Big Data Revenues Hit $46 Billion In 2016

Big data has been the jargon used over the past few years and has the numbers to back it up. With revenues hitting $46 billion in 2016 for vendors of various products and services, that says a lot!  Astonishingly, big data is just beginning with growth in the future that is yet to be experienced.

Research predicts that by the end of 2020, companies will spend well beyond $72 billion for big data hardware, software, and professional services.  Even though at present, hardware and services are leading the pack in revenue, by the end of 2020 it is predicted that software will exceed both hardware and services, bringing in more than $7 billion on their own.

Even though there are challenges related to privacy issues and organizational resistance, big data investments are going through the ceiling worldwide.

Others Share The Same Belief:

It is believed that big data will become the bread and butter for businesses, companies, and organizations.  Although big data will not offer a competitive edge for innovators, it will add a new foundation to the analytics and decision support that companies must put in place for the decision-making processes.

While big data is still in its infancy, business intelligence and data warehousing are going to be the leading areas of technology this year.  That said, only one-quarter of businesses are implementing big data in their investment plans and we are wondering why they aren't.  What we are seeing, at this time, is just the beginning of what will be enormous in the future.

While cloud storage and services are making big data more affordable for most companies, realizing the enormous benefits can still seem unclear to many. A lot of this is due to a shortage of business analysts and IT professionals who have the right skills, particularly in data science.

As a business, if you are thinking of investing in big data, you need to start investing in your employees first.  They need to develop the needed skills and if you are an IT professional who has just graduated from college or technology institution, big data is the perfect field to concentrate on.  This is the shining star that will be around for an extremely long time!

Businesses, organizations, and corporations need to start a serious game plan and get big data implemented in the very near future.  Big data will be driving business to great heights and it's up to you and your business to get on the bandwagon.  It's time to educate yourself and your employees to take action and understand what big data can do for you and your entire organization.  Keep in mind, time waits for no one!