Big data analytics technologies are gaining popularity as “hyper-connectivity” and ubiquitous smart networks that form the Internet of Things generate a huge amount of structured, semi-structured and unstructured data, according to research firm Frost & Sullivan. With the volume and speed of data generation far surpassing the threshold of manageability, big data technologies can help companies obtain timely intelligence to make business decisions and respond to market conditions quickly.
The market for such technologies earned revenue of $3.20 billion in 2013 and will increase to an estimated $15.10 billion in 2020, according to the firm’s study, Global Big Data Analytics Market. The report covers data discovery and visualization and advanced analytics products.
Real-time data discovery and visualization products are in high demand as organizations are looking to standardize the visualization, analysis and reporting of data.
“High spending on data architectures to identify opportunities for future growth is driving the development of big data analytics solutions,” Hiral Jasani, Frost & Sullivan digital media industry analyst, said in a statement. “Further, the affordability of tried and tested open-source big data computing frameworks such as Hadoop is fuelling demand.”
Frost & Sullivan has identified four broad categories of use cases in the market: customer insights; resource optimization; processes/productivity improvement; and risk, security and intelligence. Companies are particularly interested in products that facilitate customer segmentation and market basket analysis, the firm says.