Big Data to become huge money-making opportunity
Tuesday, February 19, 2013
What is Big Data anyway?
It's defined as the combination of structured information, such as contact data and transaction records, and unstructured content that includes tweets, mobile browsing and website click-throughs. When these sources are combined and analyzed, companies can spot those needles in the haystack that could become the key to success. For instance, clean technology businesses might recognize that based on previous patterns in mature markets and current interest in emerging economies, that untapped opportunities in certain Caribbean cities will present important entrance points within six months.
Big Data boom on horizon
As the benefits of big data are recognized and more companies invest in the necessary technology solutions, the market is expected to grow over the next five years, according to a recent report from Transparency Market Research. Last year, the Big Data technology market was already worth $6.3 billion, but it's projected to reach $48.3 billion by 2018.
Nova Scotia is in prime position to take advantage of this massive surge. With a large population of highly educated individuals who possess specialized degrees, a fast-growing information and communications technology sector and a strong research and development climate, the province is a strategic location for companies that want to capitalize on the Big Data boom. IBM saw the advantages and recently established its first North American Global Delivery Centre here.