The Big Data technology and services market in Asia Pacific excluding Japan (APEJ) will expand from $258.5 million (Rs 1,398.14 crore, approximately) in 2011 to $1.76 billion (Rs 9,510.09 crore, approx.) in 2016, representing a 46.8% compound annual growth rate (CAGR) over five years, according to research firm IDC.
Within Big Data, the steepest growth is likely to be witnessed in storage (56.1%), followed by networking (55.8%), and services (48.3%), as per the IDC report, APEJ Big Data Technology and Services 2012-2016 Forecast and Analysis. "The momentum building in the Big Data market will deliver a strong acceleration in two to three years. Business use cases with measurable results include real-time crime prevention in financial services, and peer influencer mapping for churn prevention in telecommunications," says Craig Stires, Research Director of Asia/Pacific Big Data and Analytics at IDC.
Insights on Big Data
Daniel-Zoe Jimenez, Program Manager of Asia Pacific Big Data and Analytics, and NextGen Enterprise Applications Research at IDC adds, "CIOs should design an information strategy before undertaking a Big Data project as although it creates new opportunities for analytics it also worsens some of the data-related issues of the past, including security and privacy, data quality, data integration, and storage. Businesses will have to to re-look into their technology architectures, business processes, and available skill sets to extract best value out of their Big Data technology implementations."
According to the analyst firm, while Big Data will present opportunities for vendors in infrastructure, software, and services, it will also create challenges such as shortage of skills to implement and manage these solutions. IDC also comments in the report that with emergence of cloud and outsourcing options and appliances for Big Data, end users will focus more on business value and less on technology capabilities. "Data governance, security, and storage are some of the fundamental areas that CIOs will need to pay attention to in the context of Big Data," the firm reports.