Analytics Market Grows in 2012

Analytics Market Grows in 2012

“The global market for business analytics software grew roughly 14 percent in 2011, fueled by pervasive hype about ‘big data’ as well as new technological innovations, according to a report unveiled by analyst firm IDC yesterday. Between now and 2016, the business analytics market will have a compound annual growth rate of 9.8 percent, reaching US$50.7 billion, IDC said.” (Global Financial Network)
— “As part of that overall business analytics segment, the data warehousing platform software portion represented the fastest growth, at 15.2 percent in 2011 compared with 2010. IDC also pegged analytic application growth at 13.3 percent last year from 2010, and BI and analytic tools at 13.2 percent last year from 2010.” (Information Management)
— “In addition, analytics tools help companies find ways to cut costs, as well as come up with new products or services, according to the report.” (CIO)

 The Big Picture

How Information Spreads Through a Phone Network: “At 1010data’s midtown headquarters, a flat screen TV displayed a visualization of how information might spread through users on a cell phone network – a constellation of interconnected green dots simulate how a messages passes from users to their connections.”
“With about $90,000 of computer hardware and specially designed software, the company was able to analyze two year’s worth of texts and calls on a phone network for 1.8 million users. … ‘It isn’t just data about telephone calls or about retail purchases or about investments,’ said Sandy Steier, CEO of New York-based 1010data, a company that specializes in Big Data storage and analytics. ‘It’s everything that companies do. It’s everything that people do, which of course raises the scary factor somewhat, but it also raises the utility.’” (WNYC Radio)
The current buzz around ‘big data’ is almost enough to give the ‘cloud’ a run for its money…: “It’s a pertinent question because as the flow of data continues to grow it puts a greater burden on organisations. The problem isn’t just how do you crunch the data but more importantly how do you make sense of it. Effective analytics is really about separating the data that needs to ignored and data that’s useful. … ‘What organisations need to do is take that next step and figure out what’s useful from an analytics perspective and where they should be focusing their investment.’” (Business Spectator)

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