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The value and volume of data has been growing exponentially, driven by growing digitisation and usage of emerging technologies such as the internet of things (IoT) and artificial intelligence (AI), a new survey has found.
Conducted by True Global Intelligence across the US, France, China, Australia, the UK, Germany, Japan and the Netherlands, the Splunk-commissioned survey revealed that two-thirds of respondents expect the quantity of data to grow by nearly five times by 2025.
More importantly, 81% of them said their overall success as a business hinged on their ability to harness that data, with 75% agreeing that data was instrumental to innovation.
Being able make sense of data was also key to respondents’ cyber security posture, particularly in the financial sector, where 84% rated data as extremely or very valuable. Financial services professionals also expected the volume of data to grow more than any other industry by a factor of 5.7 times.
But across industries, much of the data that exists is dark data, which is untapped, unknown or unused. About two-thirds of the IT and business managers reported that half or more of their data was dark data – a 10% increase on the previous year.
Simon Davies, Splunk’s Asia-Pacific vice-president, attributed the challenges that organisations are facing in data management to the lack of platforms and processes to unlock insights.
“Sometimes, the data is everywhere, and they don’t know what to find or where to look,” he told Computer Weekly. “And so, we encourage them to look at that from an assessment point of view, and the platforms and tools that will help them derive insights from the data.”
In Australia, Davies said the growth in data volume was the result of greater use of technologies such as blockchain, IoT and AI, noting that 60% of Australian business and IT managers felt their data volume would grow by 5.9 times by 2025, compared with the global average of 4.8 times.
Read more about data management and analytics in APAC
- Indonesia’s Bank Mandiri has built a big data platform to track transactions and monitor the health of its workforce, among other big data analytics initiatives.
- Malaysia’s Affin Hwang has been tapping data analytics to better profile its customers, increase sales leads and identify new customer segments.
- Dell Technologies has created a real-time dashboard to make sense of data about the Covid-19 coronavirus and safely guide its employees’ return to the workplace.
- By extracting granular data and emphasising privacy protection, Niometrics’ network analytics technology is being put through its paces in a variety of use cases.
Also, half of Australian organisations were developing use cases in edge computing that would play a similar role as 5G in enabling faster data transfers, while 29% of Australian organisations had specific use cases in place.
As with the previous survey, respondents from China recognised the value of data more than any other market, with 90% expecting its value to grow over the next decade, said Davies.
By contrast, Japan was much slower in adopting emerging technologies, and Japanese respondents expected the longest timeline to implement such technologies.
Japanese organisations were also slower in terms of staying up to date in new developments in data. Two-thirds (67%) said their organisation struggled to stay up to date, compared with the global average of 58%.