Being one of the leading providers of IT support Hampshire, here at PurpleJelly we like to keep up with the latest news in the IT and data world, so that we can pass this valuable information on to our loyal customers. As an IT support company, we are of course very interested in the future of the industry, which is looking stronger than ever due to the modern focus of companies on becoming ever more data-driven, and new information released by the IDC (International Data Corporation) predicts that the big data technology and service industry could be worth $48.6 billion (£32.08 billion) by 2019.
“Big data” are data sets so very large and complex that traditional methods for analysing them prove ineffectual, and so rely on more modern and innovative computer techniques to analyse them. These techniques are then used to search for patterns and trends in the enormous amounts of data, which can then be used to help businesses with advertising, supply and demand, and branding, for example.
As big data is such a useful business tool, this means that the big data industry could see a compound annual growth rate (CAGR) of 23.1% between 2014-2019, says the IDC, with all three sub-sectors of the big data market (infrastructure, software and services) expected to see substantial growth, with spending on infrastructure forecast to account for approximately half of all spending during this period.
All areas of industry are interested in big data initiatives and it’s easy to see why, as they can be used to help improve customer experience and work towards product innovation. However, despite big data holding such wide appeal, the biggest spenders are the discrete manufacturing, banking, and process manufacturing sectors. Whilst this spending is predicted to increase with time, it must be noted that the above estimates could be affected by any regulatory changes enacted in the meantime, with security and privacy issues currently being some of the biggest concerns regarding big data.