Australia's view that it's an early adopter of technology isn't ringing true when it comes to big data according to IDC Australia, which says the country's businesses are missing out on competitive differentiation because of their lack of capabilities in analysing big data.
The market intelligence and advisory services company says the Australian big data and analytics market is forecast to grow from US$2441 million in 2015 to US$585.1 million in 2019.
But while the numbers look attractive, big data adoption levels are yet to reach those of cloud and mobility, with many companies still not seeing big data as a business advantage, rather than a technology fad.
“There is plenty of data and good intentions, but talent shortage continues to be a challenge which needs to be addressed,” IDC says.
Simplifying data access is also central to a successful big data implementation, IDC notes, with the company also recommending partnering with an innovative technology partner.
“While achieving optimal connectivity with accurate data points is key, partnering with an innovative technology partner is critical to have a scalable architecture and platforms for superior data aggregation and management.
“Reaping benefits from big data often involves cross functional collaboration within the enterprise to overcome framentary data silos,” IDC adds.
The company says a few standout organisations are investing to build sophisticated data-science algorithms – with banking, retail and government sectors making ‘impressive' strides into the analytics domain with an objective of driving market and competitive intelligence.
“Regardless of shape, size, structure and format, big data's contribution to competitive differentiation for Australian businesses cannot be disputed,” IDC Australia says.
“Social media and high device penetration present an enticing set of newer and richer data sources.
“To deliver results, scaled our architectural capabilities will be key, along with investments to develop the skillsets, platforms and processes that are necessary to keep in pace with the rate at which data is created.
Jaideep Thyagarajan, IDC industry analyst, says big data undoubtedly presents and opportunity for retailers to leverage customer data and buying patterns to maximise revenues.
“While lack of data standardisation has inhibited big data investments in healthcare, legacy modernisation efforts have paid off for the public sector and investments are picking up,” Thyagarajan says.
“This enables government to operate at a higher potential, thereby enhancing service delivery to citizens.
Prabhitha D'Cruz, IDC senior market analyst, says largely unorganised and inconsistent data which has always existed within organisations is inhibiting the use of data as a means to drive innovation.
“As organisations continue to embrace third platform technologies, data will be leveraged as a strategic asset that will provide new opportunities for market expansion as well as monetisation,” D'Cruz says.