The Big Data industry is bigger than ever. In terms of data, thats a true statement any day of the week; every time you click, tap or swipe, youre making a contribution to the data mine.In terms of money, revenues have never been better! Companies offering services classified within the Big Data Industry reached a new milestone; more than $46 billion in revenue year-to-date.
Big Data is Poised to Get Bigger
Thats a big number, no matter how you slice it. In fact, its ten times bigger than the estimated net-worth of the 2016 Republican Presidential Candidate; a man that thinks everything should be big. Although, I have a feeling that his answer would be entertaining if you were able to ask him What does big data mean?
And, just like political ad-buys, the numbers are only getting bigger as the year goes on. Some analysts believe that Big Data has a long way to go in terms of making its way into every corner of the market. How big could the Big Data market become? SNS Research released a report stating that by 2020, Big Data will generate $72 billion in revenue.
Companies need to invest capital in order to grow the technological infrastructure that can support collection and analysis of huge swaths of data. That boom is in its infancy. And, it will be truly fascinating to watch how smaller companies harness the knowledge and insights that this impending boom will generate.
Its the Little Things About Big Data that Count for Consumers
Will we get to the point that virtually everything we do in our daily lives can be predicted? Google can already tell you the best times to head to your favorite restaurant or gym. Want to avoid people altogether? Just look for off-peak hours, based on real-world foot-traffic to a location. All of this is made possible by the data collected by our smartphones.
The VP of Customer Loyalty at Doc2PDF, stated: When our customers interact with us, everything they do is measured. Parsing through this data allows me to understand the customer experience through usage patterns. I salivate at the thought that one day, well be able to harness the data from across the web. If I could buy data about the competition and how their customers interact with them, it would change the way I do business; allowing me to be there for my customer before they even realized they needed me.
For consumers, the part of Big Data that will impact them is the actual automation of their technology. As the data becomes more accessible, more refined and better processed, insights can direct the tech we already interact with to cater to our exact needs. Thats an exciting future, although I have a feeling that someone is sitting in their mothers basement, wrapped in tin-foil, yelling about privacy concerns.
