United States : Implementing Big Data Analytics Solutions Can Result in Exponential ROI for Various Industry Verticals.
Big Data analytics (BDA) solutions are gaining popularity as hyper-connectivity and ubiquitous smart networks that form the Internet of things generate a vast amount of structured, semi-structured and unstructured data. With the volume and speed of data generation far surpassing the threshold of manageability, big data technologies are used by leading firms to obtain timely intelligence that helps make business decisions and respond to market conditions quickly.
New analysis from Frost & Sullivan, Global Big Data Analytics Market, finds the 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). Real-time DDV solutions are in high demand as organizations are keen to standardize the visualization, analysis and reporting of data. On the other hand, tan exponential return on investment from AA solutions suggests that these too will strongly penetrate various industry verticals such as government, financial services and telecommunications.
High spending on data architectures to identify opportunities for future growth is driving the development of big data analytics solutions, said Frost & Sullivan Digital Media Industry Analyst Hiral Jasani. Further, the affordability of tried and tested open-source big data computing frameworks such as Hadoop is fuelling demand.
Encouraged by these trends, vendors are catering to a number of use cases across industry verticals. Frost & Sullivan has identified four broad categories of use cases in the market - customer insights, resource optimization, processes/productivity improvement and risk, security & intelligence. End-users are particularly interested in solutions that facilitate customer segmentation and market basket analysis. These should be the prime focus areas for big data analytics vendors keen on developing a vertical agnostic platform as they are some of the most widely implemented applications in the market. Along with these, risk, security & intelligence applications such as credit card fraud detection, cyber-attack prediction and investment risk modeling are known to yield astronomical returns.
That said, the 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. Advanced analytics is still a rich man s market and organizations hesitate to invest heavily due to an absence of tangible results for some applications.
2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Aug 16, 2014|
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