International Data Corporation recently released its “Big Data technology and services forecast” predicting that Big Data market will grow from $3.2 billion in 2010 to $16.9 billion in 2015, a compounded annual growth rate of 40% and “growth of individual segments from 27.3% for servers and 34.2% for software to 61.4% for storage”. So what is driving this growth in Big Data and how can IT Services and Consulting companies tap into this phenomenal growth opportunity of 40% CAGR, which according to IDC is “about 7 times that of the overall information and communications technology (ICT) market”?
As I indicated in one of my previous post titled Why Big Data Mining/Analytics is the New Gold Rush, Big Data is a key enabler for Social Business and without Big Data Mining/Analytics, a large or medium sized company can neither make sense of all the user generated content online nor can collaborate with customers, suppliers and partners effectively on Social Media channels. And both these activities, namely gaining insights from user generated content online and collaborating with customers and partners are critical for success in the age of Social Media. Big Data provides the critical backbone for Social Business leveraging advances in Cloud Computing, Mobile Platforms, Social Media, Ubiquitous broadband internet, Gaming technology and Data Storage and Analysis.
Because of the business requirement of analyzing vast amount of ever changing structured and unstructured Big Data almost instantaneously, companies will be hard pressed to do this on their own. But given the fact that Big Data stored in cloud can be accessed from anywhere the internet is available and can be analysed almost instantaneously by third party service providers, outsourcing companies can offer to their clients value added services in the area of Big Data analytics without heavy investments on the part of clients in specialized hardware and software as was the case with ‘traditional’ data analytics. This will bring down significantly costs (especially fixed costs) associated with building and maintaining analytics infrastructure and solution center. I expect all major IT Services and Consulting companies to invest heavily in building delivery capability in the area of Big Data/Analytics to tap into this opportunity.
Do you agree that Big Data is a great opportunity for IT Services and Consulting companies? Please do share your thoughts: