Advanced analytics will put big data to good use
By 2019, the global big data enabled segment is forecast to exceed $209 billion, representing a CAGR in excess of 23% during the period. Amit Sharma, lead IT professional services research analyst at Technavio, indicates the rate of growth mirrors the increased data volume across all sectors, as well as the need to enhance productivity and efficiency.
The report stresses that mobile devices, applications and, services are reshaping enterprise business strategies, revenue models, and relationships with customers and partners. Wireless networks, mobile devices, and services are enhancing customer service and reducing costs. Mobile apps are differentiating users and this trend alone is generating volumes of data.
Big data and cloud computing synergy
Cloud-based solutions are increasing efficiency and reducing cost associated with big data solution deployment. Big data analysis takes place via cloud-based solutions. Data is available “anywhere, anytime” and stored anywhere in the world.
Impact of social media
Becoming a major data source, social media enables instant feedback on products and services. Organizations are using data warehouses to track user social media interactions. Companies are becoming more informed regarding their customers and the efforts are generating massive amounts of big data.
Advanced analytics adoption
Making strategic decisions based on big data now at its fingertips, organizations are taking advantage of advanced data analysis. Predictive analytics harness the power of trend examination, and enables minimizing risk, identifying fraud, and evaluating new revenue opportunities.
The report reviews such top companies as IBM, SAP, Dell, and HP as part of its research, and discusses key application areas for big data including smart manufacturing, telehealth, mobile LBS, financial risk analysis, and smart oilfields. Market shares covered are the APAC, Americas, and EMEA regions.
While the Technavio report pinpoints the impact and near-term growth/benefits of big data, for me the advanced analytics is the most compelling of the trends. The other elements discuss why and how, but analytics shows what to do to best harness the data to make real decisions, react fast, solve problems with greater confidence, and uncover many potential opportunities that would not have been visible in time without the capability.
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