Australia has always been known to be an early adopter of technology. But that assertion is challenged when it comes to big data and analytics.
According to research and analyst firm, IDC, while a few organisations are investing to build sophisticated data-science algorithms, many are yet to categorise big data from technology fad to business advantage.
It added that the Australian big data and analytics market will grow from $US244.1 million in 2015 to $US585.1 million in 2019.
IDC industry analyst, Jaideep Thyagarajan, said big data's contribution to competitive differentiation for Australian businesses is undeniable, especially with social media and high device penetration presenting an enticing set of newer and richer data sources.
But to deliver results, there needs to be scaled out architectural capabilities, investments to develop the skillsets, and platforms and processes to keep in pace with the rate of data creation.
"Undoubtedly, big data presents an opportunity for retailers to leverage customer data and buying patterns to maximise revenues. While lack of data standardisation has inhibited big data investments in healthcare, legacy modernisation efforts have paid off for the public sector and investments are picking up.
"This enables the government to operate at a higher potential, thereby enhancing service delivery to citizens," Thyagarajan said.
IDC senior market analyst, Prabhitha D'Cruz, said simplifying data access is central to a successful big data implementation, and that channel partnerships play a key role in this process.
"While achieving optimal connectivity with accurate data points is key, partnering with an innovative technology partner is critical to have a scalable architecture and platforms for superior data aggregation and management.
"Reaping benefits from big data often involves cross functional collaboration within the enterprise to overcome fragmentary data silos."
However D'Cruz, said big data adoption levels are yet to reach that of cloud and mobility. She identified talent shortage as a key challenge that needs to be addressed within the big data industry.
"Data has always existed within organisations - mostly unorganised and inconsistent - which is inhibiting the use of data for driving innovation.
"As organisations continue to embrace third platform technologies, data will be leveraged as a strategic asset that will provide new opportunities for market expansion as well as monetisation," she said.
In addition, IDC identified the banking, retail and government sectors to have made impressive strides into the analytics domain, with an objective of driving market and competitive intelligence.
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