Today Big Data has an estimated market value of $5 billion and is predicted to hit the $50 billion mark worldwide by 2017, according to open source analyst firm Wikibon. Their ground breaking report on the size of the big data market was released in early February 2012. Below is Wikibon’s five-year forecast for the Big Data market as a whole: Source: Wikibon 2012:
“Big Data is the new definitive source of competitive advantage across all industries. For those organisations that understand and embrace the new reality of Big Data, the possibilities for new innovation, improved agility, and increased profitability are nearly endless,” writes Jeff Kelly Wikibon’s Big Data analyst in the report.
Even though Big Data has been around for a while in Australia, it hasn’t started to take off until recently. “I think companies are now jumping on the big data theme as they see it as an underleveraged part of their company,” says Murray Howe, Executive Manager, Group Digital Strategy & Innovation at Suncorp. As the statistics reveal, the importance of looking at data as an important growth opportunity that has the potential to increase your organisations bottom line substantially should not be underestimated.
“Everyone in the business should be looking at data as an asset as well as trying to figure out how to leverage and take advantage of that asset,” explains Howe. Ultimately, the data within your business should be seen as part of your organisation’s value chain.
“In order to become successful in using data, we all need to become data champions and look for opportunities that we can act on and leverage in our everyday business decision making process,” Howe advises.
To gain insights into “Investigating real time marketing in a big data environment” and hear Murray Howe and his Suncorp colleagues expert knowledge on the subject, attend ADMA Data Day – 10 May in Brisbane, 15 May in Sydney and 17 May in Melbourne.