Billions and billions: Big data becomes a big deal
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Big data becomes a big deal
Big data projects had a total industry revenue of only $100 million in 2009. However 2012 will see 90 per cent of Fortune 500 companies kick off a big data initiative, which will trigger industry revenue of between $1 billion and 1.5 billion. Big data is still in its infancy, mostly used for meteorology and physics simulations, but interest is gaining pace as data warehouses start to overflow and the need for "real-time" analysis puts strain on traditional analytics tools. Internet companies have led the way with exploring big data but fast follower sectors are likely to include the public sector, financial services, retail, entertainment, and media. This could trigger a talent shortage with up to 190,000 skilled professionals needed to cope with demand in the US alone over the next five years. Meanwhile companies launching initiatives need to take a disciplined and targeted approach to big data.
- What does “big data” mean?
- Where will the industry growth come from?
- What does the trend mean for traditional data companies?
- What does the accessibility of "big data" mean for the way companies are currently doing business?
Duncan Stewart, Director of Deloitte Canada Research and co-author of TMT Predictions
Holly Seguine, Senior Manager, Online Communications, Deloitte Touche Tohmatsu Limited
TMT Predictions 2012
Explore all the predictions.