Big data is seen as the next big-scale change in global data analysis and management. Businesses around the world incorporate big data into their operations to understand the myriad data generated on a frequent basis. The adoption of big data technology and services among end-use industries has grown at a strong pace. As big data becomes more mainstream, and integration with the cloud and artificial intelligence becomes more streamlined, further growth is anticipated. According to a recently published report, the global Big Data technology and services market is set to reach a valuation of over US$184 billion.
Data-based decision making continues to drive the adoption of Big Data technology and services
Over the years, there has been a significant change in the way businesses make important business decisions. Assumptions and traditional intelligence have paved the way for fact-based, data-driven decision making, which has led to the adoption of big data solutions. Change in status quo has been one of the major factors driving the adoption of big data technology and services in various end-use industries. As more businesses are realizing the benefits of big data in decision making, it is highly likely that the adoption of big data technology and services will grow at a steady pace in the short and long term.
The insights emerging from big data analytics have also helped businesses overcome challenges associated with agility and stakeholder empowerment. Businesses have traditionally faced a difficult task in terms of finding the elusive balance between agility and decentralization. Counting in everyone’s opinion before making big decisions has been the utopian focus of businesses, however, this comes with the risk of slowing down the decision-making process in an ultra-competitive environment. The RACI framework, referred to 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?
The integration of big data technology and services with traditional business intelligence is being seen as the way forward for businesses focused on quick fact-based decision-making and improving customer experience. Business intelligence has been a trusted tool for companies to understand their target audience more deeply; However, the high turnaround time remains a deterrent. The incorporation of big data has reduced this challenge to an extent, which in turn has boosted adoption among end users. In the future, it is highly likely that big data and business intelligence will be highly intertwined.
Banking, financial services and insurance (BFSI) industry leads in adoption
Although adoption of Big Data technology and services has been widespread, BFSI has been 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 holistic data monitoring, collection and analysis solutions. Some of the major challenges currently facing the BFSI sector include fraud detection, disorganized data and operational inefficiencies. The inclusion of big data technology and services has helped mitigate some of these challenges to a great extent. Due to these reforms, there has been a significant penetration of big data into the BFSI sector. According to current estimates, the revenue generated from the adoption of Big Data technology and services is likely to reach over US$33 billion in terms of revenue by 2026.
Involving Big Data Technology and Services Gaining Ground in the Healthcare Sector
Big data has enormous potential in the healthcare industry, with proponents touting the benefits of pandemic prediction and lower treatment costs. Although electronic health records (EHRs) have been a staple in the healthcare sector for quite some time, 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 manage large amounts of data. The insights delivered through the inclusion of big data technology and services can help healthcare providers improve profitability while improving the care people receive.
Big data in governance: helping policymakers make better business decisions
In addition to increasing adoption in the private sector, there is also a growing adoption of technology and services in governance and governance. Governments around the world have a daunting task of collecting innumerable data about millions of people. Millions of dollars are spent in government spending on data collection and its organisations. Although big data cannot completely replace manual and physical process in all countries, its integration with traditional data collection practices can help in seamless and quick collection of data.
Overall, the future prospects of big data technologies and services look bright, and their rapid adoption across a range of end-use industries could further contribute to the growth of the worldwide market.