Big Data Enabled Market to Exceed $209 billion by 2019 at CAGR of 23% - Technavio

Technavio‘s report on the global big data enabled market provides an analysis of the key trends expected to impact the market through 2015-2019.

Technavio defines an emerging trend as a factor that has the potential to impact the market and contribute to its growth or decline.

The global big data enabled market is expected to exceed $209 billion by 2019, growing at a CAGR of over 23% during the forecast period. According to Amit Sharma, lead analyst at Technavio for IT professional services research, “The global big data enabled market is growing at a significant rate because of the increasing data volume from organizations across all sectors and the increasing need to enhance business productivity and efficiency.”

The top four emerging trends influencing the global big data enabled market
according to Technavio’s ICT research analysts are:

Emergence of social media
Social media has become a major data source for several organizations. This is because organizations can obtain instant feedback about their products and services through blogs and social networking sites. With the rapid increase in the number of social media sites, there is high demand to track user interactions on these sites. Organizations have realized the need to augment their data warehouses with external data sources.

Also, the increased importance of sentiment analysis and advancements in text analytics are encouraging organizations to include social media in their business process. Thus, organizations gain a competitive advantage by understanding their customers in the most informed manner and on a platform preferred by customers. Therefore, this trend is expected to drive the growth of the big data enabled market during the forecast period.

Increase in adoption of advanced analytics
Big data analytics helps organizations to make strategic decisions based on powerful insights generated from data analysis. Organizations have shifted from simple statistical analysis to more advanced analytics that allows them to predict future events and outcomes.

Enterprises are increasingly building upon historical data to focus on predicting future trends. The demand for predictive analytics is expected to grow further in the future. Predictive analytics enables organizations to minimize risk, identify fraud, and pursue new opportunities to generate revenue. For instance, retail organizations are using situation-based analytics and pattern-based analytics to gain insights into consumer behavior. Organizations use these insights to create customer-driven marketing strategies. Therefore, most of the organizations have increased their adoption of advanced big data analytics to achieve desired future outcomes.

Synergy between big data and cloud computing
The emergence of cloud-based solutions has enabled several organizations to increase their efficiency and reduce the cost of deploying valuable big data solutions. Data collected every day is stored in the databases and then analyzed through cloud-based big data solutions.

Cloud-computing technology enables organizations to access the information from anywhere and at any time. In addition, organizations are using the cloud to store this big data on servers all over the world, which helps in mobile access to information at lower cost. Therefore, organizations are investing heavily in harnessing the potential of big data and cloud computing.

Increase in need for enterprise mobility
Enterprise mobility is another major trend in the big data space. Mobile devices, applications, and services are dramatically reshaping enterprise business strategies, revenue models, and enterprise relationships with customers and partners. Several enterprises are now adopting an array of mobile devices, wireless networks, and related services to help their employees remain connected even on the go, enhance customer service, and reduce costs through bring your own device initiatives. The explosion of smartphones and tablets is fueling this adoption.

Applications on these devices benefit organizations in that they enable them to rapidly address customer demands and hence differentiate themselves from their competitors. This trend has been generating large volumes of data and organizations across several industries need to harness the opportunities of big data.

Some of the top vendors in the global big data enabled market,
as researched by Technavio analysts are: