Big data may have brought us a major buzzword and the sexiest job of the 21st century, but the market is still emerging when it comes to monetizing the massive amounts of data stored in the cloud (and elsewhere).
Related: The Sexiest Job of the 21st Century
But in the next year or two big data will become a major category in technology, according to Porter Bibb, managing partner at Mediatech Capital Partners. He has 40 years of experience in investment banking, specializing in media and tech ventures.
“Big data is in the headlines almost everyday,” Bibb tells The Daily Ticker; however, “the only aspect of big data getting any attention and making any money is the storage of big data, because virtually every institution is storing billions if not trillions of bits of data and they don’t know what to do with it.”
He sees all of that changing very soon.
The next big surge in big data, he says, is going to be the “predictive analytics” side of data science, which focuses on making the data useful in a myriad of different ways.
(Big Data is simply the term used to describe volumes of data so large it’s difficult to process using traditional database and software techniques.)
Bibb believes these developments will impact industries across the board from education, to healthcare, government, retailing and manufacturing. Bibb says currently most of the money is being made in advertising, but that is just the tip of the iceberg.
Bibb highlights a few companies to watch now, including Tableau Software (DATA), which went public in May and doesn’t monetize big data but rather digitizes it, organizing it visually.
And as far as those harnessing big data for advertising, Bibb highlights Rocket Fuel – a private company that uses artificial intelligence in media buying to improve marketing ROI. The company was founded by online advertising veterans and rocket scientists(!), and was awarded the number four spot on Forbes' 2013 Most Promising Companies In America list.
For investors (not to mention jobseekers) who want to know more about when and where the big opportunities will be found, check out Bibb's full interview in the video above.
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