Big Data and Technology Services Market: Data Driven Decision Making

Big data has been touted as the next massive transformation in global data management and analysis. Businesses around the world have incorporated big data into their operations to make sense of the seemingly myriad of data that is constantly being generated. The adoption of big data technology and services has grown at a solid rate among end-use industries. As big data becomes more common and integration with cloud and artificial intelligence becomes easier, further growth is projected. According to a recently published report, the global market for big data technology and services is about to reach a valuation of more than US $ 184 billion.

Data-driven decision making continues to drive adoption of Big Data technology and services

Over the years, there has been a significant change in the way companies make critical business decisions. Traditional intelligence gathering and assumptions have given way to fact-based and data-driven decision making, furthering the cause to adopt big data solutions. The change in the status quo has been one of the key drivers for the growing adoption of big data technology and services in various end-use industries. As more companies are realizing the benefits of big data in decision making, it is very likely that the adoption of big data technology and services will grow steadily in the short and long term.

Insights from big data analytics have also helped companies overcome challenges associated with agility and stakeholder empowerment. Companies have traditionally faced an uphill task in terms of finding that elusive balance between agility and decentralization. Counting on everyone’s opinion before making big decisions has been the utopian approach of companies, however, it also carries the risk of slowing down the decision-making process in a hyper-competitive environment. The RACI framework, which has been referred to by companies to reduce ambiguity about choosing the appropriate decision-making authority, is becoming easier to navigate as access to data makes the entire decision-making process easier to navigate. decision making is a fluid affair.

Integration of Big Data with traditional Business Intelligence: the way forward?

Integrating big data technology and services with traditional business intelligence is seen as the way forward for companies that focus on making quick, fact-based decisions and improving the customer experience. Business intelligence has been a reliable tool for companies to understand their target audience more intimately; however, the high response time remains an impediment. Incorporating big data has mitigated this challenge to some extent, which in turn has driven adoption among end users. Going forward, big data and business intelligence are likely to be closely intertwined.

Banking, financial services and insurance (BFSI) industry continues to be at the forefront of adoption

Although adoption of big data technology and services has been widespread, the BFSI industry has remained at the forefront of adoption since the early days of big data. The large volume of data generated daily in the BFSI industry has required the adoption of comprehensive data monitoring, collection and analysis solutions. Some of the key challenges facing the BFSI industry today include fraud identification, disorganized data, and operational inefficiency. The inclusion of big data technology and services has helped alleviate some of these challenges to a great extent. As a result of these improvements, there has been a significant penetration of big data in the BFSI sector. Based on current estimates, the revenue generated from the adoption of big data technology and services is likely to reach more than US $ 33 billion in terms of revenue by 2026.

The inclusion of Big Data technology and services gains ground in the healthcare sector

Big data has enormous potential in the healthcare industry, and proponents tout benefits ranging from predicting epidemics to reducing the cost of treatments. Although electronic health records (EHRs) have been a staple in the healthcare industry for quite some time, their effectiveness is limited to patients’ medical records. Big data, on the other hand, promises comprehensive and holistic data analytics that can help healthcare providers manage a massive volume of data. Insights delivered through the inclusion of big data technology and services can help healthcare providers improve profitability, while improving the care people receive.

Big Data in Governance: Helps Policymakers Make Better Business Decisions

In addition to growing adoption in the private sector, bigdata technology and services are also being incorporated into governance and administration. Governments around the world have the arduous task of collecting a myriad of data on hundreds of millions of people. Data collection and your organizations cost hundreds of millions of dollars in government spending. Although big data cannot completely replace the manual and physical process in all countries, integrating it with traditional data collection practices can aid in faster and smoother data collection.

Overall, the future prospects for big data technology and services look bright, and their rapid adoption in a variety of end-use industries may further contribute to market growth around the world.