Big Data Market Segment LS
Big Data Market Segment RS
Thursday, 21 January 2016 01:25

Billions in benefits for business from being ‘data-driven’

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Data-driven organisations could achieve an extra US$65 billion in productivity benefits by 2020, and in the Asia Pacific region it’s been forecast that the adoption of Big Data and Analytics (BDA) will be accelerated by business disruption from Digital Transformation (DX).

The latest predictions for Big Data and Analytics from global analyst firm IDC show these data-driven organisations will have greater productivity benefits than their
“less analytically-oriented peers by 2020”.

According to IDC, Asia/Pacific organisations able to analyse all relevant data and deliver actionable information will achieve this level of productivity gains.

"The majority of Asia/Pacific organisations consider data as a strategic asset, but the ability to deliver actionable insights to decision makers quickly will
differentiate the data-driven leaders in Digital Transformation,"says Qiao Li, Senior Market Analyst, Big Data and Analytics, IDC Asia/Pacific.

According to Li, the adoption of Big Data and Analytics (BDA) will be accelerated by business disruption from Digital Transformation (DX) in
Asia/Pacific, “with the digitalisation of everything, the ability to make smarter, quicker, and more automated decisions and actions increasingly becoming a
competitive necessity”.

At the same time, barriers to entry will be lower as technology options are increasingly abundant with purpose-built tools that are designed for specific workload or
use case, flexible pricing and deployment, Li notes.

"While managing on- and off-premises data can pose new challenges, data gravity will drive adoption of cloud-based BDA solutions as organisations adopt more adjacent solutions (e.g. SaaS-based CRM, ERP) over time”, says Chris Zhang, Senior Market Analyst, Software, IDC Asia/Pacific.

“Spending on cloud-based BDA technology will grow 3x faster than spending for on-premises solutions in Asia/ Pacific (excluding Japan) by 2020", adds Zhang.

IDC reports that the rest of the predictions for the fast-evolving BDA market for the next three to five years include:

•    Cognitive computing. By 2020, 40% of all business analytics software will incorporate prescriptive analytics built on cognitive computing functionality

•    Labor shortage. Shortage of skilled staff will persist and extend from data scientists to architects and experts in data management; Big Data–related
professional services will have a 29% CAGR in Asia/Pacific by 2020

•    In-memory computing. By 2020, 75% of databases (relational and non-relational) will be based on memory-optimised technology

•    Distributed micro analytics. By 2020, distributed micro analytics and data manipulation will be part of 80% of Big Data and analytics deployments

•    Self-service. Through 2020, spending on self-service visual discovery and data preparation market will grow 2.5x faster than traditional IT-controlled tools
for similar functionality

•    Data monetisation. By 2020, data monetisation efforts will result in enterprises pursuing digital transformation initiatives, increasing the marketplace's
consumption of their own data by 100-fold or more

•    Analysable data. By 2020, the high-value data — part of the Digital Universe — that is worth analysing to achieve actionable intelligence will double.

IDC says it believes that as organisations realise benefits of “data experimentation and innovation”, the likelihood for them to become data-driven will increase.

According to Li, this requires not only technology acquisition, but also close collaboration between IT and the Line of Business, and transformation of architecture
and processes - however, the lack of talent still remains to be the biggest obstacle to many Asia/Pacific organisations.

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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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