It’s hard to comprehend the sheer volume of data created on a daily basis. But more and more companies understand that mining this ‘big data’ can uncover potentially lucrative opportunities.
According to IDC, the big data market is expected to grow from US$3.2 billion in 2010 to US$16.9 billion in 2015 – a compound annual growth rate of 40 per cent or seven times that of the overall information and communications technology market. In Australia, 84 per cent of mid-market businesses have either deployed big data solutions or plan to explore them in the next year.
Typically, the possibilities of big data are seen through the prism of specific and pressing challenges. However, this approach shrinks the scope of analysis and potentially the benefits that big data and analytics can deliver. Instead, companies should incorporate a greater element of ‘play’ and experimentation in their analysis of big data.