With the buzz around “big data” only increasing over the years, we find out how well organizations are catching up with data and vice versa. We look at some of the recent trends that are doing the rounds in the enterprise world of big data adoption and implementation.
1. The market for big data is growing – the $7 billion estimated market cap way back in 2011 is set to grow over $61 billion by 2020 and $84 billion by 2026. It indicates a CAGR (compound annual growth rate) of 17% spread over the 15-year duration, starting 2011.
2. Despite the rising awareness about the advantages of implementing and adopting big data analytics solutions, the success rate of its implementations is still ineffective. While there are only 27% (1 out of 4) enterprises that have successfully managed to execute their big data strategies, 24% enterprises have either not implemented or do not plan to do so. In addition, there are 13% organizations with full-scale production of big data, 35% in partial production and 29% are in the stage of doing a POC.
3. Two-thirds issues hindering the effective implementation of big data analytics solutions are processes (or people) and not the technology concerning it. There are quite a few additional common issues like: