Investment in Big Data foreseeable
Frost & Sullivan foresees big investment in Big Data this year, as companies need new infrastructure to handle massive amount of data.
"Businesses across many industries will increase their adoption and investment on Big Data this year and next, because there’s a real business value in it. The thought of analyse and extract business insight from massive volume of data has been around for a long time. However, to successfully done so requires both related technologies and business environment to reach certain level of maturity," said Teera Kanokkanjanarat, senior ICT analyst and an expert on Big Data.
Big Data is a concept focusing on harnessing value from massive amount of data in both structured (email, corporate database) and unstructured (social network, forum comments) formats. As 2.5 quitillion bytes of data are created everyday, the massive accumulation of information extracted means benefits and competitive advantages for business.
Accorrding to Teera, Big Data has become a buzz word across the world. Many telecom operators has begun offering Big Data service to help retailers grow their businesses. With massive amount of data from anonymous mobile device users, telecom operators can provide insight on customer demographic to help retailers plan their new store location. The questions answered are such how many people walk through this street in a day? In what proportion for each period of time? Are they men or women? How many of these are shoppers and how many are local residents? Which stores are they visiting the most?
In Healthcare, Google and US Health Authorities have been analysing vast amount of data to predict flu epidemic in North America since 2009. In sports, Detroit Pistons, a leading NBA basketball team, has been harnessing the insight from Big Data to better engage their fans and provide them with right marketing messages tailored to each individuals’ visiting behaviors. Jack in the Box, a fast food chain in US, has partnered with Phoenix Suns, another NBA basketball team, to use Big Data to track and analsze effectiveness of their co-promotion campaigns. As we can see, these business entities are using insight from Big Data to engage customers to become fans, and turning fans into fanatics.
As the amount of data is expected to increase by 40 per cent annually, Big Data will become even more important for the years to come. IBM, HP, EMC, the top 3 leading players in Big Data reported combined revenue of US$2.35 billion from Big Data related products and services.
"The number is expected to grow more with increasing momentum from other industries such as automotive and government administration, across the world," he said.