Everyone is speaking of Big Data, in a way or either. Big Data is almost everywhere, right from your mobile devices to large scale data-servers. According to IBM, we create 2.5 quintillion bytes of data everyday. You might be amazed to know that, 90 percent of the entire digital data existing today have been created in just passed two years. Big Data is not just a large set of data lying on any server, it's a world in itself.
With, International Data Corporation (IDC) forecasting Big Data market to witness phenomenal compound annual growth rate (CAGR) of 40% accounting to seven times of the overall ICT market. Big Data market is expected to grow from $3.2 billion in 2010 to $16.9 billion in 2015.
Dan Vesset, program vice president, Business Analytics Solutions-IDC was quoted on the IDC-website/Press Release, saying- "The Big Data market is expanding rapidly as large IT companies and startups vie for customers and market share." He adds Big Data technology opportunities exist for technology buyers which enables them to improve operational efficiency and to drive innovation. Besides technology buyers, Big Data opportunities exists for both large IT vendors and start ups. Today almost every single IT vendors support Big Data solutions and services. We can see several startups in Big Data market.
Big Data-cloud convergence will induce a transformational shift in outsourcing and IT-Services delivery market. Buyers will be less worried for infrastructure and pricing structures as cloud ensures higher level of business agility, scalability and operational flexibility. With rise of Big-Data and cloud services, market has encountered more valued customer expectations.
Not only Big Data power IT vendors to analyze market, but it also creates an opportunity for rise of new IT-vertical. Apart from services market, Big Data creates a whole new era of infrastructure market. With rise in Big Data, technology world will need storage to secure that massive amount of data, generated each single day. It's expected that, infrastructure, market needed for Big Data deployments will grow at CAGR- 44 percent which will boost the storage market, expected to grow at 61.4 percent CAGR through 2015.
Today there is a shortage of trained Big Data technology experts. Companies are focusing on Big Data training, suddenly "DATA SCIENTIST" has been the talk of the IT-world. There is a huge labor supply constraint in the current landscape and this fuels innovation and also act as an inhibitor of adoption and use of Big Data technologies. Dan believes, it will also encourage vendors to deliver Big Data technologies as cloud-based solutions.
The impact of Big Data is totally user driven. With advent of consumerisation, Enterprise mobility, rise of android apps and invention of tablet, consumers started to generate so much of data, that it went beyond the maintenance horizon of any single data ware housing/rack-server providers. To utilize this data for significant insight some serious actions were needed. This whole idea of translating troves of data into meaningful insight or analytics gave rise to the concept of Big Data.
Big Data doesn't stand for volume of data, instead, it represents the variety of data. When, I say variety of data, I mean the trove of data that are specific to business needs. Data is logical when it represents a specific meaning. If data is unable to give a meaning, it's just a digital scrap. The real concept of Big Data lies in the translation of data into analytics. Big Data has created a different market for itself, with so much of funding, M&A etc. it's expected- Big Data will affect almost every single IT-Service verticals. Business verticals that are more likely to feel Big Data impact are BFSI, social media, retail and insurance. Analyzing data gives an organization "insight" into their customers' preferences and trends. These trends can improve quality of service by allowing organization to detect user's response of specific pattern or services and molding the current delivery model to meet the desired effect.