Big data has been the talk of town for a quite a time but it’s going to get louder with the analyst reports predicting that the demand for Big data expertise is going to be so huge and will probably not met due to non-availability of big data experts.
In a newly released forecast, International Data Corporation (IDC) projects that the worldwide Big Data technology and services market will grow at a 31.7% compound annual growth rate (CAGR) – about seven times the rate of the overall information and communication technology (ICT) market – with revenues reaching $23.8 billion in 2016. The Big Data market is emerging at a rapid pace and incorporating technology and services from a wide range of existing and new market segments. While there are multiple scenarios that could unfold and many demand and supply variables remain in flux, IDC expects the market to exhibit strong growth over the 2012-2016 forecast periods.
For anyone new to Big Data the most important question that remains unanswered is related to the exact use of Big Data. The answer lies in the fact that big data in itself is not an answer but the hay stack where the needle (answer) is (Check out my post for the needle in the haystack analogy) . The fastest growing use case for big data analytics is Visual Data Analytics, basically making it easier to understand what all the captured data means. Many firms grasp the need to make sense of the data, and presenting it visually which can allow knowledge workers (management, bankers, stock traders, etc.) to better analyze trends, patterns and perhaps even upcoming situations to guard against.
Our traditional applications generate a huge amount of data but we end up using only a fraction of it, big data analytics tries to use that chunk of data which we usually archive or tend to throw away.