The Biggies Who Rule the Big Data Market
Frost & Sullivan has identified more than 20 large solution providers (out of approximately 340 providers analyzed) who control much of the Big Data, analytics and business intelligence (BI) market. So behemoths rule, but hundreds of providers dot the battlefield. Smaller players typically offer a higher degree of specialization and more affordable services, as new offerings continually enter the market.
New analysis from Stratecast/Frost & Sullivan’s ‘The World Moves Fast, and Data is Driving – Part 2, Competitive Strategies’ research finds that Big Data, analytics and BI market revenue was $22 billion in 2012. Stratecast/Frost & Sullivan forecasts the market to grow at a cumulative annual growth rate (CAGR) of approximately 12.7 percent to reach $40 billion by 2017.
Data is an intrinsic component of any organization, ushering in the “Golden Age of Big Data” as companies learn to harness data to enhance operational and revenue performance, states the report. The research also features Stratecast’s Data Management Model, a 12-part guide covering all data management functions and characteristics when implementing a solution, as well as Stratecast’s Data Management Shopping List to build a business case around direct, indirect, and opportunity costs.
“Simply stated, big data must be woven into the organization’s fabric as the lifeblood of the company,” says Stratecast/Frost & Sullivan Big Data and Analytics Global Program Director Jeff Cotrupe. “This happens without employees realizing they’re actually accessing big data; at all levels, employees are simply informed and empowered to make smarter decisions and do their jobs better.”
The most prohibitive market restraint is the price tag of a unified, comprehensive solution, with full-service options often requiring upfront software investments in the tens of millions of dollars and higher. This prices many companies out of the market for a Big Data solution.
Stratecast/Frost & Sullivan analysis finds Hadoop is a cost-effective solution, making big data more affordable, while also enabling organizations to manage all types of data. Another alternative to reach a broader cross-section of buyers and do more with less is via cloud-based Big Data solutions. Birst and GoodData are the best examples of cloud providers who succeed by making big data more affordable for more companies and by making big data readily accessible to business users.
“We find vendors must adopt the principles of self-service, business-user-friendly big data access,” says Cotrupe. “The leaders break away from the pack not only by providing cost-effective solutions, but because of their focus on empowering business users to get the information they need, fast – and independently of central IT or data control.”
Big data and IT systems must be in sync and avoid divergence, or else a legacy “overlay data network” splits functions, and potentially companies. So integrating Big Data from all sources, and integrating big data with existing IT infrastructures, are two important components of Stratecast’s 12-part Big Data model.
- CXOs Still Wary Of Cloud Data Security: Study
- Embracing Technology For HR Innovation
- IBM Steps Up Its Skills Development Efforts In India
- Weekly Rewind: Top 10 Stories On CXOToday (Feb 5-9)
- AI, Machine Learning Are Top CIO Priorities: Experts
- What's The Future of Digital Payment Industry?
- Top CRM Features To Ensure Data Security
- Cloud Computing Powering India’s Digital Economy
- What Stops Companies From Adopting Big Data Analytics
- How Organizations Can Be Threats Ready On The Cloud?