Despite roadblocks relating to privacy concerns and organizational resistance, big data investments are gaining steam worldwide.
SNS Research estimates that big data investments will account for over $57 billion in 2017 alone, according to a new study. Big data vendors will get this revenue for the exchange of hardware, software, and professional services. These investments are expected to grow at a compound annual growth rate of 10 percent over the next three years, eventually reaching over $76 billion by the end of 2020.
While the meaning of the term “big data” used to refer to datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyze, the meaning of the term has broadened a bit in recent years to include the set of technologies that capture, store, manage and analyze large and variable collections of data in order to solve complex problems.
Amid the increase of real-time data from sources such as mobile devices, web and social media, big data has found a variety of vertical market applications, ranging from fraud detection to scientific R&D.
As part of bigger plans to revitalize their economies, many countries across the world are incorporating legislative initiatives to capitalize on big data, the study notes. One example of that is Japan, as their government is engaged in developing intellectual property protection and dispute resolution frameworks for big data assets. The country is hoping this will encourage data sharing and expedite the development of domestic industries.
By the end of 2017, SNS estimates that as much as 30 percent of all big data workload will shift to cloud services as companies look to bypass large-scale infrastructure investments and security issues associated with on-site implementations. Computer giant Dell recently completed a $60 billion merger with data storage specialist EMC, illustrating the vendor market is trending toward consolidation.
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