In the latest Worldwide Semiannual Big Data and Analytics Spending Guide from International Data Corporation (IDC), it was reported that worldwide revenues for big data and business analytics (BDA) will grow from $130.1 billion in 2016 to more than $203 billion in 2020. That translates to a compound annual growth rate (CAGR) of 11.7% through 2020.
With this explosive growth, new trends in the data and business analytics space are expected to emerge, including increased drive towards data monetisation and greater demand for data translators. At the forefront of these changes are Chief Data Officers (CDOs) and Chief Analytics Officers (CAOs), who are already building the necessary foundation for valuing data.
In its recent article, Forbes succinctly sums up the changing role of CDOs: “For Chief Data Officers, the balance between defensive practicality and offensive transformation represents a particular challenge. Offense-minded firms seek breakthroughs, realized by leveraging data through iterative learning – rinse-and-repeat; test-and-learn; fail fast, learn faster – designed to achieve “quick wins” that build organizational credibility, alignment, and momentum, and demonstrate tangible business value.”
As the role of Chief Data Officers continue to evolve, one thing’s for sure: the Big Data and Analytics market is going to get even bigger. Watch this space.
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