Must-know: An overview of "big data" (Part 2 of 8)
“Big data” and the Services segment
“Big data” as the name suggests, means a collection of data or data sets that is so large and complex that it’s outside the range of on hand database management tools to process. It’s usually unstructured in the sense that it isn’t organized in a predefined manner or a data model. This is the reason why organizations prefer help from organizations that possess domain expertise in “big data” technologies. “Big data” technologies are preferred because they enable organizations to handle huge data sets and generate useful information and insights from it with minimal delay time. Teradata (TDC) and EMC (EMC) are the companies playing an integral role in providing data backup and storage to the “big data” industry.
The previous chart shows the segment’s contribution to the overall “big data” market. Professional services made up the largest segment, contributing approximately ~33%, followed by computing and storage at 19% and 16% to the total “big data” revenues, respectively.
Services is “big data’s” largest segment
The global “big data” services can be classified into analytics, consulting, and professional services. Analytics services enable multi-structured data processing, that helps in database analytical functions. It facilitates predictive modeling and social media analytics. Consulting services include evaluation of technology, architecture assessment, and selecting the right platform.
IBM Corp. (IBM), Accenture (ACN), and HP (HPQ) lead in professional services revenue. These organizations offer professional services to help enterprises identify use cases, design, and deploy systems. They integrate the technology and analytic insights into business processes and workflows. Through its results, Wikibon states that in 2013, 72% of the organizations agreed to employ outside professional services to deploy or run “big data” projects. The professional services firms bring business domain knowledge and expertise to “big data” engagements—that’s a key requirement for successful “big data” analysis projects. Wikibon reported that the global “big data” market revenue stood at $18.6 billion in 2013, compared to $11.8 billion in 2012, registering an increase of 58%. Research and markets is of the opinion that it will show a compounded annual growth of 32.14%, from 2013–2018). Although different figures and estimates of growth are estimated and projected for the future, all of them point towards huge growth that “big data” is poised for in the future.
Browse this series on Market Realist:
- Part 1 - Overview: What is “big data”?
- Part 3 - Social, mobile, analytics, and cloud is driving “big data” growth
- Part 4 - Why “big data” and “virtualization” go hand in hand?
- Professional services
- data processing