As data continues to grow at exponential rates around the world, businesses are challenged with not only the storage issues around big data, but also using it for analytical insight to gain a competitive edge.
IT analyst firm IDC (News - Alert) predicts that the global big data market will grow 40 percent per year, which is around seven times as fast as the rest of the IT industry. According to IDC, most of that cost will come from infrastructure-investment-caliber storage projects that are set to drive spending in the storage market to growth rates above 61 percent through 2015.
The ability to tap into the power of big data is not becoming an option, but rather a requirement for businesses, particularly in the Middle East where the potential is significant, according to Andrew Calthorpe, CEO of Condo Protego, one of the Middle East’s biggest data storage solutions providers and value-added resellers.
“Whether it is mining social media sentiment, drawing on machine sensor readings to operate in a more sustainable fashion, forensic search engine trend analysis to prompt business decisions – or all of the above – the ability harness and tap into power of Big Data is becoming a must,” Calthorpe recently told AMEinfo.
Calthorpe said Condo Protego is in a strong position to help businesses in the region grapple with the big data storage conundrum by providing a consultative approach. He said businesses can only glean value from big data via a “meticulously planned, cutting-edge IT architecture that can collate and store enormous amounts of unstructured, file-based data.”
Big data demands scalability and efficiency, and business leaders in the region need to radically rethink their approach to storage if they are to cope and derive true value, he added.
According to IDC, the promise of big data “lies within the extraction of value from large, untapped pools of data.” However, the majority of new data is largely untagged file-based and unstructured data, which means little is known about it.
In 2012, 23 percent (643 exabytes) of the digital universe would be useful for big data if tagged and analyzed. However, currently only three percent of the potentially useful data is tagged, and even less is analyzed, according to Jeremy Burton, EVP of product operations and marketing at EMC Corporation (News - Alert).
“As the volume and complexity of data barraging businesses from all angles increases, IT organizations have a choice: they can either succumb to information-overload paralysis, or they can take steps to harness the tremendous potential teeming within all of those data streams,” Burton said in a statement. “This year’s study underscores the massive opportunity that exists for businesses that not only identify the potential benefits of the digital universe, but recognize the importance of navigating that universe with the right balance of technology, data security practices and IT skills.”
By 2020, IDC predicts that 62 percent of the digital universe will be attributable to emerging markets. The current global breakdown of the digital universe is: U.S., 32 percent; Western Europe, 19 percent; China,13 percent; India, four percent; rest of the world, 32 percent.