4 Big Data Facts You Should Know: What Experts Think!
The digital adoption is becoming more inevitable than it has ever been for every industry, bringing challenges while integrating the new technologies into the business processes. Over the past years, one of the major upward trends has been big data solutions. Predictions from several analysts show that the big data market is expected to remain as one of the fastest-growing markets in the information technology industry in the next years. Today, enterprises have no other option rather than exploring big data solutions and are forced to invest in new technologies then they have invested in the past. Being data-driven has also become the new norm for all areas of business from human resources, recruiting, finance to sales and marketing. International Data Corporation’s Worldwide Semiannual Big Data and Analytics Spending Guide predicted “Commercial purchases of BDA-related hardware, software and services are expected to maintain a compound annual growth rate of 11.9% through 2020 when revenues will be more than $210 billion.” We are convinced that big data will solutions continue to be one of the primary necessities for enterprises. Let’s take a further look at the top analysts’ predictions for where this trend is heading for in the next few years.
Real-Time Analytics Is The Answer!
Gartner analysts predict that spending on real-time analytics will grow three times faster than spending on non-real-time analytics between 2016 and 2019. According to Gartner, this prediction is a result of both customer demand for faster response and executive desire for digitization and data-driven culture. Generating batch reports is out, investing in real-time analytics is in!
Data Becomes A More Valuable Asset!
Companies have been focusing on mining data for their own use and benefit. However, analysts predict that enterprises are now seeing data as “asset” and increasingly offering their data and metrics to third parties. IDC forecasted that by 2020, 90% of large enterprises would generate revenue from data as a service from the sale of data, metrics, insights, and recommendations. On the other hand, data regulations keep remaining as a concern for enterprises when sharing data with third parties.
Cloud Will Replace On-Premise Solutions!
According to Forrester analysts, the use of cloud analytics is expected to grow 7.5 times faster than on-premise solutions and will remain as a significant upward trend in the next years. Analysts also stated that cloud computing offers several cost-saving advantages and access to innovative technologies which on-premise solutions are not able to compete. Furthermore, by 2023, every company will be using a cloud-based solution and on-premise will not even be an option.
Skills Gap Will Be A Major Challenge!
Embracing a data-driven culture is not always easy. It has been a major challenge for enterprises to find skilled data engineers, architects and scientists to meet their needs. Although executives are striving to create a data-driven culture, many of them struggle with achieving the goal. According to a recent survey conducted by NewVantage Partners, less than a third of the executives surveyed actually achieved their goals of data-driven cultural transformation.
It’s exciting to experience the shift to a data-driven world.
There is no doubt that data and analytics are increasingly becoming more critical elements for success in every area of business across most industries.
Are you able to respond to the emerging expectations of your customers, employees, and partners?
VLink has partnered with several clients to help improve their business processes and customer experience. We can help you get started with big data solutions or improve your existing solutions so that you can benefit from this rapidly growing market. Our experts have extensive experience in designing and implementing big data solutions. VLink can also help you fill the skill-gaps in your organization. To learn how we can help, please contact us!