About Big Data
The statistics on how fast we are generating and accumulating data are staggering and only accelerating. In 2010, Eric Schmidt, Executive Chairman of Google noted that “From the dawn of cizilization until 2003, humankind generated five exabytes of data (5 billion gigabytes). Now we produce five exabytes every two days…and the pace is accelerating.” In fact it is accelerating so fast that by 2015, Forbes estimated that the amount of data we have will rise from 4.4 zettabytes in 2015 to 44 zetabytes, or 44 trillion gigabytes by 2020. However, despite this astounding rise in the accumulation of data, what is more compelling is that less that 0.5% of all data is ever analyzed and used.
While most people and businesses have been aware of the rise of big data for quite some time, what will drive the profound impact of this megatrend is not only the increasing ability to analyze this data, but to do so in real time. As the tools to gather and analyze data in real time become more widespread, the business applications, in everything from marketing to supply chain, from finance to manufacturing, fast data will profoundly change the way business is done, and how competitive advantage is generated and sustained.
Business Challenges
The challenges for businesses around big data and fast data are numerous. In most industries we will see a divergence between companies that are able to collect and analyze data effectively and those that can’t. The effective use of data will become one of the fundamental generators – and destroyers – of competitive advantage. Ownership and access to data will become critical. This could give advantages to industry incumbents who have access to data; otherwise these firms could be disrupted by new firms, or firms outside the industry who able to access and analyze data finding new sources of competitive advantage and undermining established patterns of behavior.
While the rise of big data and fast data will create myriad opportunities for companies that can take advantage of using data effectively, the big challenge that comes with this critical data is security. Cyber security is going to be more and more critical as businesses rely more and more on the use of data as a source of competitive advantage. We are already seeing the catastrophic impacts of large data breeches, but even these major events that are made public are only the tip of the iceberg. The rise of ransomware hacks and other malicious attacks on a company’s critical data infrastructure is perhaps one of the most critical challenges facing many companies today and will only continue to become more important.
Trend Overview
Big Data is defined as “a field that treats ways to analyze, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software” in Wikipedia. It is one of most popular new technology in the Society.
Table of Contents
Global Data Volume
The first indicator shows the growing volume in data creation and storage. It indicates the fast development in big data, and it also the foundation of the growth of following aspects.
The Volume of created data and that of big data storage in data center are increasing dramatically now. This trend is also predicted to continue growing in the future. The rapid growth of digitalization contributes to the big data times.
Hardware, Software, and Services
Big Data Market is divided in four fields: Hardware, Software, Services, and Cloud. The second, third, and fourth indicators show the impact of big data in those four aspects. The third indicator lists the specific effect of several companies and industries in revenue and workforce.
In Big data market, the revenue of all the Hardware, software, and service segments are increasing. Software occupy almost half of the total revenue in Big Data Market. For individual vendors, the revenue and employment amount change differently.
Impact on Companies and Industries
There is an obvious enhancement in software revenue, and a comparatively small increase in hardware revenue in Oracle in big data market. After relating big data revenue with the whole revenue and wordforce, there might be a positive relationship between big data revenue and the number of employees in the company. However, the development of big data in Oracle do not have much influence on the whole revenue. The reason might be that other business focus has greater impact than big data hardware and software on Oracle total revenue.
The revenue of hardware increase and that of service decrease in DELL in Big Data Market from 2015 to 2017. Dell Hardware revenue has similiar trend with the workforce and net revenue. This situation might remind the company to pay more attention to the big data Hardware business.
The service and software are two essential fragments consisting IBM Big Data Market. Nevertheless, there is not an obvious relationship between big data revenue and net revenue, neither the workforce. Maybe there is a correlation between IBM big data hardware revenue and total revenue of the company. Or, IBM should reconsider their business focus.
The revenue of big data market changed in opposite direction with the net revenue and workforce in HPE. With the more and more outstanding companies in the big data market, considering the core task of the whole company might be a serious problems.
Comparing the two graphs, Big Data Market revenue contribute a lot to the net revenue in AWS. This might be a great opportunity for AWS to improve its big data collecting and analyzing technology to follow the trend in the world. Besides, AWS could consider the method to balance the development in big data market and other new technology markets. It is easy to combine the graph below with information in “Technology Innovation” module.
Distinct industries are impacted by disparate levels. The statistic shows the leading industries based on their share of the global big data and analytics market in 2019. In that year, banking and manufacturing take a great percentage share of the revenue.
Cloud
Typically, the cloud service market is divided into three primary service models, encompassing infrastructure (IaaS), platforms (PaaS), and software (SaaS). “Software as a Service” allows comsumers to easily processing the big data; “Platforms as a Service” harness the big data and allowed it to be utilized in a variaty of ways; “Infrastructure as a Service” allows for a real-time processing of big data. In turn, big data promote cloud industry creating much more cloud-based applications. Then, fueling economic growth in cloud market.
Every vendor focused on different Cloud segments. This also explain the revenue alternation in hardware, software, and service for vendors.
The share of installed cloud workloads shows that SaaS is the most popular segment in the cloud market. This might allow companies to consider their working focus in the cloud market.
Surveys in 2019 and 2020 indicated that governance, managing cloud spend, and security might be the greatest challenges. This remind developer of Cloud and Big data to notice the new target.
Online Advertising
The fifth indicator- online advertising- is a popular and useful application of big data. The improvement in big data help the online Advertising a lot.
Online advertising revenue in the United States grew by 15.9 percent in 2019 compared to 2018, and the revenue is expected to increase to 248.1 million dollars in 2023, owing to the emergence of data analytics application in new channels and formats. The statistic shows the success rate of various big data initiatives as of 2019, according to a survey of industry-leading firms, primarily in the United States. As of that time, 59.5 percent of respondents reported having seen measurable results from big data initiatives to decrease expenses.
Occupation Shift
The last indicator is the occupation shift. The technology boom of the last 20 years has generated more information than organizations know what to do with, and they need people to analyze the data and put it to use to make solid business decisions. Data analytics skill has become one of the most in-demand jobs worldwide, and it offers exciting career possibilities for college graduates to explore.
Data Analytics and Data Science Skills are one of the most in-demand skills in 2019 according to a survey by Greenbook. 96% of companies are planning or likely to plan to hire new permanent staff with relevant skills to fill future big data analytics related roles.
