Big data has been touted as the next massive transformation in global data analysis and management. Businesses around the globe have incorporated big data in their operations to make sense of the seeming myriad data generated on a consistent basis. The adoption of big data technology and services has grown at a robust pace among end-use industries. As big data becomes more mainstream, and integration with cloud and artificial intelligences becomes more streamlined, further growth is projected. According to a recently published report, the global big data technology and services market is poised to reach a valuation of over US$ 184 Bn.
Data-Driven Decision Making Continues to Fuel Adoption of Big Data Technology and Services
Over the years, there has been significant shift in how businesses make critical business decisions. Assumptions and traditional intelligence gathering has given way to fact-based, data-driven decision making which has furthered the cause for adopting big data solutions. The change in status-quo has been one of the key factors for the growing adoption of big data technology and services in various end-use industries. As more businesses are realizing the advantages of big data in decision-making, it is highly likely that adoption of big data technology and services will grow at a steady pace in the short- and long-term.
The information big data analysis brings to the fore has also helped businesses bridge the challenges associated with agility and stakeholder empowerment. Businesses have traditionally faced an uphill task in terms of finding that elusive balance between agility and decentralization. Counting in everyone's opinion before making big decisions has been the utopian focus of businesses, however, it also comes with the risk of slowing down the decision-making process in a hyper-competitive environment. The RACI framework, which has been referred by businesses to reduce ambiguity on choosing the right authority on decision-making is becoming easier to navigate as access to data makes the entire decision-making process a seamless affair.
Integration of Big Data with Traditional Business Intelligence – The Way Forward?
Integration of big data technology and services with traditional business intelligence is being looked upon as the way forward for businesses focusing on quick fact-based decision making and improvement in customer experience. Business intelligence has been a reliable tool for companies to understand their target audience more intimately; however, the high turnaround time has remained an impediment. The incorporation of big data has mitigated this challenge to an extent, which in turn has fuelled adoption among end-users. In the future, it is highly likely that big data and business intelligence will become highly intertwined.
Banking, Financial services and Insurance (BFSI) Industry Continues to be at Forefront of Adoption
Although adoption of big data technology and service has been pervasive, BFSI sector has remained at the forefront of adoption since the early days of big data. The sheer volume of data generated on a daily basis in the BFSI industry has necessitated the adoption of a holistic data monitoring, gathering, and analysis solutions. Some of the key challenges that the BFSI sector currently faces include fraud identification, unorganized data, and operational inefficiency. The inclusion of big data technology and services has helped alleviate some of these challenges to a great extent. On the back of these improvements, there has been a significant penetration of big data in the BFSI sector. According to current estimates, revenues generated from adoption of big data technology and services are likely to reach over US$ 33 billion in terms of revenues by 2026.
Inclusion of Big Data Technology and Services Gaining Ground in Healthcare Sector
Big data has massive potential in the healthcare industry, with proponents touting benefits ranging from epidemic prediction and reduced cost of treatments. Although electronic health records (EHR) have been a staple in the healthcare sector for quite a while, their efficacy is limited to the medical history of patients. Big data, on the other hand, promises a comprehensive, holistic data analysis that can help healthcare providers in managing massive volume of data. The insights offered through inclusion of big data technology and services can help healthcare providers improve the profitability, while improving the care received by people.
Big Data in Governance: Helping Policy Makers Make Better Business Decisions
In addition to growing adoption in the private sector, bigd ata technology and services are also being incorporated in governance and administration. Governments around the world have a herculean task of collating myriad data about hundreds of millions of people. The collection of data, and its organizations costs hundreds of millions of dollars in government expenditure. Although big data can't entirely replace the manual and physical process in all the countries, its integration with traditional data collection practices can help in seamless and quicker collection of data.
Overall, the future prospects of big data technology and services seem bright, and their rapid adoption across a range of end-use industries can further contribute to the growth of the market around the globe.