & Now

Cloud Computing Then & Now

The Evolving Cloud  From as early as the onset of modern computing, the possibility of resource distribution has been explored ...
Academia is on the Ropes but is Reluctant to Change. Why are Most of Them Digital Dinosaurs?

Academia is on the Ropes but is Reluctant to Change. Why are Most of Them Digital Dinosaurs?

“Moving a university is like moving a cemetery—you can’t expect any help from the inhabitants,” says Barb Oakley, Ph.D. Higher ...
Forget What You Have Heard About the Retail Apocalypse. Due to the Cloud Retailing is Booming

Forget What You Have Heard About the Retail Apocalypse. Due to the Cloud Retailing is Booming

Cloud Retailing is Booming Huh? You’ve heard that retail is dying. What if you were to learn that more jobs ...
Big Data and Autism

Can Big Data Help Us Create a Medical Test for Autism?

Big Data and Autism Many mysteries surround autism spectrum disorder. Arguably, one of the largest is how to authoritatively diagnose ...

NEWS

Treacherous 12: Top Threats to Cloud Computing + Industry Insights

Treacherous 12: Top Threats to Cloud Computing + Industry Insights

Top Threats to Cloud Computing SEATTLE, Oct. 20, 2017 /PRNewswire/ -- The Cloud Security Alliance (CSA), the world's leading organization dedicated to defining ...
CIOs Cutting Through the Hype and Delivering Real Value from Machine Learning, Survey Shows 

CIOs Cutting Through the Hype and Delivering Real Value from Machine Learning, Survey Shows 

New survey reveals progressive CIOs tap machine learning to solve everyday work problems SANTA CLARA, Calif. – October 17, 2017– A ...
Cisco Unveils Industry's First Predictive Services Powered by AI

Cisco Unveils Industry’s First Predictive Services Powered by AI

New offerings designed to manage growing technical skills gap through unique expertise, intelligence and automation SAN JOSE, CA--(Marketwired - Oct ...

CloudTweaks CONTRIBUTOR PROGRAM

The CloudTweaks thought leadership profile building program is free to join but requires a commitment of atleast 3 articles over a 12-month period. Articles must be vendor-neutral in nature, related to connected cloud technologies and written by an executive level business representative to be considered.

You can also contact us to hear more about our on-demand content and lead generation programs for 2018