26 May 2017

Forecasts on the big data market to be more than two-fold by 2014


Forecasts on the big data market to be more than two-fold by 2014

According to the research by MGI and McKinsey’s Business Technology, the amount of data in our world has been blowing up, and analyzing large data sets called as big data will become a key basis of competition, foundation of productivity growth and innovation.

As per the reports from Business Line in New Delhi, the big data market is likely to grow more than two-fold to $ 153.1 million around Rs 840 crore by 2014.The Big Data technology will allow businesses to manage large chunks of information and analyse to get business insights.

Sectors such as telecom, healthcare, oil and gas which involve huge information management are adopting big data. As per the reports given, according to IDC, big data market was worth $ 58.4 million in 2011, and is estimated to reach $ 153.1 million in 2014.

According to the survey done by IDC-EMC, growth in volumes and diversity in data are the main factors that are leading to the adoption of big data technology among businesses. The survey consisted of 101 decision makers in their respective businesses across Delhi and Mumbai who presented their views on big data as an emerging technology space.

The survey also says that 59 % respondent’s fell that big data might produce big results and can add value to business directly. Big data adoption stands at a very emerging stage in India, with only 5 per cent of large and very large enterprise with employee base more than 1000 in implementing it.

As per the reports, big data is relatively new technology with lack of benefit awareness and robust return on investment i.e. ROI measurement. Hence, big data is at low adoption levels. IDC estimates that big data technology is on its edge to reach in 2-3 years time.

According to the reports, EMC India and SAARC President Rajesh Janey said that the future of information would be digital in fields such as travel or entertainment, retail and banking and would reflect the way data is stored and transacted. He also said that, over a period of time big data technology will be more widespread in the country due to the acceptance of mobile technology and a young population. He also added that businesses and governments must recognise this trend and make necessary investments to remain relevant in the future.

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