Banks are leading the charge in big data investment. Is it time your brokerage caught up?
Banks are leading the charge in big data investment. Is it time your brokerage caught up?
More than a third of banks have already invested in big data, and the technology is on the rise in all sectors, according to a recent survey by Gartner.
The information technology research and advisory company revealed that banks lag behind only the media and communication industry in terms of big data uptake.
More than 64 per cent of organisations across all sectors have invested or are planning on investing in big data technology this year, up from 58 per cent last year.
"The hype around big data continues to drive increased investment and attention, but there is real substance behind the hype," Gartner research director, Lisa Kart, said in a statement. "Our survey underlines the fact that organisations across industries and geographies see 'opportunity' and real business value rather than the 'smoke and mirrors' with which hypes usually come."
The survey of 720 Gartner Research Circle members worldwide found that of the 64 per cent, 30 per cent had already invested in big data technology, 19 per cent plan to invest with the next year, and an additional 15% plan to invest within two years.
Industries leading the charge, having already invested, are media and communications (39%), banking (34%), and services (32%). While planned investments are highest in (50%), healthcare (41%) and insurance (40%).
Australians are amongst the most ambitious, with 45 per cent of Asia-Pacific organisations planning to invest in over the next two years.
Investment in big data goes is undertaken in stages. Firstly it begins with knowledge gathering, followed by strategy setting. An experiment or proof of concept comes next then after completing a successful pilot deployment takes place. Investment then moves from implementation to management.
Gartner research vice president, Frank Buytendijk, said in statement 2013 is the year for experimentation and early deployment.
"Adoption is still at the early stages with less than eight per cent of all respondents indicating their organisation has deployed big data solutions,” he said. “Twenty per cent are piloting and experimenting, 18% are developing a strategy, 19% are knowledge gathering, while the remainder has no plans or don't know."
However, despite the continued investment organisations are struggling with knowing how to get value from big data. Fifteen per cent of organisations list ‘what is big data’ as their top challenge, the majority of whom also indicated they had no plans to invest.
Do you use big data in your business? Are you planning on investing soon?
