Big Data Trends In 2015 – Are We Ready?
The big data is bringing upon revolutionary changes in businesses. Unlike in the past when the focus was on quantity, not it is about value. Businesses are analyzing data patterns to derive quality insights to not just improve customer experience, but to enhance efficiency of internal operations. In all, the focus is on becoming a data-driven business that is profitable and sustainable.
The global market for big data is expected to grow from $14.8 bn to $46.3 bn by 2018, at an estimated CAGR of 25.52 percent during the forecasted period (Marketsandmarkets)
“Leading organizations are changing how they measure their operations, interactions with customers, and resource allocations. Faster access to more relevant data and constant experimentation is creating a further gap between leaders and the rest of the organizations,” says Dan Vesset Program, vice president for Business Analytics and Big Data research, IDC.
While deriving value from data, what businesses are concerned about is the pace at which they can convert data into decision.
“To succeed in today’s marketplace, businesses must be able to leverage all forms of data, at high speed and in context, in order to capitalize on emerging opportunities and manage risk and costs,” said Kamal Dutta, VP, IT Management, HP Software, APJ.
With evolving data management patterns, the expectations are varying too. A survey by NewVantage Partners found that the expectations of executives around big data vary from greater learning, answering business questions faster, making quick informed decisions and accelerating speed-to-market as the primary business driver.
With proliferation of devices, majority of data stored is unstructured and data managers need to find a pattern to analyze data to make data-driven decisions. IDC says rich media (video, audio, image) analytics will at least triple in 2015 and emerge as the key driver for big data analytics technology investment.
Visual data discovery is changing the big data and business intelligence landscape.
IDC predicts that visual data discovery tools will be growing 2.5 times faster than rest of the business intelligence (BI) market. By 2018, investing in this enabler of end-user self-service will become a requirement for all enterprises.
There is a shift in IT budgets, as big data is getting a fair share. A Gartner study in September 2014 found that 73% had invested or planned to invest in big data in the next 24 months, up from 64% in 2013.
An IDG survey found that majority of big data investment is in storage (49%) followed by servers (47% ) and analytics (43%).
Richard de Souza, Vice President Corporate IT, Head Business Solutions, Mahindra Group once said: “IT departments have already started investing in enterprise data warehouses and legacy solutions; however very soon they will be focusing on investing in the right solutions to analyze Big Data.”
According to IDC, over the next five years spending on cloud-based Big Data and analytics (BDA) solutions will grow three times faster than spending for on-premise solutions. Hybrid on/off premise deployments will become a requirement.
Big data is being increasingly integrated into the organization’s IT, leading to higher adoption rate.
Gartner describes predictive analytics in four steps: An emphasis on prediction; Rapid analysis measured in hours or days; an emphasis on the business relevance of the resulting insights and an emphasis on ease of use.
“Harnessing big data for unprecedented insights into how products and services are being received and how assets are being used will be a key priority for the C-suite in 2015,” says Harsh Marwah, Country Manager, Verizon Enterprise Solutions, India.
Companies that integrate advanced and predictive analytics programs into their connected infrastructure will be best positioned to improve operational efficiencies, identify new revenue streams and better serve their customers in the data economy.
According to IDC, growth in applications incorporating advanced and predictive analytics, including machine learning, will accelerate in 2015. These apps will grow 65 percent faster than apps without predictive functionality.
“With the explosion of data, robust data integration and data management capabilities will continue to remain vital for developing sustainable and successful analytics programs,” says Paddy Padmanabhan, SVP –Healthcare Analytics, Symphony Analytics.
There has been a debate over the right skill sets for big data management. Businesses are spending heavily on acquiring and training. McKinsey & Co. has placed the shortfall of Big Data experts at anywhere from 140,000 to 190,000 by the year 2018.
“By 2015, 4.4 million IT jobs globally will be created to support big data, generating 1.9 million IT jobs in the United States,” said Peter Sondergaard, senior vice president at Gartner and global head of Research.
There are many reasons for skill shortage, including lack of academic capability. Rick Delgado, an enterprise tech commentator and writer, says companies have identified skills that are needed now and in future to meet the challenges and that include computing and analytical skills. “Some companies are geared more toward a specific expertise in Big Data, particularly being able to understand it, collect it, and preserve it,” he says.
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