In the first part of this blog, we looked at what BDaaS is and why it is important. In the second part, we will talk about how it’s expected to fare; the challenges and opportunities it brings about.
Currently, the number of projects moving off- premises, either to public or private cloud service providers is quite consistent. To roughly estimate the size of the BDaaS market, one can apply those trends to the Big Data figures.
In addition, Bernard Marr has noted in this Forbes article that the Big Data market will be worth $88 billion by 2021, and that the forecast value of the BDaaS market could be $30 billion. While it is still too early to tell how these figures will break down into the different BDaaS layers, he notes that service providers will have to work on further customizing their services to provide a better experience.
Regardless, the relevance of BDaaS is gradually spreading across industries and its visibility is on the rise. Its usage is becoming more common in sectors like business, health, finance, retail, governance and telecommunications. They predominantly use it for customer analytics (CRM), risk/performance management and innovation.
Source: IDC Infographics Library
Citibank, following the financial crisis, evaluated its target market to make sure that they were focusing on the right end of the spectrum. Ever since, it has leaned towards a reliable customer relationship management platform where it stores and monitors customer data, to get a better insight into customer needs.
Meanwhile, the city of Barcelona is also proving its mettle as a technologically advanced “smart city template”, as it slowly leans towards this new trend. In order to achieve better insights on effective governance, city officials are collecting and analyzing data from their admin systems and also from new public sources such as social media, software log files and GPS signals.
Be it managing the data of your customers or your citizens, BDaas is making a difference across administrations and governing bodies, private and public.
With more joining the bandwagon, it is on its way to becoming the next face of the information revolution.
Experts note that the emergence of BDaas is changing the landscape of analytics in terms of, affordability, minimal use of resources, real time results and availability of multiple preset tests/ algorithms (thanks to the cloud), is gradually appealing to many more.
But the challenges are still one too many. BDaaS is a part of a rapid technological shift that is taking place in the market place and several are worried about their ability to keep up with competitors. Implementation challenges can stem from lack of preparation, crunch in expertise and compromised data security all of which will have to be addressed in the future management of BDaaS technology.
But despite these seemingly overwhelming challenges, Gartner still believes that Big Data technologies will see major growth in the years ahead. Gartner believes that by 2015, 20% of all global 1000 companies place a high emphasis on “information infrastructure,” or other types of Big Data technologies. Some analysts believe that this is merely setting the stage for BDaaS adoption on a much larger scale.