In a world where we provide our personal data several times a day to websites, companies or public entities, the Big Data market is increasingly expanding. The data of this growth is now being put down by the Big Data Analytics and Business Intelligence Observatory of the School Management of the Politecnico di Milano, which has recently released its report on the Big Data Analytics market in 2018. The most impressive number is the global figure of this sector, which in Italy reached a value of 1.393 billion, up 26% compared to 2017.
This result confirms the positive trend of the last three years, in which the sector has grown on average by 21% every twelve months. The breakdown of these expenses is interesting: 45% is dedicated to software (databases and tools to acquire, process, view and analyze data), 34% to services (software customization, integration with company information systems, consulting) and 21% to infrastructure resources (computing capacity, servers).
46% of large companies have already hired Data Scientists, 56% Data Analysts and 42% Data Engineers
“The Big Data Analytics market is continuing to grow at a fast pace”, says Carlo Vercellis, scientific director of the Big Data Analytics & Business Intelligence Observatory. “Fast data initiatives are growing, in which the analysis of data takes place in real time, enhancing in particular the potential of the Internet of Things. But to fully grasp the benefits, Big Data needs to be analyzed in a smart way, with machine learning algorithms able to identify patterns and correlations present in the data and transform this knowledge into concrete actions”.
It’s not a coincidence that 62% of large businesses says they need specific Machine Learning e Deep Learning: among these, just over a third has already introduced them with staff and a further 30% plans to do so in the next two years. The immediate consequence is that there is a growing need to hire qualified personnel for this type of work: 46% of large businesses has included Data Scientists in their staff: 42% of Data Engineer, 56% Data Analyst.
"The dynamics of growth of the market are different depending on the size of the company," says Alessandro Piva, in charge of research at the Big Data Analytics & Business Intelligence, "because while the small medium enterprises are struggling to catch up, large companies have become convinced that the moment of action has come".
Only 7% of SMEs have started Big Data Analytics projects, also because 10% of them say they do not know the benefits
In fact, only 7% of SMEs in 2018 have started Big Data Analytics projects, while four out of ten states that they carry out traditional analyzes of company data. If you look at the awareness and technological maturity of small and medium enterprises, the research shows that 10% continue to have little or no understanding of what benefits Big Data could bring and how it has a limited and traditional approach to data analysis.
Also interesting is the part of the report related to startups focused on Big Data Analytics. The Observatory has counted 443 startups founded in 2013 and funded from 2016 onwards, for a total of $ 4.74 billion of investments. The “luckiest”, receiving around $30,6 million each, are in the Technology area (8% of the total), offering tools for the collection, analysis, storage, organization and integration of data. Following are the Analytics System startups (29% of the total, $12,8 million financed each), that are mostly providing solutions that allow you to quickly extract information from a database and perform predictive analysis. An example? Which is the best candidate for a given team? Data can help us even in this.