Over the years, big data has come about to play a critical role in the IT industry. IT companies are spending billions to dig useful data and further their business goals. By 2016, Gartner notes, the overall IT spending driven by big data will reach a whopping $232 billion!
We recently did a detailed post on big data, citing how it is both an opportunity and a challenge for the IT industry. Big data basically refers to the huge data sets that are useful in one way or the other, and the complex and advanced technologies and hardware used to sift through this kind of data.
Gartner Research has now published a report, forecasting the expected IT spending that will be done in lieu of big data. The report puts forth a number of significant findings related to big data. Some of them are:
- Companies will be bumping up the budgets spent on sifting through big data and making use of it. During 2012, the software used for this function alone will cost the companies $4.3 billion, which includes costs of hiring experts to deal with the big data and training the native staff at companies.
- A total of $28 billion will be spent by companies in all of 2012 to adopt existing solutions and strategies related to utilizing big data.
- The realm of big data is ever expanding. From social media to other digital sources, companies have too much data on their hand and they don’t know how to deal with it. Moreover, the solutions for sifting through big data are evolving very fast.
- In the meantime, with growing demand, technologies for making use of big data are becoming more advanced and more affordable. For instance, the processing powers have increased, memory has doubled and companies are fast migrating from hard drives to SSDs.
The report manifests how for now, the IT industry seems unable to fully handle the challenges attached with big data. However, over time, it is expected that the pace of technology and IT companies will catch up with the explosion of data and people will finally learn how to effectively manipulate big data to their use.