In recent years, companies have had to increasingly rely on technology to streamline their businesses and stay ahead of the competition. Business intelligence (BI), data analytics and big data tools have become essential for firms wanting to remain prosperous in the modern world. With this in mind, it seems as if 2015 is a year when most decision-makers are arriving at this conclusion.
In a recent survey, it was found that 89 percent of executives believe that big data will equal the internet’s arrival as a way to revolutionise business operations. In addition, 83 percent say they’ve already pursued projects with big data as a way to gain a competitive edge. Meanwhile, customer relationship management (CRM) giant, Salesforce, have said they expect the use of business intelligence (BI) tools and analytical solutions to add $13bn to their 2015 total addressable market (TAM).
Big data predictions
With big data becoming an essential information source, Forrester Research suggests that both SAS and IBM are expected to be major players in the big data predictive analytics market. Gartner’s latest Magic Quadrant highlighted that both companies are used to developing solutions from scratch and are, therefore, in a prime position to offer the right tools to modern businesses. With Frost and Sullivan expecting revenues for the big data market to reach $122bn by 2025, it’s an area that companies can’t afford to ignore. In fact, 79 percent of business leaders say that ignoring big data will likely result in a firm losing its competitive edge and, possibly, even facing extinction.
BI applications and analytics set to boost revenue
Meanwhile, global CRM giant Salesforce has said they expect TAM to be significantly boosted over the coming years by the use of BI tools and analytical solutions. It’s predicted that the most popular applications will be brand reputation, predictive analytics and CRM tools as companies look to engage with their customers in a more personal and efficient manner. Big data is set to be utilised largely for customer analytics, with Datameer revealing that 48 percent of poll respondents stated this use. Meanwhile, 21 percent said they’d use the information for operational analytics, whilst 21 per cent highlighted fraud and compliance.
Overall, it’s predicted by the IDC that the big data and analytical solutions market will rise to $125bn in services, software and hardware during 2015. With the Internet of Things (IoT) and increasingly complex system configurations needing to be rolled out across global firms, this figure is set to climb further in future years.
This article has been written by Colin McGill - Principal Consultant - BI, Data & Analytics Practice, if you would like a detailed discussion about your BI, Data & Analytics recruitment requirements, please contact Colin McGill on: +44 (0)20 7014 0230 or send an email to firstname.lastname@example.org.
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