As the graphic above shows, data is expanding on three fronts: velocity, volume and variety. Taken together, new ways of dealing with data are needed, and this is spawning a new industry.
Analytic Platforms & Applications Proliferating
A small but growing number of vendors have started developing applications and platforms on top of the Hadoop infrastructure. Now data scientists and businesses, including small and midsize companies can utilize simple tools to begin experimenting with increasing amounts of data.
While the future is not certain, many believe Big Data will create more value in the long run than IT technology and current service providers. IDC estimates that Big Data technology and services will grow at a 27% compound annual growth rate (CAGR) and total sales will reach $33 billion by 2017. This is six times the growth rate of the information and communication technology (ICT) industry.
A chart that appeared in Forbes.com shows twelve areas that are part of the new ecosystem:
- vertical apps
- ad/media apps
- business intelligence
- analytics and visualization
- log data apps
- data as a service
- analytics infrastructure
- operational infrastructure
- infrastructure as a service
- structured databases
Industries across the board: risk management, financial reporting, trading, financial modeling and business processes management will all be transformed.
The following graph and chart show expected growth of Big Data through 2016, a list of vendors and revenue from 2011.
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References and related information:
- Whats The Big Data? | The evolving IT landscape
- Big data: What’s your plan? | McKinsey & Company
- Big Data | ZDNet