Predictive Analytics is the Next Growing Sector in Big Data Market
The theme of Big Data has spawned a tremendous amount of attention and investor interest in recent years. While much of the big data hype has focused on the storage, structured and unstructured processing technologies, London based investment bank GP Bullhound predicted that some of the most exciting developments are in the fields of Predictive Analytics and Advanced Visualization.
The “Exabyte Research Report” of the international tech investment bank GP Bullhound shows why the investment activities currently skyrocket. Based on over 30 interviews with technology providers, investors and customers, the study shed light on developments in the Big Data market. As per report, big data has already furnished $1.4 billion worth of investment over the last 12 months and has been able to achieve revenue of more than 200 per cent last year.
A large chunk of progress is coming from processing information and using analytics. The report said over 17 percent of information processing individuals eventually use big data analytics and the number is expected to progress to over one third of information workers by 2016.
Data visualization is not new; the concept of displaying data in insightful ways has been around for several generations of Business Intelligence software over the last four decades. However, several emerging visualization solutions are taking usability and functionality to such new heights that we expect a dramatic uplift in the number of users of Analytics software globally, the report says.
With the help of current developments, companies can combine with new external data sources from all industries advanced analytics. The results allow conclusions on possible monetization options and thus new revenue and profit opportunities. Big data technologies are suitable for business whether for software, hardware or equal to whole computer paradigms. With the technologies like Hadoop, in-memory computing and Cloud Infrastructure-as-a-service, analytics and visualization is entering new phase of consolidation.
Big data analytics is forward looking and more concerned with answering the why and how questions, and indeed revealing questions that were not previously considered relevant. Where BI deals in known unknowns, big data analytics is better placed to reveal unknown unknowns. The report said we are already starting to see increased ease of use come through with the latest iterations of Hadoop. For example, Hadoop 2.0, which has just been released, allows for other processing algorithms besides MapReduce, which has to date been the most challenging aspect of Hadoop to develop code for. By Saroj Kar read more