9 Big Data Trends Impacting Enterprises In 2016
According to a recent Nasscom report, the Indian IT and BPM sector is estimated to have generated a revenue of USD 150 billion in 2015, marking an increase of about USD 17 billion over the last year. Exports in this sector accounts for about 67% share in the total revenue and reports show the clear unprecedented growth that the sector has been witnessing in the recent times.
Sunil Jose, Managing Director, Teradata India said “Data is what exists at the core of all innovations and technological advancements today. As India continues to consolidate its position as the global hub for IT BPM services, it is big data, the analysis of the same along with the related technologies for analysis which is the harbinger for bringing about digital transformation across the country. With the increase in the volume of data, the ways in which data is being used along with the insights that it provides, the need for real time analysis of the same becomes critical for organisations across sectors. ”
In 2015, new data-driven and analytics-driven business markets were further consolidated and organisations were constantly seeking big data opportunities in the context of a rapidly shifting technological landscape and disruptive forces that produce and demand new data types and new kinds of information processing. “Data liberation led to new technologies and new approaches to data, which opened up new business scenarios by extracting insights for decision-making and operational efficiency that were not previously available. Organizations began to recognize that technology is their business advantage and they must look for opportunities sustained by big data and its analysis,” he said.
The Big Data analytics and related technology market is predicted by IDC to grow at a 26.4% compound annual growth rate to $41.5 billion through 2018. In fact by 2020 IDC believes that analytics will be one of the key drivers for the economic growth of any nation worldwide.
This huge opportunity brings in the need for new tools, solutions, frameworks, hardware, software and services to make the most of it. Good big data toolsets provide scalable, high-performance analytics at the lowest cost and in near-real time as business users increasingly demand continuous access to data. India currently stands at between the first and the second stage i.e. while it has embraced traditional analytics; it is yet to implement big data analytics effectively. In 2015, analytics started making an appearance with regard to customers, finance, risk management and operations; 2016 will see a major focus with regard to analytics in these areas.
This new generation of organisations will drive the need for predictive, real time analytics and cognitive-intelligence applications. Jose highlights some of the current trends in the Big Data market that will impact the enterprise big time.
1. Big Data Analytics in the Cloud – Analysts have predicted that given the large amount of data that is being churned and collected along with the growing demand for the same across various organisations and departments within the organisation, the future state of big data will be a hybrid of on-premises and cloud. This will provide organisations with a cost effective, robust and scalable model to adopt analytics.
2. Big Data Analysis to drive Datafication - The process that makes a business, data driven is by collecting huge data from various sources and storing them in centralized places to find new insights that lead to better opportunities - can be termed as Datafication. Datafication will take big data analysis to new heights - into real insights, future predictions and intelligent decisions. Datafication is what happens when technology reveals previously invisible processes—which can then be tracked and optimized.
3. Predictive analytics - This includes using big data to recognize events before they occur. With newer and sophisticated big data analytics, extracting information from data and using it to predict trends and behaviour pattern is becoming the game changer for organisations.
4. Renewed Rise of Open Source such as Hadoop– Open source is regaining popularity in the big data analytics space. Open source solutions are often free or inexpensive and the communities around them can enable rapid development and iteration. This is makes it the choice of solutions platform for many new and emerging organisations world over especially for start-ups that have limited financial resources at their disposal.
5. Data Security - Analytics have an increasingly important role to play in data security. Analytics are already transforming intrusion detection, differential privacy, digital watermarking and malware countermeasures. Strong security practices, including the use of advanced analytics capabilities to manage privacy and security challenges, can set businesses apart from the competition and create comfort and confidence with customers and consumers.
6. Internet of Things (IoT): Internet of Things is probably the most popular buzzword with regard to data analytics today. Globally, from less than 5 billion devices in 2009, it is predicted to grow to over 25 billion devices by 2020. It has slowly but gradually penetrated into a wide variety of sectors with BFSI, Manufacturing, Healthcare, Retail, Government and Transportation being the ones which it has seen maximum penetration. According to Gartner, it is expected to have a total economic value add of $1.9 trillion by 2020.
7. Mobile BI and analytics: The increasing adoption of mobile devices has opened up new platforms from which users can access data and both initiate and consume analytics. Executives on the go can apply analytics to gain deeper insight into business performance metrics, while frontline sales and service personnel can improve customer engagements by consuming data visualizations that integrate relevant data about warranty claims, customer preferences, and more.
8. Storytelling: As analytics and advanced analytics becomes more main stream, being able to tell the story with analytics is becoming an important skill. A data story—a narrative that includes analysis—can move beyond recounting of facts to weave together pieces of analysis that make an impact and move people to action. 2016 will see a lot of big data analytics, a combination of big data and advance analytics which will definitely prove to a game changer for organisations irrespective of its size and the sector in which it operates.
9. Multipolar Analytics – The process by which data is collected and analyzed in multiple places, according to the type of data and analysis required. This will involve both regular data feeds between poles and federated analysis to provide a connected view across the enterprise.
“India is currently at the stage of getting used to Big Data and Analytics Technology. In this scenario, along with the solutions, it is essential for organisations to understand the detailed application of the same to generate the results and insights that it is looking for. Proper intelligence and the strategies derived from the same is what will give companies the competitive edge,” concluded Jose.
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