Big data just keeps getting bigger. The Worldwide Semiannual Big Data and Analytics Spending Guide from International Data Corporation forecasted worldwide revenues for big data and business analytics to reach $150.8 billion in 2017, an increase of 12.4% over 2016. Commercial purchases of BDA-related hardware, software and services are expected to maintain a compound annual growth rate of 11.9% through 2020 when revenues will be more than $210 billion.
So, what is big data? According to TechTarget, big data is an evolving term that describes any voluminous amount of structured, semi-structured and unstructured data that has the potential to be mined for information. Big data is often characterized by the extreme volume of data, the wide variety of data types and the velocity at which the data must be processed.
Five industries lead the pack
It may come as no surprise that banking leads the industry with the largest investment in big data and business analytics solutions (almost $17 billion in 2016) and the fastest spending growth. Ranking almost up there with the banking industry, discrete manufacturing, process manufacturing, federal/central government and professional services are also big data investors. Together, these five industries account for nearly 50% of worldwide big data and business analytics investments in 2016 and will remain the top five industries through 2020.
Big data showing value
In the Big Data Executive Survey for 2017, survey participants reported that they have achieved considerable value from their big data initiatives. More than 80% of them say their big data investments have been successful, and almost half say their organizations can measure the benefits from their projects. However, executives report that there are difficult organizational and cultural changes that must take place.” The executives report that “big data technology is not the problem; management understanding, organizational alignment and general organizational resistance are the culprits.”
Growing your big data business
Arrow can help you get started or grow your big data business, so that you can benefit from this growing market. If you would like additional information on the big data market, contact your Arrow representative or go to the Arrow data management website.
Editor’s Note: This article was originally published in July 2017 and has been updated for accuracy and comprehensiveness.