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Insights from the Big Data Industry Report | PromptCloud
 

Insights from the Big Data Industry Report

Insights from the Big Data Industry Report

Big data has proven to be an essential catalyst for the growth and success of businesses which explains the industry-wide adoption of it since the last few years. Companies have realised how invaluable the insights derived from big data can be and are looking for technologies and solutions that can cater to their data needs. With this, the market is evolving into a very competitive one where data backed decisions are extremely crucial. In fact, making business decisions without referring to solid data is considered a gamble nowadays. This situation calls for every business to get onto the big data bandwagon so as to not get run over by the competition. That’s why we compiled the big data industry report which gives you a big picture of how the data industry is growing and helping businesses grow in the process. Find highlights from the report below.

Big data Industry report

The industries

“We have noticed that some industries have had a higher Big Data adoption rate than others. Some of the sub target industries that have shifted their focus heavily towards data in recent times are: e-commerce shops, Aggregator Sites, Data analytics firms, Market research firms, Travel sites, Automotive industry, Logistics firms, IT firms, Healthcare, Banking and many more.”

The report clearly indicates that industries with higher adoption rates are the ones that are more deeply rooted in the online business world. The adoption of data could make huge changes to such businesses since the source of data is the same as their field of operation. It was found that the retail industry is the one that has invested more in big data. The ecommerce revolution can be attributed to this lead in the adoption of big data. Most companies have plans to acquire big data in the next one or two years which definitely hints at the industry-wide adoption that is already happening.

The rise of DaaS

“Big data has turned into a one stop database that could help with any business related problem, provided you ask the right questions. Of late, a lot of companies have sprung up that provide services related to the big data industry. The reason is clear – big data cannot exist alone. Data industry today comprises of multiple service layers revolving around easy integration of big data with companies’ internal systems and help identify crucial information from the same. These layers range from Compute as-a-Service (CaaS) to Storage as-a-Service to Data analytics.”

When something as crucial as big data becomes a necessity to survive as a business, it definitely gives rise to a new industry that can cater to the rising demands of data. DaaS (Data as a service) companies provide different services that are data-specific starting from data aggregation through web scraping to analytics and storage of the data. Daas companies make the adoption of big data smooth and painless for the enterprises which will also help speed up the rate of adoption in the coming years.

The challenges

“Though in its nascent phase, companies have seen their fair share of troubles and barriers, while building a steady knowledge stream. Companies that venture into Big Data Market face a lot of barriers. Lack of technical knowhow, legal irregularities, or a cut-throat competition mark the few of the major problems faced by the industry.”

The biggest challenge faced by companies venturing into big data seems to be about deriving maximum value out of the data in hand. We can safely assume that this won’t be a problem anymore as machine learning and artificial intelligence is progressing fast enough to bring down the barriers in data analytics.

More insights and forecast

Big data continues to grow in size and the number of companies catering to the data need and the ones that need data has tremendously increased in numbers. From the statistics, it is clear that big data is no more a buzz word and has gone mainstream with its fast penetration into the business world. For more big data related insights and the full report, download our Big data industry report whitepaper.

Stay tuned for our next article on how you can use web crawling even if you aren’t tech savvy.

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