August 18, 2014
Implementing Big Data Analytics Solutions Can Result in Exponential ROI
By Mandira Srivastava
Frost & Sullivan (News - Alert), a research firm has presented its new analysis report titled Global Big Data Analytics Market that states that market earned revenue of $3.20 billion in 2013 and estimates this to increase up to $15.10 billion in 2020. The study covers data discovery and visualization (DDV), as well as advanced analytics (AA).
Frost & Sullivan has identified customer insights, resource optimization, processes /productivity improvement and risk, security & intelligence. Real-time DDV solutions are in high demand as organizations are keen to standardize the visualization, analysis and reporting of data. The tan exponential return on investment from AA solutions shows that these too will strongly penetrate various industry verticals such as government, financial services and telecommunications.
These days Big Data analytics (BDA) solutions are gaining popularity and ubiquitous smart networks that form the Internet of things generate a vast amount of structured, semi-structured and unstructured data.
Frost & Sullivan Digital Media Industry Analyst Hiral Jasani said in a statement, " High spending on data architectures to identify opportunities for future growth is driving the development of big data analytics solutions, Further, the affordability of tried and tested open-source big data computing frameworks such as Hadoop is fuelling demand."
Big Data technologies are underpinning new waves of productivity growth, innovation, and consumer surplus and large vendors are showing high willingness to dig deep big data in order to expand their product portfolio so as to meet a wide range of industry needs. For their part, Big Data analytics vendors are investing in extensive R&D to introduce technological advancements.
The study also found the big data market is still in validation mode and companies are wary of investing in these costly deployments that run well into six- to seven -figure deals. Companies are also discouraged by the high cost of switching from legacy to new infrastructure suited for big data flow. Other there is a lack of a Big Data implementation strategy and issues surrounding data redundancy and inconsistency are the major challenges facing this market.
Edited by Maurice Nagle