Big Data, Bigger Opportunity
Maybe you've heard the term "Big Data"–regardless, you'll want to check out this BIG infographic (source: Get Satisfaction). The term refers to data sets of sizes surpassing what current storage tools can typically accommodate.
A few highlights:
- Projected growth of data generated globally per year: 40%. Projected growth in IT spending: 5%.
- 15 out of 17 sectors in the United States have more data per company than the US Library of Congress.
- The 5 sectors that stand to benefit the most from capturing, analyzing, and utilizing big data (potential worth of that data):
- R & D ($108 billion), Clinical ($165 billion), Accounting ($47 billion), Public Health ($9 billion), and New Business Models like aggregation of patient records, online platforms and communities ($5 billion).
The opportunity: data explosion = demand explosion. Specifically, demand for:
- Talent: In a growing number of instances, there is a lack of skilled labor to mine and manage big data. The need to properly analyze data to make informed decisions is a demand that will grow along with the spike in data availability.
- Legal Support: because data can so easily be copied, intellectual property and copyright issues must be addressed, both immediately and far into the future. This will require the full attention of policy makers and information professionals knowledgeable in digital copyright issues and trends.
- Research: big data means big implications across multiple sectors. Use of inaccurate data will have serious repercussions locally and across the globe. Human talent will be crucial to making sure big data is managed properly, filling any holes before the data is released for widespread use.
View the full report here (source: "Big Data: The Next Frontier for Innovation, Competition, and Productivity." US Bureau of Labor Statistics / McKinsey Global Institute Analysis).
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