The big data, analytics and business intelligence markets have grown considerably over the past few years, especially as companies in every industry realize the opportunities that such strategies can unlock for their organizations.
What’s more, expansion in this sector will only continue in the next few years – and at a breakneck pace. While there are some analysts and industry leaders heralding an end to the age of big data, many experts know that it’s just the beginning when it comes to the analytics boom.
But just how important is big data currently, and what will continue to make it an imperative enterprise strategy moving forward? What types of advancements will be made, and how can businesses utilize these to their advantage? Let’s take a look at the most important reasons why it’s only the beginning when it comes to big data analytics:
1) Market reports predict explosive growth
Some of the most telling indicators of the big data sector are recent market reports stemming from expert predictions. Currently, more than a few trusted industries are forecasting significant growth in the big data sector, and even those with less confidence in the market can’t deny the increasing investments being made by businesses across the globe.
Forrester’s report, “Big Data Management Solutions Forecast 2016 to 2021,” is one of the most powerful predictions seen pertaining to the big data market. This research shows unparalleled growth in this sector. In fact, analysts predicted that the big data market – separated into sectors for enterprise data warehousing, big data integration, data virtualization and Hadoop, among others – will expand three times faster than the entire technology market overall during the next six years.
According to Forrester, Hadoop and in-memory data fabric will experience the bulk of this growth: Hadoop, one of the most powerful big data platforms available today, will see a 32.9 percent expansion of its market share through 2021, according to SiliconANGLE’s Mike Wheately.
Thanks to the impactful and critical capabilities afforded by Hadoop, alongside emerging and ever-changing data sources – which we’ll explore a little bit later – big data is quickly becoming the fastest growing market in the technology industry.
2) Big data is breaking new ground – and changing the world
As businesses and institutions continue to leverage the informational assets they have available to them, they’re quickly discovering new ways to put this data to work – not only for their individual organizations, but for the best interest of people across the globe.
These emerging, advanced uses for analytics were recently celebrated at the Strata + Hadoop World conference in New York at the end of September. Forbes contributor Bernard Marr reported on some of the highlights of the event, which included several big data innovations in the government and health care sectors specifically, demonstrating the importance analytics is playing in the future of our world.
During the event, DJ Patil, the United State’s first chief data scientist, noted that he is working toward a mission to “responsibly unleash the power of data to benefit all Americans.” Just one part of these efforts involves the benefits analytics has afforded in the fight against opioid abuse, a hallmark of the Obama administration’s time in office. What’s more, the government has also been working to improve the openness of big data, ensuring that organizations across the country are able to access the information they need for their advancing big data initiatives.
“When the president first started in office there was about 10 [open] data sets put there, now there are about 2,000,” Patil said according to Marr.
The event also shined a light on the array of areas making critical advancements thanks to the availability and importance of big data analytics. From personalized medicine based on informational insights to AI projects like autonomous cars and other intelligent devices, big data now touches more parts of life than many realize.
3) More data sources than ever means a wave of opportunity
Overall, these innovative, big data-driven projects are made possible thanks to the new informational sources that are being discovered and leveraged every day. What’s more, increasing advancements will only expand the data available for analysis, thus providing more opportunity for big data insights. In this way, we’ve only scratched the surface when it comes to big data and analytics – more information will only mean more potential for data and analytics-supported results.
“More information will only mean more potential for data and analytics-supported results.”
One of the most prevalent areas demonstrating this increase in data sources is the Internet of Things, which is continually growing as more intelligent and connected devices are created. From the sensors and technologies that power these items to the smart appliances and systems themselves, the IoT will only provide an ever-growing wave of analytics-rich data in the future. In fact, according to the most recent predictions, the IoT will include 28 billion sensors within the next four years, and grow to a value of $1.7 trillion, Data Informed contributor Dan Graham reported.
Social media and other online platforms are also providing an unceasing source of data, particularly as new users join these communities and continue to take part in shopping, sharing and other activities.
“The complexity and richness of data is changing, along with exploding data volume and velocity,” Forrester senior forecast analyst Jennifer Adams wrote. “Unstructured data, such as text, tweets, graphs and video, is an increasingly important source of information. Not surprisingly, we expect non-relational databases to be the fastest growing sector within big data management solutions.”
4) Industry-leading solution providers are helping businesses uncover more insights
As the type of information available and opportunities to analyze it continue to grow, businesses are looking to best-in-class big data and analytics solutions providers to assist them in their efforts. This has created an environment where nearly no insight is out of reach, and no question goes unanswered – as long as the enterprise has the right tools for their analytics efforts.
Aunalytics and our partner Data Realty represent the gold standard when it comes to big data solutions. From a secure and scalable environment in which to house and work with data to the Hadoop-supported solutions needed for analytics, Data Realty and Aunalytics has everything your organization needs to reap all the advantages big data has to offer.
To find out more about how this kind of partnership will benefit your business and its unique analytics needs, contact us today.