Almost half of enterprise IT departments in North America, Europe and Asia-Pacific plan to invest in big data analytics in the near future, according to research analyst firm, Ovum.
In a new report, Big data interest bubbling under the surface, the results showed that 44 per cent of enterprises will budget for projects in the next two to five years.
About 33 per cent also said they would forge ahead with implementations next year.
Ovum analyst and author of report, Tony Baer, said data is exploding as most of the enterprises the company spoke to predicted that in the next year itself, the amount of data in warehouses will grow by at least 10 to 20 per cent.
“The fact that the majority of enterprises have faith in the power of big data analytics to drive business benefits from this data is promising. The number of use cases of early adopters is increasing, with our survey showing that uptake will soon be widespread,” he said.
Baer also added that the need for the technology ranges from classic customer segmentation analyses, to customer churn prevention, managing smart utility grids, public transportation networks, and anti-terrorism initiatives.
Ovum’s survey also found that improved operational and strategic decision-making processes and customer services were the most popular business benefits – totalling to about 67, 57 and 49 per cent, respectively.
Consecutively, improved competitive positioning, business agility and regulatory compliance were ranked as low priorities by enterprises. These business goals were cited by 30 per cent of respondents.
However, Ovum expects take-up of new data types and analytics, such as social media analysis, and the entry of well-known IT brands to ramp up significantly within the next two years.
“Enterprises wanting to take the first steps in big data analytics should look to existing business issues such as maximising customer retention or improving operational efficiency and determine if expanding and deepening the scope of their analytics will deliver tangible business value,” Baer said.