Big Data - How big are the local markets?
Over the past 2 years Big Data has emerged as the most disruptive force in business and commerce. IntelligenceNODE estimates that the Big Data market was worth approximately $2b in 2012 and will grow at a CAGR of 21% during in the next 5 years. However, what is really important is where this growth is going to materialize.
What is the regional story?
Earlier this year, IntelligenceNODE conducted a comprehensive market sizing exercise evaluating Big Data consumption by looking at over 200 countries and examining over 60 economic and social parameters. Currently 76% of Big Data products/services are consumed in the developed markets (North America, Western Europe, Japan, etc.)
However, with the concept of Big Data related products and services catching on, markets are transforming rapidly. The emerging markets slowly but surely are eating into the developed markets' pie with the major share going to emerging Asia (e.g. India, Indonesia) and Africa (e.g. South Africa, Ghana) with annualized growth rates exceeding 45%.
For hyper-growth startups in the emerging markets the reason to pursue the Big Data initiative is to identify customer complaints and issues, new product development, optimizing the marketing mix, or competitive insights in markets where the hidden value is significantly higher than in the developed world.
What is the big deal about Big Data?
Access to Big Data promises to transform customer experience and result in increased revenues, as business leaders discover the true usability of Big Data.
Real-time access to Big Data across every customer touch point will allow organizations to build sophisticated predictive models to maximize revenue through improved personalization. Smart Big Data analytics trigger business rules across platforms to deliver just the right message, at just the right time, in just the right channel.
Top 100 countries by Big Data consumption ($m)
IntelligenceNODE is a Big Data analytics firm with operations in Mumbai, London and Sofia, servicing both traditional and digital commerce space, providing structured and unstructured data analytics.