While dealing with huge volumes and myriad varieties of data, enterprises need to be aware of the needs of information management so as to derive maximum value from it. As new IT platforms emerge, data can’t be managed in silos.
With data coming from multiple IT platforms like mobile, cloud-based applications and the Internet of Things, data volumes continue to grow. And, PwC says enterprises across industries are starting to extract and place data for analytics into a single, Hadoop-based repository.
Hadoop, the open source big data technology, will be used for analytics and surfacing SQL database queries in 2015 and spark an enterprise rush, according to Forrester Research. It also says that Hadoop is no longer optional.
Advantages of Hadoop
Forrester analyst Mike Gualtier predicts that 2015 will be the year of Hadoop in corporations and that is basically because Hadoop can be 10 to 100 times less expensive to deploy than conventional data warehousing.
“Hadoop is the rising star of the business technology agenda for a simple reason — it disrupts the economics of data, analytics, and someday soon, all enterprise applications,” he says.
Gualtier has coined the new term: Hadooponomics, describing Hadoop’s ability to scale data storage in a linear fashion.
Tech blogger Christy Wilson is optimistic about the prospects of Hadoop. He writes: “Another reason why Hadoop is the way of the future is simply that companies aren’t going to be able to remain competitive without the power of big data, and there just aren’t any viable, affordable options aside from Hadoop. “
For businesses, big data is essential for every key organizational decisions, including hiring and product development. Moreover, Hadoop is suitable for every vertical. Currently, government, telecom, BFSI, healthcare and life sciences as well as retail enterprises are looking at Hadoop as the preferred big data analytics tool.
“Organizations with the people and processes to benefit from new insights will gain a competitive advantage, as having the technology packaged reduces operational costs and IT skills requirements and speeds up the time to value,” said Bill Gassman, research director at Gartner, in a report.
He is optimistic that technology providers will benefit by offering a more competitive product that delivers task-specific analytics directly to the intended role, and avoids a competitive situation with internally developed resources.
Market perspective
According to a Markets and Markets research, the Hadoop market, which was worth $1.5 billion in 2012 is expected to grow to about $13.9 billion by 2017, at a CAGR of 54.9%. That is based on the premise that enterprises are increasingly realising the importance of Hadoop as it makes analyzing of traditional structured data easier in conjunction with unstructured data from new sources.
A recent Transparency Market Research report predicts worldwide Hadoop market would grow to about $20.9 billion in 2018, growing at a CAGR of 54.7% from 2012 to 2018.
Gartner also forecasts that the big data movement will generate 4.4 million new IT jobs globally by 2015, with 1.9 million of those positions being in the U.S. It predicts that over 30 percent of analytics projects will be used to analyze both structured and unstructured data by 2015.
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