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There was a time when when the term ‘big data’ merely referred to datasets too large for traditional databases to capture, store, manage, and analyze, noted SNS Telecom in a summary of its recent report on trends in the big data market now through 2030. But today, ‘big data’ also refers to technologies—including mobile devices, the web, social media, sensors, log files, and transactional applications—capable of handling “large and variable collections of data, to solve complex problems.”
These technologies, SNS Telecom elaborated, has expanded the utility of big data into many vertical market applications, “ranging from fraud detection to scientific R&D.” Investments in big data continue to gain momentum, accounting for an estimated $57 billion in 2017. SNS said it expects big data investment to grow at a CAGR of about 10% over the next three years, accounting for more than $76 billion by the end of 2020.
Further, by end of 2017, “as much as 30% of all Big Data workloads will be processed via cloud services as enterprises seek to avoid large-scale infrastructure investments and security issues associated with on-premise implementations.”
Other industry analyst firms have similarly optimistic predictions for the future of the big data market, in various regions around the world:
- IDC forecasts that big data and business analytics revenues in Western Europe will reach $34.1 billion this year, and will grow at a CAGR of 9.2% through 2020, to $43 billion. In Central and Eastern Europe, revenues are expected to exceed $3 billion for 2017 and reach $4.4 billion in 2020, representing a 12.1% CAGR.
- In Latin America, Frost & Sullivan expects revenue in the big data market to triple from 2016 to 2022, from $2.48 billion to $7.41, led by digital transformation (think the Internet of Things and cloud computing) in Brazil and Mexico.
- Spending on big data and analytics in the Middle East and Africa is expected to be $2.2 billion this year, and grow at a CAGR of 10% through 2020, reaching $3.2 billion, IDC projected.
If those projections pan out, it will be because of the very broad range of potential applications for big data analytics. Such as:
- SNS Telecom noted that, as part of economic revitalization efforts, “countries across the world are incorporating legislative initiatives to capitalize on Big Data. For example, the Japanese government is engaged in developing intellectual property protection and dispute resolution frameworks for Big Data assets, in a bid to encourage data sharing and accelerate the development of domestic industries.”
- “Building out a new fixed broadband network is a massively capital-intensive undertaking,” Light Reading noted. Key factors in the decision to go ahead with such an endeavor include financial metrics such as return on invested capital and time to break-even. Operators use big data analytics to effectively plan the multiple phases of such projects—for example to predict each potential customer’s interest in specific services and tiers. “By maximizing early revenue, analytics-based planning can make a difference in the financial viability of a broadband project.”