Big data will drive $28 billion of IT spending worldwide in 2012 says global research and advisory firm Gartner, out of which $4.3 billion will be for software sales to address new big data functionality.
The report also notes that the big data market is expected to grow over 20% in 2013 and account for $34 billion in IT spending in the year alone. “In 2011, big data formed a new driver in almost every category of IT spending.” said Mark Beyer, Research VP, Gartner.
In the future, the firm expects big data services to be an embedded part of product offerings. This organic shift is expected to happen within the next 6 years. By 2020, big data functionality is expected to be routine.
Big data has been the buzz word recently with companies reportedly spending millions of dollars to keep up with overflowing databases. Governments and businesses are faced with a three dimensional challenge with the data that the world generates.
Volume is the first dimension and with quintillion bytes of data generated globally every day, it is a significant one. Velocity of data is also of prime concern as sensitive transactions susceptible to fraud may require minute-by-minute monitoring.
Lastly, with data coming in all forms including text, images, audio, video and more, variety is yet another element that adds complexity to big data.
To put things into perspective, Walmart, the world’s largest retailer, is known to handle more than 10 lakh transactions every hour.
Mark Zuckerberg recently announced that there were more than a billion users on Facebook. The social network is host to photos, messages, posts and other activity of each and every user.
Twitter records 12 TB of tweets every single day. NYSE listed FICO, Falcon Credit Card Fraud Detection System, reportedly secures data of more than 2 billion active customers globally.
Nearly 100 million or 10 crore users, find their way to Amazon.com, the world’s largest e-tailer, every month. The shopping portal is likely to track and analyse the behaviour of each customer including items purchased and pages visited among a host of other parameters.
There are billions of mobile phone users worldwide and to think that companies will amass databases that capture the activity of each and every user is possibly too complex and too large to be serviced by IT solutions from yesteryears.
From an India perspective, big data presents to be a fantastic opportunity for companies and firms that provide IT services including software, hardware and analytics for databases generated on domestic and international shores. Gartner expects at least 30% of all large enterprises in India to have a Chief Data Officer by 2016.
“By tapping an incessant stream of information from internal and external sources, businesses today have an endless array of new opportunities for transforming decision-making, discovering new insights, optimizing the business and innovating their industries.” said the Gartner report while commenting on big data as a part of IT spending in India.
India Inc. may currently not have volumes of transactions as significant as those seen in countries like US. However with IT swooping into governance, businesses and the lives of the average India, transaction volumes are likely to increase manifold.
Nasscom and Crisil reported that big data in India alone will balloon into a $1 billion a year market by 2015.