87% of enterprises believe Big Data analytics will redefine the competitive landscape of their industries within the next three years. 89% believe that companies that do not adopt a Big Data analytics strategy in the next year risk losing market share and momentum.
These and other key findings are from a Accenture and General Electric study published this month on how the combination of Big Data analytics and the Internet of Things (IoT) are redefining the competitive landscape of entire industries. Accenture and GE define the Industrial Internet as the use of sensor, software, machine-to-machine learning and other technologies to gather and analyze data from physical objects or other large data streams, and then use those analyses to manage operations and in some cases to offer new, valued-added services.
Big Data Analytics Now Seen As Essential For Competitive Growth
The Industrial Internet is projected to be worth $500B in worldwide spending by 2020, taking into account hardware, software and services sales according to Wikibon and previously published research from General Electric. This finding and others can be found on the home page of the Accenture and GE study here: How the Industrial Internet is Changing the Competitive Landscape of Industries.
The study also shows that many enterprises are investing the majority of their time in analysis (36%) and just 13% are using Big Data analytics to predict outcomes, and only 16% using their analytics applications to optimize processes and strategies. Moving beyond analysis to predictive analytics and optimization is the upside potential the majority of the C-level respondents see as essential to staying competitive in their industries in the future.
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