GEC NEWS WIREBusiness Analytics Set For More Than 20 Percent CAGR Over Next Five Years
Middle East businesses are no longer overwhelmed by the big data challenge and are increasingly turning to cutting-edge solutions to achieve previously unattainable value, experts and business-leaders agree.
Speaking at an SAP-hosted round-table event in Dubai, anti-collision software pioneers SK Solutions delivered a vivid use-case scenario for how the mining and analysis of big data can make an unprecedented impact.
IDC also states that over 40 percent of CIOs in the Middle East are currently considering investments in analytics and big data technologies. In the UAE, IDC found that 58 percent of CIOs cited governance, regulation and compliance requirements, transparency, and reporting as key reasons for investing in big data and analytics technologies.
Worldwide, IDC estimates that spending on Big Data technology and services will likely grow from USD3.2 billion in 2010 to USD16.9 billion in 2015, representing a CAGR of 40 percent, or about seven times that of the overall ICT market. Last year, the Harvard Business Review proclaimed the role of Data Scientist as the “sexiest job of the 21st century.”
“Big data and analytics awareness is rising in the market, and you see a greater interest in business intelligence tools amongst leading organizations in the region. Sectors that will primarily be focused on business intelligence include governments, banking, retail, energy, transport and communication,” said Megha Kumar, Research Manager – Software, IDC MEA.
“Increasingly, the decision to use Big Data within organizations will not arise from CIOs and IT managers, but from CxOsor heads of Lines of Business (LoB). We can also already see certain sectors such as telecommunication and retail consider technologies like “in-memory” computing to gain real time analytics or better insights into predictive and sentiment analytics. This allows for new improvements in decision-making and service levels.”
“SAP HANA is the perfect platform for running large-scale industrial business analytics, supporting over 2,200 enterprises and over 1,000 start-ups,” said Christian Rodatus, Senior Vice President and General Manager of Analytics, SAP.
