The race for Big Data providers is on
Big Data has long been a popular topic of discussion. However, in recent years, it has made a notable leap from a strategy companies would like to explore in the future to an immediate business priority.
There are over 200 exhibitors at this year’s Big Data conference in London, making it one of the largest free industry conferences of the year. This emphasises the increased appetite for data solutions and how fierce the competition is amongst providers. Businesses know they need support and data companies with a strong offering are at a significant competitive advantage.
This article looks at the challenges in the industry and how providers can maximise their potential in an increasingly complex environment.
How valuable is the global Big Data market?
The market is extremely buoyant – and well-placed to continue thriving. In 2023, the global big data analytics market size was valued at USD 307.51 billion. It’s now projected to grow from USD 348.21 billion in 2024 to USD 924.39 billion by 2032, exhibiting a CAGR of 13.0% during the forecast period.
Companies that can position themselves as a leader are putting themselves in a strong position for the next decade’s performance. However, challenges still remain in integrating data into core business processes – a hurdle that requires both technological and cultural solutions.
What are the current trends in Big Data?
We’ve analysed the latest industry reports, which highlight the surge in businesses, truly realising the significant value to be found in data. However, while decision-making and the monetising of data have improved in the last four years, challenges still remain in ‘data identification, collection and access,’ particularly where AI is concerned. Below we’ve summarised the main trends:
Generative AI
Despite having a huge presence in the data landscape, scaling its use still remains a challenge to many organisations. In one industry survey, 60% of companies polled have launched pilots or proofs of concept using generative AI – showing a demonstrable appetite for its use – however, only 42% of data executives have the necessary data to effectively utilise these models.
Clearly, there is a disparity between business’s intent and desire to increase data use versus the tools and expertise to effectively see it through. This presents a key opportunity for Big Data companies to bridge the gap and support customers in using data as a key part of their long-term business objectives.
Data Foundations and Behaviours
Capgemini’s 2024 Data Report ranked companies in terms of their level of data mastery. This ranged from experienced ‘Data Masters’ to ‘Data Laggards’ and everything in between. Data Masters, who were highly experienced in both data foundations (technical infrastructure) and data behaviours (culture and governance), made up 17% of the surveyed businesses.
As with the above, this represents a significant opportunity for Big Data companies to step in and position themselves as experts in the field who can close the gap between intent and true data mastery.
Benefits of Data Mastery
This should come as no surprise to providers, but ‘Data Masters’ put their companies at a significant competitive advantage. By understanding the complexities of data sets, they can most efficiently utilise the information available to them leading to increased efficiency and, ultimately, better and more consistent financial gains.
They are also able to enhance their brand and reputation by accurately using the data to manage customer complaints and improve sales through targeted and intelligent marketing.
Remaining challenges
While interest in data has significantly increased since 2020, there is still a long way to go for businesses to achieve “full data mastery” and use the data available to them in the most efficient and results-driven ways. This is only set to increase in complexity with the surge in generative AI.
Companies need to ensure they approach data handling with both technical expertise and cultural awareness in order to truly harness the potential of the information at hand.
How Tech Partnership can help
We have years of experience helping technology companies to achieve growth in complex environments. We understand the importance of explaining concepts and making them accessible for companies and stakeholders. Rather than being impenetrable buzzwords, we can simplify the current trends in Big Data and allow key decision-makers to understand how it can benefit them in real terms – from both a financial and long-term branding perspective.
If you’re a provider of data solutions, we can work closely with you and your unique offering to create highly effective marketing plans designed to enhance your proposition and deliver commercial results. We’re also experienced in lead generation and opening up conversations that develop into long-lasting relationships.
We have written an eBook specifically for tech companies looking to outperform their competition. Download it here https://www.tech-agency.co.uk/effective-technology-marketing-strategy/
If you’d like to have a chat with our Founder, Chris Hopwood, just get in touch on chris@fsp-agency.com
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