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Big Data Boom!
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Internet today has changed the entire scenario, the way business is done, governments operate and people live. With the entire technology sector exploding with data, the transformative trend that has come up is the Big Data. By the year 2010, only a quarter of all the data stored in the world was digital, rest of it was all piled up in papers, films or analog media. This transformation by the Big Data is new and covers under it all structured and unstructured data that is exponentially exploding today. Big Data as the name itself suggests about handling huge amount of data, starts with the fact that unlimited information is available today than ever before which can be put to some extraordinary uses.
Big Data or in other terms, analysis of large data sets is gradually creating healthy competition, new stream of productivity growth, betterment and innovation. Big Data is reaching out to millions to outpace the IT sector in a next few years becoming one of the most important sources between now and 2017. A compound annual growth rate of 27 percent between 2013 and 2017 has been predicted by the International Data Corporation’s latest Worldwide Big Data Technology and Services forecast. This compound growth rate is somewhat equal to around six times the projected growth rate of the IT sector as more firms place data insight at the center of their business strategies. Big Data is changing the course of operations for various sectors including Finance, Banking, IT, Telecom, Retail etc. to make their work smarter, more efficient and responsive.
With a boom in the Big Data market in India, it presents a huge market opportunity for IT services which are expected to grow to $1 billion in 2015. According to a report presented by IT industry body, Nasscom and Crisil, the global Big Data market is expected to grow at 45% annually to reach $ 25 billion by 2015 from its current size of about $8 billion. In Indian market too, Big Data industry is estimated to grow from $200 million in 2012 to $ 1 billion by 2015 at a CAGR of 83% as reported in the Economic Times.
With Big Data spreading its wings wide, it is believed that Analytics is receiving a major boost. Owing to the global recession, the industry grew moderately in the last 2 years but the potential of the industry is unquestionable with opportunities in both, already existing and emerging verticals. It will also help the BPO industry to move forward helping them in ‘evidence-based’ decision making for clients creating a greater impact on their business operations as Nasscom reported.
The coming of big data has changed the entire landscape significantly and the way the strategies were being made for marketing. The marketers are better equipped with larger amount of information about their customers and tactics and obviously the credit for it goes to the Big Data. Big Data with an influx about consumer purchasing behavior and sentiments brings a larger and fuller picture of the marketing scenario and continuous access to consumer opinions.
With the advent of Big Data the productivity in both public and private sectors can be given a boost if their challenges are considerably addressed utilizing its full potential. It is changing everyone’s view of the value of information providing a hint at the coming next. The Big Data proving its name correct has the ability to analyze oceans of data available all across the world to make enterprises run their business more smartly and grow better, faster with expansions unstoppable.
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