Estimated Industry Size Today:
Estimated Industry size in the Future:
$187 billion by 2019
Why it’s ripe for disruption:
Increasingly, every corner of the corporate realm is finding new ways to apply big data practices. For instance, marketing firms use it to track buying patterns and effectively market their products and services. Utilizing your search engine history, posts on social media and online purchase histories, marketing companies can effectively target consumers with pinpoint accuracy. We see evidence of this when adds for our favourite online shops pop up on unrelated sites.
Companies are also able to use any and all information at their disposal to help them better deal with change and optimize processes. The added intelligence gives businesses the opportunity to make well-informed decisions and the ability to focus on what’s next for their organization.
As the old saying goes, knowledge is power and Big Data brings along with it the power to innovate. Innovation can be a risky venture but companies that want to thrive in the marketplace need to start thinking ahead of the curve. Big Data enables them to use the information at hand to predict future needs and therefore drive product innovation. As an example, Apple essentially created a brand new market when they came out with the iPad and the Smartwatch. Busting down the doors of a new market segment is risky business but Apple didn’t enter into them uninformed. Through data gathering, they received unique insights into the market and the needs of their consumers and eventually changed the manner in which we communicate.
Top Trends to Watch:
- Big Data practices will be simplified to a point where system admins can successfully run a big data practice.
- All data collected will eventually be put through local and global scrutiny ensuring that privacy laws are being adhered to.
- By 2017 more than 30% of enterprise level companies will be receiving their Big Data information from third-party data brokers.