In the News: Big Data and Big Business

There’s much to be said about big data and the benefits it can provide when utilized. Sometimes, however, the data speaks for itself. These stories cover new research on the trajectory of big data platforms and the impressive ways they’re being used today.

An Increased Demand for Big Data Software

The big data software industry is on track for a growth spurt that will increase the market size nearly sixfold by 2019, according to new Ovum research on Information Management. Analysts predict demand for big data software will increase by 50 percent annually as more organizations develop and implement data strategies of their own. It seems the democratization of data is becoming an important part of those strategies. Tom Pringle, a co-author of the report, noted a particularly exciting sector of the market in a statement. “Self-service BI, enabling a whole new universe of users, is driving the expansion of the market.”

Banks, Telcos and Manufacturers Lead Big Data Adoption

Big data is on pace for impressive growth and a few industries are paving the way. The financial services, telecom and manufacturing industries take the lead in big data adoption, according to Wikibon research on SiliconANGLE. Banks have much to gain from tools that can monitor massive amounts of transactional data, be wary of regulations and develop complex predictive and risk-management models. Hopefully some of the industries falling behind, like transportation and energy, are encouraged by such potential.

Big Data Analytics to Rebuild Telco Profit Models

The telecom industry at large has begun to show increased interest in big data because the customer insights held in communication service providers’ (CSPs) data hold the secret to remaining competitive in their market, according to The Economic Times. Customer Experience Management (CEM), the practice of using data-driven strategy to deliver optimal service, is critical to the continued evolution of CSPs like Verizon. Telcos can use their data to develop better loyalty programs, offer more tailored service and use data in real time to generate new value propositions based on usage or even location. It’s been predicted that telcos will have a long and prosperous relationship with predictive analytics and the new marketing opportunities they create as well.

Manufacturers See the Big Picture with Big Data

The advent of cloud computing and the Internet of Things has shaped the future of manufacturing and big data analytics are the key to optimizing production, according to Diginomica. Manufacturing equipment, and some of the products they build, can be fitted with sensors and folded into the IoT. As more of the supply chain becomes “smart,” more data is generated. That data can be used to improve process timing, track performance and even predict when a technical issue might arise. The streams of data generated by facilities, equipment and even workers offer an improved perspective on the manufacturing process. The right data platform shows the big picture, with the ability to zoom in and reveal great details.