In January of 2012, the Wall Street Journal deemed that the upcoming year would be the year of Big Data. Since then, Big Data has been the go-to buzzword for not only the technology industry, but all industries across the board.
Industry leaders in retail, pharma, finance, and manufacturing began to share their success stories of the millions of dollars saved through the use of Big Data. Executives from all sorts of industries began to grasp onto the buzzword repeating their biggest fear; “without Big Data, their company had no chance of survival.”
We have pulled together our Big Data predictions for 2014. You’ll find our first one in this post.
The following chart shows just how quickly the term Big Data hit on by analyzing Google Search trends over time. To view an interactive version of the chart go to Google Trends here.
Big Demand, Not Enough Talent
At the same time, another trend began to develop. Industries realized the talent pool for Big Data, whether it was collecting, analyzing, or managing Big Data, was clearly lacking. The cause was that no one really knew what Big Data actually meant. This lead to a whole new array of issues with headlines like these:“Big Data’s Big Problem: Little Talent”, “Big Data Facing a Big Talent Shortage”, and “Combating the Big Data Skills Shortage”.
Move to Subscription Recurring Revenue Business Model
At the same time that the talent deficit was being realized, companies were increasingly looking to create new business models to stay competitive and innovative in an increasingly competitive market across all industries.
One of the prime examples of major change in business models is Adobe with their creative suite. Adobe, previously known for developing high-end professional software costing many hundreds of dollars per license, switched entirely to a services model in May of 2013 that would allow for more recurring revenue with their creative cloud platform; creating a software model solely based on subscription-type services.
This subscription business model trend to create recurring revenue is becoming heavily abundant in the Software-as-a-Service (SaaS) model for companies as cost per seat is being replaced by cost per query or transaction.
Prediction #1: Data-as-a-Service (DaaS) is the Next Big Thing
These two factors lead us to our first prediction – Big Data-as-a-Service is the Next Big Thing. With the demand for Big Data continuing to increase and new business models that make a push towards recurring revenue through services, watch for Data-as-a-Service (DaaS) to become increasingly popular in all areas of Big Data.
Having the capability for a Data-as-a-Service offering will allow companies to leverage Big Data experts, without having to hire a full team internally. Additionally, as Data-as-a-Service becomes increasingly popular, watch for DaaS providers to develop subscription-type models to help build a base of recurring revenue. This in turn will allow organizations of all sizes to tap into the world of Big Data.