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Data is Expanding

Over the past two years alone, 90 percent of the world’s data was generated!


Where are we heading? Taking a look at Big Data as a Service market and its impact on Marketing and Business.




What is Big Data?


With a spike in internet usage and other technologies such as IoT devices, mobile phones, autonomous devices like robotics, drones, vehicles the volume of generated data is growing exponentially at an unprecedented rate. This constant increase in the amount of data generated has led to the emergence of big data. In simple terms, it is the huge amount of data that cannot be stored, analyzed, or processed with the use of traditional tools. Wondering how massive the data produced can be? There are about 2.5 quintillion bytes of data created each day at our current pace, but with the fast-growing digital age, it is accelerating at an enormous rate.


Over the past two years alone, 90 percent of the world’s data was generated!

Characteristics of Big Data

  • Volume: Insurmountable amounts of data due to improvements to technology and data storage (cloud storages, better processes, etc)

  • Velocity: Data is generated at astonishing rates, related to the computer’s speed and capability increasing

  • Variety: Wide range of data of different formats and types easily collected, in an era of social media and the internet.

  • Veracity: Messy and unstructured data give rise to the possibility of hidden correlations.


Big Data and Analytics in Marketing and Business


Big data and analytics can help a business predict consumer behavior, improve decision-making across the board and determine the ROI of its marketing efforts.

Many companies use big data to enhance user experience and create rich content.


Why are most of the Products free?


The old adage says: “if you’re not paying for a product then by default you are the product”. A perfect example of this is Google and its consumer services - search, Youtube, Gmail, etc. Google has information on activities as we use search engines, information about mobile devices, location, etcetera. The data is further used to suggest different products through ads, cookies.


Examples of few Companies using Big Data Analytics are:

  • Netflix

  • Google

  • Facebook

  • Amazon

  • Walmart

  • American Express

Image Source: Domo- Data Never Sleeps


Big Data as a Service


Highlighted in our series The Top 10 Technologies of this decade, the global Big Data as a Service (BDaaS) Market is valued at USD 12.8 Billion in 2020 and is anticipated to grow with a CAGR of 32.7% during the forecast period from 2020 to 2028. The major factor that is contributing to the growth of the market is the growth of data-driven applications and automation in almost every industry vertical.


Need: The market of Big Data and analytics technology is growing at a rapid rate. But setting up a big data platform requires building up a data center, analytics toolset stack, a team of data scientists, which seems quite costly and time-consuming for any enterprise. To hold a competitive edge over others, big data analytics is essential for agility, flexibility, and innovation in any enterprise.

Big data as a service (BDaaS) is the delivery of statistical analysis tools or information by an outside provider that helps organizations understand and use insights gained from large information sets in order to gain a competitive advantage. It is a form of managed service like SaaS, IaaS, etc.


Providers: Large enterprises are holding the majority of the market share during the forecast period. Big Data on AWS, Microsoft Azure, Salesforce, IBM, Oracle, Cloudera, and Google BigQuery data services all provide the cloud infrastructure for leveraging Big Data. The global BDaaS market by region covers five major geographic regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to account for the largest market size during the forecast period due to the presence of a large number of BDaaS vendors.


Natural language processing(NLP)


Today, every business relies on a large amount of textual data. NLP can be used for improving Sentiment Analysis, Business Intelligence with the help of big data. Natural language processing for big data presents an opportunity to take advantage of what is contained in especially large and growing stores of content to reveal patterns, connections, and trends across disparate sources of data. Smartphone assistants, chatbots use this technology to obtain accurate answers to user questions.


In general, big data as a service will offer various kinds of data analytics. For example, a company could use it to monitor a large SEO or Web content campaign that reaches a broad audience. In a BDaaS model, these services will commonly be offered over the internet with key vendor storage and functionality tools located in the cloud. These setups help to provide agile services that can perform well, although businesses will not have control over many of the spaces over which their data traverses. Experts have identified other common marketing strategies for big data as a service. One of these is the location of cloud data storage resources in combination with analytics so that hot or cold data is stored near where it will be manipulated for analysis. This can help decrease the amount of effort needed to move data through an analytics program or platform. Other selling points of BDaaS include specific descriptions of how these tools can help present big data to busy managers in a cohesive and useful way, where predictive analysis companies are creating many different kinds of tools to help businesses get actionable results from data.



Read more on The Top 10 Technologies of this decade here.



Shriya Madan, an ardent learner, a digital enthusiast, aspires to make an impact in the real world with the power of technology


Pranjali Apurva, driven by curiosity, converging design principles with digital transformation

BLVCK PiXEL is a Digital Innovation Consultancy headquartered in Paris. We aim to bridge the gap between Technology & Business through Design-led Strategy. Connect with us.


References


Google Users - You're The Product, Not The Customer


BDaaS Market by Component (Solutions and Services), Organization Size, Deployment Type, Industry Vertical (BFSI, IT and Telecom, Healthcare and Life Sciences, eCommerce and Retail, and Manufacturing), and Region - Global Forecast to 2024