The Australian big data and analytics market is forecast to grow from $244.1 million in 2015 to $585.1 million in 2019, according to IDC.
Banking, retail and government sectors have made impressive strides into the analytics domain with an objective of driving market and competitive intelligence.
While the numbers look attractive, big data adoption levels are yet to reach those of cloud and mobility. There is plenty of data and good intentions, but talent shortage continues to be a challenge which needs to be addressed.
The assertion that Australia has always been an early adopter of technology is challenged when it comes to big data and analytics. While a few standout organizations are investing to build sophisticated data-science algorithms, many others are yet to categorize big data from technology fad to business advantage.
Regardless of shape, size, structure and format, big data's contribution to competitive differentiation for Australian businesses cannot be disputed. Social media and high device penetration present an enticing set of newer and richer data sources.
To deliver results, scaled out architectural capabilities will be key, along investments to develop the skillsets, platforms and processes that are necessary to keep in pace with the rate at which data is created.
"Undoubtedly, big data presents an opportunity for retailers to leverage customer data and buying patterns to maximize revenues,” said IDC industry analyst Jaideep Thyagarajan.
“While lack of data standardization has inhibited big data investments in healthcare, legacy modernization efforts have paid off for the public sector and investments are picking up,” said Thyagarajan. “This enables the government to operate at a higher potential, thereby enhancing service delivery to citizens.”