When discussing big data, people could be talking about either one of two things: the technology or the industry. This post will focus on the latter.
A few years ago, big data was somewhat of an ambiguous term (for some, it still is), but it's safe to say that the sector has established itself as a key component of IT, and therefore business development. Before assessing how big data will evolve over the course of 2015, it's important to get some surface-level points out of the way:
- More unstructured data: More people will connect to the Internet, which means new input, art and other content will flood servers worldwide. According to network technology company Cisco, average global IP traffic in 2015 will be approximately 245 terabytes per second. For those of you who are unfamiliar with this metric, that's the equivalent of 200 million people watching an HD movie at the same time every day.
- The Internet of Things boosts demand for analytics: It's a trend myself and others can't stop talking about, and for good reason. Forbes contributor Gil Press commented on findings from IDC and The International Institute of Analytics, which discovered that IoT-specific analytics will experience a compound annual growth rate of 30 percent. Services associated with this technology, such as outsourced stream processing, data triggers and indexing will start to mature as well.
"70 percent of large organizations already buy external information."
The business of big data
Speaking of services, what's to be said about the business of big data? In other words, how will it impact the economy? Will new types of IT companies come to fruition in the coming years? It's interesting to think about.
One thing that Press commented on was the trend of purchasing data. He noted that 70 percent of large organizations already buy external information. This habit will continue throughout the following year, and it will no doubt send a rift through procurement departments across the globe.
Typically, purchasing management focuses on buying tangible goods either for resale or refinement. Now, professionals working in this field will focus on purchasing data of incredibly high quality so their employers can learn from organizations that may provide different insight. Ultimately, the practice will be about finding information that will provide enterprises with competitive insight.
Just thinking about the implications this could have on the global economy is enough to make your head spin. It could be that organizations such as Gartner and IDC expand their business models to include data aggregation and refinement services.