The world is undergoing a digital revolution. Experts estimate we create 2.5 quintillion bytes of data every day and the pace is accelerating. Worldwide there are 5 billion daily internet searches, of which Google processes more than 40,000 searches every second.
For every minute, users watch 4,146,600 YouTube videos, 456,000 tweets are sent on Twitter and Snapchat users share 527,760 photos. Worldwide, retail e-commerce sales are fast approaching 3 trillion US dollars. These figures highlight how economies are becoming ever more dependent on digital applications and their data. Savvy organisations looking for a competitive advantage are augmenting data sets and searching them for valuable insights.
The conditions are right for the growth of data analytics
It is no coincidence big data and analytics are at the top of most organisations’ agendas. According to the analysts at IDC, big data and analytics will grow at 10.6% CAGR, from $49.1billion in 2016 to $81.4 billion in 2021. A number of factors are simultaneously driving the market forward.
- Technological innovations – New data sources are often homed in non-relational databases that have a dynamic schema for unstructured data. To help organisations gain actionable insights from these, there has been a rapid growth of data management software. This technological innovation is giving organisations new powerful reporting and analytics capabilities.
- The move to cloud – The ongoing shift to cloud opens up an entire range of new possibilities. This in itself necessitates a review of all legacy systems and the data they contain. With cloud, new value can be gained from
internal and external data. As most organisations will be running a hybrid architecture for some time yet, experts who can deploy effective analytics in a hybrid environment are going to be in high demand.
- The growth of Internet of Things (IoT) and automation – The value of IoT is not with the devices but within the data. Therefore as the growth of IoT and automation accelerates, businesses are placing premium value on datadriven decision making. Analytics software combined with cognitive/AI software gives organisations the ability to derive differentiated insights from the wide variety of internal and external data sets.
- Digital transformation and the trend towards selfservice business intelligence – Digitalisation is allowing organisations to be more agile and more responsive. This has extended into the area of business intelligence. Users employees or customers) of business systems and applications want the freedom and speed that comes with being more self-reliant. That means being able to generate reports how, when and where they need them.
- The growing prevalence of data compliance – As data becomes ever more abundant, increasing amounts of legal and regulatory compliance is being introduced to protect the data being collected. For personal data, ‘consent of use’ is getting a great deal of focus. Under such scrutiny data quality and data management become incredibly important. Here, analytics software is able to play a key role in ensuring good governance and access reporting.