The Big Data Analytics market is one of the fastest growing of all technologies. It’s not only giving insights for retailers and working as a tool to gain more profits; it’s being adopted by even the most unexpected industries, and becoming an entire industry of its own. The future is looking bright for Big Data – but how bright?
How Much Will It Grow?
Big Data isn’t young, but the rate of growth it will have from its inception to 2019 is phenomenal. Worth $122 billion in 2015 alone, according to IDC, the Big Data Analytics market will grow to be worth a staggering $187 billion by 2019. IDC continues to state that the market will grow at a rate of 50% for the next five years.
To give perspective: India alone, one of the top ten heavy hitters in the Big Data Analytics industry, is expecting to see a growth from $2 billion to a lofty $16 billion by 2025 – and in the next three years, they’ll be among the top three most prominent members of the global big data market, with a 26% growth over the next five years.
Where Will It Grow the Most?
Following the same forecast, more than half of Big Data’s revenue will be from services. Software will come in number two, with its worth clocking in at $55 billion in 2019 and its focus mainly on data warehousing, querying, analyzing, software defined storage, and reporting. Despite India’s growth, it will be the U.S. which holds the largest market for the Big Data Analytics market, with its worth rising to $98 billion by 2019.
What Industries Will Adopt It the Most?
- Telecommunications – Telecommunications relies on a company’s ability to accurately pinpoint their target audience, contact and interact with them at times that will be most well-received, and present their services in a well-balanced manner for the best results. Big Data Analytics, if used well, will make it possible to predict how their services are received, which points need tailoring, and what their marketing plans for the future can do to encourage customer loyalty.
- Insurance – When it comes to insurance, the key is evolution and speed – new developments happen in the industry all the time, and people are seeking out more creative and helpful options for insurance. With Big Data Analytics, the insurance industry can rely on immediate feedback on consumer interests and needs, with results on how current service plans are being received. This will allow them to tailor their approach and marketing efforts to not only hit the new and previously unrelated pain points with customized and modern plans, but offer better service to pre-existing customers and encourage loyalty.
- Healthcare – The healthcare industry, of all industries, is especially in need of accuracy and proper forecasting immediately. By using Big Data to gather together a wide host of data from multiple sources, it can merge it into one and allow correlations that were otherwise impossible. With its ability to guide doctor’s diagnoses and treatments for patients, not only would better care be given, but productivity could be boosted annually by 0.7%, according to the McKinsey Global Institute. With the inclusion of Big Data analytics, the healthcare industry would generate as much as $300 billion in value every year in the U.S., with the costs of care reducing by as much as 8%.
- Real Estate – The real estate industry is especially unpredictable and data-oriented – and Big Data Analytics will bring some order to the chaos. With so many variables to consider regarding the market, the economy, and the ever-changing personal trends among their customers, success for estate agents relies heavily on being able to predict the best approaches before they’re even necessary. Big Data Analytics will not only complement their existing analysis system, but superpower it, with more accurate and long-term forecasting on what marketing efforts work best and which direction the buying and selling trends will go.
Big Data is not only growing at an impressive rate; it’s encompassing many more industries than ever before, who are realizing that analytics isn’t just for retailers and general profits – it can be used for productivity, accuracy, and even health.
Contributed by: Linda Gimmeson, a tech writer with a focus in big data, machine learning, & IoT. Linda discusses big data, emerging technologies, and how companies can get real value out of their data.
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