The rapid growth in the generation of digital information means that there is growing demandRead More
Big data to boost innovation in Asia-Pacific
Countries in the Asia-Pacific excluding Japan (APEJ) region are set to see strong benefits as the result of increased adoption of big data analytics tools in the coming years.
This is according to International Data Corporation (IDC), which estimates the market in this part of the world will climb from revenues of $548.4 million last year to $2.38 billion in 2017. This equates to a compound annual growth rate of 34.1 percent.
It also found that the use cases for this technology are set to become more varied as businesses seek innovative solutions for their growing digital assets. While many data analytics initiatives will remain focused on core areas such as optimizing existing business processes and improving customer engagement, there are now great opportunities for companies to gain competitive advantage by applying their big data tools to a wider spectrum of uses.
Daniel-Zoe Jimenez, senior program manager for big data analytics and enterprise applications for APEJ at IDC, said: "Organizations in this region will increase their focus on innovation projects, as they extend their use of sophisticated analytics solutions and gain more experience managing complex data environments."
One key trend that is set to play a larger part in the thinking of companies in the region in the coming years is social data. Mr Jimenez observed there has been large growth in the amount of this information collected, which reflects the fact that big data is a constantly-evolving discipline.
As more than 90 percent of all the data in the world has been generated in the last two years, being able to harness this is clearly a vital activity for many businesses. As well as social, mobile and location data will become more important.
"In the coming years, IDC expects to see exponential interest in the insights hidden in geolocation information," he said. "This will push all legal boundaries and expectations of privacy. We expect this to be a discussion that spreads across the markets in APEJ."