Abigail Cole created ARROW-13181:
------------------------------------
Summary: Big Data and Technology Services Market f 95 zone
Key: ARROW-13181
URL: https://issues.apache.org/jira/browse/ARROW-13181
Project: Apache Arrow
Issue Type: Bug
Reporter: Abigail Cole
Big data has been touted as the next massive transformation in global data
analysis and management. Businesses around the globe have incorporated big data
in their operations to make sense of the seeming myriad data generated on a
consistent basis. The adoption of big data technology and services has grown at
a robust pace among end-use industries. As big data becomes more mainstream,
and integration with cloud and artificial intelligences becomes more
streamlined, further growth is projected. According to a recently published
report, the global big data technology and services market is poised to reach a
valuation of over US$ 184 Bn.
Data-Driven Decision Making Continues to Fuel Adoption of Big Data Technology
and Services
Over the years, there has been significant shift in how businesses make
critical business decisions. Assumptions and traditional intelligence gathering
has given way to fact-based, data-driven decision making which has furthered
the cause for adopting big data solutions. The change in status-quo has been
one of the key factors for the growing adoption of big data technology and
services in various end-use industries. As more businesses are realizing the
advantages of big data in decision-making, it is highly likely that adoption of
big data technology and services will grow at a steady pace in the short- and
long-term.
The information big data analysis brings to the fore has also helped businesses
bridge the challenges associated with agility and stakeholder empowerment.
Businesses have traditionally faced an uphill task in terms of finding that
elusive balance between agility and decentralization. Counting in everyone's
opinion before making big decisions has been the utopian focus of businesses,
however, it also comes with the risk of slowing down the decision-making
process in a hyper-competitive environment. The RACI framework, which has been
referred by businesses to reduce ambiguity on choosing the right authority on
decision-making is becoming easier to navigate as access to data makes the
entire decision-making process a seamless affair.
Integration of Big Data with Traditional Business Intelligence - The Way
Forward?
Integration of big data technology and services with traditional business
intelligence is being looked upon as the way forward for businesses focusing on
quick fact-based decision making and improvement in customer experience.
Business intelligence has been a reliable tool for companies to understand
their target audience more intimately; however, the high turnaround time has
remained an impediment. The incorporation of big data has mitigated this
challenge to an extent, which in turn has fuelled adoption among end-users. In
the future, it is highly likely that big data and business intelligence will
become highly intertwined.
Banking, Financial services and Insurance (BFSI) Industry Continues to be at
Forefront of Adoption
Although adoption of big data technology and service has been pervasive, BFSI
sector has remained at the forefront of adoption since the early days of big
data. The sheer volume of data generated on a daily basis in the BFSI industry
has necessitated the adoption of a holistic data monitoring, gathering, and
analysis solutions. Some of the key challenges that the BFSI sector currently
faces include fraud identification, unorganized data, and operational
inefficiency. The inclusion of big data technology and services has helped
alleviate some of these challenges to a great extent. On the back of these
improvements, there has been a significant penetration of big data in the BFSI
sector. According to current estimates, revenues generated from adoption of big
data technology and services are likely to reach over US$ 33 billion in terms
of revenues by 2026.
Inclusion of Big Data Technology and Services Gaining Ground in Healthcare
Sector
Big data has massive potential in the healthcare industry, with proponents
touting benefits ranging from epidemic prediction and reduced cost of
treatments. Although electronic health records (EHR) have been a staple in the
healthcare sector for quite a while, their efficacy is limited to the medical
history of patients. Big data, on the other hand, promises a comprehensive,
holistic data analysis that can help healthcare providers in managing massive
volume of data. The insights offered through inclusion of big data technology
and services can help healthcare *[f 95
zone|https://complextime.com/f95zone-what-is-it-and-why-use-it/]* providers
improve the profitability, while improving the care received by people.
Big Data in Governance: Helping Policy Makers Make Better Business Decisions
In addition to growing adoption in the private sector, bigd ata technology and
services are also being incorporated in governance and administration.
Governments around the world have a herculean task of collating myriad data
about hundreds of millions of people. The collection of data, and its
organizations costs hundreds of millions of dollars in government expenditure.
Although big data can't entirely replace the manual and physical process in all
the countries, its integration with traditional data collection practices can
help in seamless and quicker collection of data.
--
This message was sent by Atlassian Jira
(v8.3.4#803005)
