From the best-known companies in enterprise software to start-ups, everyone is jumping on the big data bandwagon.
The potential of big data to bring insights and intelligence into enterprises is a strong motivator, where managers are constantly looking for the competitive edge to win in their chosen markets. With so much potential to provide enterprises with enhanced analytics, insights and intelligence, it is understandable why this area has such high expectations – and hype – associated with it.
Given the potential big data has to reorder an enterprise and make it more competitive and profitable, it’s understandable why there are so many forecasts and market analyses being done today. The following is a roundup of the latest big data forecasts and market estimates recently published:
- As of last month, Gartner had received 12,000 searches over the last twelve months for the term “big data” with the pace increasing.
- In Hype Cycle for Big Data, 2012, Gartner states that Column-Store DBMS, Cloud Computing, In-Memory Database Management Systems will be the three most transformational technologies in the next five years. Gartner goes on to predict that Complex Event Processing, Content Analytics, Context-Enriched Services, Hybrid Cloud Computing, Information Capabilities Framework and Telematics round out the technologies the research firm considers transformational. The Hype Cycle for Big Data is shown below:
- Predictive modeling is gaining momentum with property and casualty (P&C) companies who are using them to support claims analysis, CRM, risk management, pricing and actuarial workflows, quoting, and underwriting. Web-based quoting systems and pricing optimization strategies are benefiting from investments in predictive modeling as well. The Priority Matrix for Big Data, 2012 is shown below:
- Social content is the fastest growing category of new content in the enterprise and will eventually attain 20% market penetration. Gartner defines social content as unstructured data created, edited and published on corporate blogs, communication and collaboration platforms, in addition to external platforms including Facebook, LinkedIn, Twitter, YouTube and a myriad of others.
- Gartner reports that 45% as sales management teams identify sales analytics as a priority to help them understand sales performance, market conditions and opportunities.
- Over 80% of Web Analytics solutions are delivered via Software-as-a-Service (SaaS). Gartner goes on to estimate that over 90% of the total available market for Web Analytics are already using some form of tools and that Google reported 10 million registrations for Google Analytics alone. Google also reports 200,000 active users of their free Analytics application. Gartner also states that the majority of the customers for these systems use two or more Web analytics applications, and less than 50% use the advanced functions including data warehousing, advanced reporting and higher-end customer segmentation features.
- In the report Market Trends: Big Data Opportunities in Vertical Industries, the following heat map by industry shows that from a volume of data perspective, Banking and Securities, Communications, Media and Services, Government, and Manufacturing and Natural Resources have the greatest potential opportunity for Big Data.
- Last week Gartner hosted Big Data Opportunities in Vertical Industries (August 7th) and provided an excellent overview of the research behind Market Trends: Big Data Opportunities in Vertical Industries. The following graphic was included in the webinar showing big data investments by industry:
- The Wikibon Blog has created an excellent compilation of big data statistics and market forecasts. Their post, A Comprehensive list of Big Data Statistics, can be found here. They’ve also created an infographic titled Taming Big Data. You can find The Big List of Big Data Infographics here.
- The Hadoop-MapReduce market is forecast to grow at a compound annual growth rate (CAGR) 58% reaching $2.2 billion in 2018. Source: Hadoop-MapReduce Market Forecast 2013-2018
- Big data: The next frontier for innovation, competition, and productivity is available for download from the McKinsey Global Institute for free. This is 156 page document authored by McKinsey researchers is excellent. While it was published last year (June, 2011), if you’re following big data, download a copy as much of the research is still relevant. McKinsey includes extensive analysis of how big data can deliver value in a manufacturing value chains for example, which is shown below: