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Big Data Analytics (BDA): Analytics Capable of Enhancing and Optimizing Processes Across Many Industries
Big Data Analytics (BDA) is expected to reach more than $150 billion in global revenues in 2017, an increase of more than 12 percent compared to 2016, according to IDC.
Dan Vesset, group vice president of analytics and information management at IDC, said that “after years of traversing the adoption S-curve, big data and business analytics solutions have finally hit mainstream. Big data and analytics as an enabler of decision support and decision automation is now firmly on the radar of top executives. This category of solutions is also one of the key pillars of enabling digital transformation efforts across industries and business processes globally.”
The report found that finance, telecommunications and media industries should especially be able to benefit from the application of Big Data and analytics technologies to their processes.
Jessica Goepfert, program director at IDC, said that Big Data Analytics “can be applied across key use cases throughout financial institutions from fraud detection and risk management to enhancing and optimizing the customer’s journey… Within telecommunications… big data and analytics are applied to help retain and gain new customers as well as for network capacity planning and optimization. In the media industry, big data and analytics can help firms make sense of and monitor their readers’ habits, preferences, and sentiment.”