Big data analytics is set to become an even more integral aspect of business intelligence, because the widespread application of the information is growing more appealing to companies across a wide range of industries. As analysis tools grow more intuitive, easier to use and better at quickly processing data, it is likely that more businesses will adopt big data analysis.
Business intelligence analytics increases globally
The latest report from Research and Markets, an international market reporting company, examined the potential growth of the global BI and analytics platform market between 2014 and 2018. According to the report, this sector is projecting an 8.9 percent compound annual growth rate from 2013 to 2018. Because the sheer amount of data is set to grow dramatically in this time frame, the research team pointed out that this will likely lead to increases in the implementation of BI solution and other analysis tools, specifically SaaS options. The main reason for the growth of this sector is that more enterprises are generating more data than before, and that will only increase in coming years.
New applications for data analysis drive growth
As more companies develop new and innovative ways to use data analysis, there will be a greater need for big data specialists and analysis tools. Frost & Sullivan's latest report, "Innovations in Big Data Analytics," pointed to the various needs of companies as reasons for the increased interest in big data analysis tools. Mainly, companies are in need of quick analysis for large amounts of information. At the same time, businesses are pulling data in from more and more different sources, making it challenging to find ways to handle all that data.
"The convergence of various technologies within and outside the information and communications technologies domain to create advanced applications for several markets is boosting the uptake of big data analytics globally," Swapnadeep Nayak, a technical insights senior research analyst for frost & Sullivan, explained in a release. "Future solutions may even integrate sophisticated technologies such as artificial intelligence, natural language processing and biometric systems to offer machine learning ability that derives advanced intelligence."
Cloud technology may hold a key for success
With more data needing analysis, accessibility will play a major role in the big data world in coming years. Cloud technology has already allowed for greater flexibility and the retention of even more data, which is indicative of the potential for data analysis to take place directly within the cloud, according to Computer Weekly.