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Big data could be the key to gaining a competitive edge

The amount of data generated on a daily basis is already at an unprecedented level and it is accelerating fast. According to big data specialist Datameer: "90 per cent of the world’s data has been generated in just the past two years."

The analysis of large volumes of information is increasingly being used by businesses to gain an advantage and a new infographic produced by Datameer looks at how this "competitive weapon for the enterprise" is being used to gain that all-important industry edge.

Among the highlights are that the global Hadoop Market is projected to be worth $50.2 billion (£32 billion) by the year 2020, a huge increase from the $1.5 billion (£950 million) it was worth in 2012.

North America is currently the biggest investor in big data at 37.8 percent, though Asia/Pacific businesses plan to increase their investing by 106.6 percent, bringing them to a close second. Looking at usage by industry, financial services lead the way, followed by technology and communications companies.

The most popular use of big data is to analyse customer behavior, with 48 percent of users, which allows businesses to look at the customer journey, reduce churn rates, increase revenue and improve existing products.

Operational analytics is carried out by 21 percent of companies to improve supply chain efficiency and help with IT analytics and network planning, followed by fraud and compliance services with 12 per cent.

The full infographic, along with more analysis and information, can be found on Datameer's blog.

Photo Credit:Maksim Kabakou/Shutterstock