Digital technology has revolutionised the way we work. Over the last couple of years, there’s been a particular trend that some businesses started to look at quite closely: “Big Data”. In a very simplistic way, this concept refers to the countless sets of unstructured data which may have valuable information for the firms that act on it.
Yahoo CEO Marissa Mayer said:
“Big data will have a bigger impact than the Internet. Consider how the Internet completely changed our lives. It’s hard to imagine anything, let alone the vague concept of “big data,” having that type of impact.”
The escalating volume, variety and velocity of information that is being generated today can present businesses with many critical challenges. The statistics are staggering: about 90% of all the data in the world has been generated in the past two years. There are about 2.7 zettabytes of data in the digital world. IBM predicts that we will hit 8ZB by 2015. Facebook alone stores and analyses more than 50 petabytes (50,000 TB) of data. However, as mentioned above, this overwhelming amount of data can also be an important asset to those organisations that choose to capitalise on it.
Therefore, few Companies can afford to be complacent about the efficiencies and advantages given by big data and analytics; digital technology is no longer the sole preserve of start-ups and software companies.
IDC expects the Big Data technology and services market to grow at a 26.24% compound annual growth rate (CAGR) through 2018 to reach $41.52 billion. Storage will continue to play a pivotal role in Big Data and more firms will continue to switch to cloud versions of their obsolete on-premise enterprise software. IDC also reports that enterprise cloud application revenues reached a CAGR of 24% in the period between 2011 and 2015.
As Benjamin Franklin once said: “If you fail to plan, you plan to fail”. We are in the middle of 2015, so you’ve got a choice - either embrace and invest in the opportunities arising from “Big Data”, or suffer the consequences of being left behind. What would be your plan?
If you want to learn more how we can help your Organization to take full advantage of its data, please contact us.