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Is the current era of Big Data over?

Ovum's information management market forecast report is predicting that the big data, data analytics and business intelligence market will double in size by 2019.

According to a recent report published by Ovum, businesses are coming to an end of a phase of big data exploration and experimentation and are now beginning to develop longer term big data strategies based on core business needs. It would seem that the value of big data and data analytics is being realised and as a result Ovum sees a "bright future" for the big data software market. In fact, Ovum's information management market forecast report is predicting that the big data, data analytics and business intelligence market will double in size by 2019 from its current estimated worth of $15.85 billion to $31.7 billion. But do other analysts agree with this predicted future growth and what is the future for big data?

According to the Gartner Hype Cycle for new technologies, last published a year ago in July 2014, big data has left the "peak of inflated expectations" and entered the "trough of disillusionment". This seems to suggest that businesses are disillusioned with big data suggesting perhaps the future is not so clear and bright. However, techUK strongly believes big data offers the greatest opportunities for innovation in the new digital world but the big data market is still maturing and growing and there may still be challenges to overcome. For example, it may be that some big data projects become stalled in the discovery phase, so do not reach maturity. As a result, organisations are spending time and money developing and exploring big data projects without seeing any real value from this significant investment.

These situations are perhaps resulting in a feeling of disillusionment identified by Gartner. Clearly if this situation is not addressed this could put at risk the future market development of big data and data analytics in the UK. However, it should be remembered that the next stage of the Gartner cycle is the "slope of enlightenment" and given that the 2015 Hype Cycle has yet to be published it is perhaps sensible to predict that the 2015 cycle may show that big data has progressed along the cycle and organisation are in fact seeing the big data light.

To assist the big data market to move forward, techUK will be creating a working group in the Autumn to consider the development of a business guide that would provide business leaders with a step by step approach to embarking on a big data project. In particular, the guide will provide advice and information on whether it is best to buy or build a big data solution. techUK members interested in being involved in this working group should get in touch using the link below.

techUK sees big data and data analytics as not simply marketing buzz words or a passing trend but technological solutions that can provide organisations, of all size and sector, with real business insights and knowledge from their data that in turn can drive business productivity, long term economic growth and ultimately job creation. The value of big data to key sectors is being explored in a series of events at techUK. The next event in this series is being held on the 21 July and will explore the benefits of big data to the health and social care sector. Speakers including Dr Geraint Lewis, Chief Data Officer, NHS England and Mike Merritt-Holmes, CEO, Big Data Partnership will explore the role of big data in enabling health and social care organisations to gain knowledge from data which could lead to increased operational efficiency, cost reductions and the delivery of personalised services based on patient needs. Members wanting to attend this event shouldregister as spaces are limited.

Looking ahead, techUK will be exploring the future of big data and data analytics in Big Data Week coming in October. We will be bringing you news, views and insights from the technology sector on the future of big data. techUK members interested in participating in Big Data Week should contact Sue Daley, Head of Big Data, Cloud and Mobile to discuss opportunities.

Further information on the Ovum report can be found at the following link

http://www.ovum.com/press_releases/ovum-forecasts-big-data-software-to-grow-by-50/

 

Channel website: http://www.techuk.org/

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