Big data, it seems, has become the new mantra for all and sundry. Every industry you see has used or is planning to use data analytics to increase sales or get to know their customer base. Newer and better organizations are coming up because of data analytics becoming important. Also, new jobs have been generated in the name of data.
For the uninitiated, Big Data refers to a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. Data analytics is all about processing this data using softwares, tools or other such services.
As of 2012, limits on the size of data sets that are feasible to process in a reasonable amount of time were on the order of exabytes of data.
Thanks to the National Security Agency and Edward Snowden, “Big Data” is a phrase with heavy baggage now. In fact, the Big Data market,as a report from Wikibon shows, revenue form services reached $18.6 billion in calendar year 2013. That represents a growth rate of 58% over the previous year i.e. 2012.
Broken down by type, Big Data-related services revenue made up 40% of the total market, followed by hardware at 38% and software at 22%. This growth was possible largely due to greater confidence from enterprise buyers.The addition of better privacy, security and governance capabilities in those products as well as improved backup and recovery and high-availability for Hadoop specifically led to higher revenue in the data industry.
Wikibon forecasts that Big Data market growth will slow slightly in 2014 to 53 percent, reaching $28.5 billion for the year. It is currently on pace to reach $50 billion in 2017, a 38 percent compound annual growth rate over the six year period from 2001.
2013 was an important year in the evolution of Big Data technology. A lot of attention was given to data driven efforts. As the market matures through 2017 and beyond, Wikibon expects Big Data applications and cloud-based services to play an increasingly important role.
Big data has become a buzzword, a catchphrase that all corporates seem to be quoting. Big data analytics opens doors to predictive analysis which is truly sought after. The power to see the future may be denied us, but with big data, we are coming very close to it.
At IntelligenceNODE, we provide services that enable you to utilize your data and generate maximum profit. We believe in the power of Big Data!