There are 10 reasons for the climb:
1. Business ModelsAggressive acquisition and permanent retention of data is becoming a popular business model — Google being the prime example of how well such a strategy can work.
2. Infrastructure CapacityThe cost of data storage has come down as capacity has shot up. Currently capacity is roughly doubling every two years (Kryder's Law).
3. Business AnalyticsBusiness Analytics has experienced rapid acceleration in recent years and is now more than a 100 billion dollar market growing at 7% a year.
4. SecurityOrganizations are capturing far more security data such as audio and video surveillance, key logger data and system logs.
5. Ubiquitous DevicesData from devices such as security cameras, handheld scanners, tablets, GPS, RFID readers, wireless sensors etc..
6. SearchImprovements in search have boosted the usefulness of document and web data — increasing incentives to collect and maintain unstructured data.
7. Social DataOrganizations are increasingly interested in collecting social data and aggregating with third party information.
8. Technology ProliferationMany organizations have hundreds if not thousands of legacy applications. Often legacy apps are maintained as data sources — feeding data warehouses and enterprise systems.
9. RegulationsRegulations are increasingly rigorous about the type of data organizations must capture and retain.
10.Cloud InfrastructureCloud data storage decreases the upfront capital costs of big data and allows on-demand increases in data size.
Nothing NewExponential growth in business data is nothing new. However, organizations are starting to see it as an opportunity more than a problem. Expect to see growth in tools that can glean value from data.
If you enjoyed this article, please share it.
If you enjoy Simplicable, why not interact with us?