The data goldmine is open for business but what’s the quality and do we care?
A new market report indicates that the global “big data” market and is expected to reach $48.3 billion by 2018, a compound growth rate annually (CAGR) of 40.5% from 2012 to 2018.
It was worth $6.3 billion in 2012 and North America is expected to maintain its lead in terms of revenues for the next five year, with about 54.5% share of the global big data market revenue, followed by Europe.
But, whatever the size, it what’s you do with it that counts. Quality is measured – and companies need to get the finest advice available to mankind when they are trying to manage their data mountains.
Significantly, the report suggests that a shortage of skilled personnel and efficient use of big data tools is limiting the growth of the big data market.
While the trend is towards depersonalised mega-big data, the impossibility of making any sense of that data is clear.
Any company holding big bags of data needs to know that the dollar signs on the front are indicative, not exact.
Companies need to find the best people who can check, churn and interpret that data to bring the dollar signs into focus.
Big data being generated second-by-second across the key markets – banking, healthcare, retail and education – is creating the need for an efficient tool to manage this Basic components of big data include software and services, hardware, and storage.
The report shows that the software and services segment held the largest share, more than 50% of the total big data market in 2012.
The storage segment is expected to be the fastest growing segment at a CAGR of 45.3% from 2012 to 2018, driven largely by the exponential increase in the amount of data across different sectors.
The financial services sector is one of the major contributors to the big data market, and held nearly 20% of the market in 2012.
The media and entertainment sector has a small market share currently but is expected grow at a CAGR of 41.4% from 2012 to 2018. This growth will primarily be due to the amount of data generated through games, images, videos and so on.
The key for us is that this information has been captured by database toolmakers but they may not be the best professionals to make the most of it.
Data analysis, with a twist that adds enormous value, is in the gift of a very few professionals right now. Every company with big data mountains should seek them out.