13 Dec Predictions for the future of Big Data in 2014
Not only is Big Data growing, it's flourishing.
That's the implication behind predictions released by IDC and the International Institute of Analytics (IIA), networks of industry experts who work to track developments and project future changes. The former projected that the market for Big Data will climb over $16 billion next year, a growth rate 6 times that of the overall IT market. This increase will be spread out between services (like FileMaker support), software and infrastructure.
For the IIA, the future of the industry is in value. Now that it has the ability to bring together all of this new information, companies will want to focus on demonstrable advantages. This could lead to changes in business practices, creating process that better make use of these new technological opportunities. The institute also noted that there was something of a lack of talent when it comes to high level analytical ability, which led them to make further predictions about how businesses will get the most value.
One projection is that managers would focus on developing their internal capacities to handle information, as well as setting in place processes to increase cooperation across departments. Companies that are unable to scale might then look to outside help, where "ready-made analytics" services can help otherwise lagging businesses get the advantages of Big Data.
A related prediction from IDC is that investors will focus on applications. One example is the healthcare industry, which has been making overtures towards using Big Data for some time, and appears poised for an information revolution of sorts.
Whether or not these specific predictions come true, one thing seems clear: Big Data is the future, and it's not going anywhere.