Data is the next trillion-dollar industry, according to billionaire and Dell Chairman and CEO Michael Dell. In an interview last week with the Telegraph’s Sophie Curtis, he said:
“It used to be PCs and smartphones; now you have tablets and sensors and cars spinning out all kinds of telemetry data, and all kinds of machines and products and services becoming digital products.
Within all of those devices, you have a thousand times more applications, and the data is very rich.
If you look at companies today, most of them are not very good at using the data they have to make better decisions in real time. I think this is where the next trillion dollars comes from for our customers and for our industry."
Dell’s in the midst of a $67 billion, history-making tech acquisition with EMC and clearly trusts the enterprise information technology as a service (ITaaS) leader to store and manage a treasure chest of smart data.
And Dell isn't the only tech player betting on a hot data economy. A recent IDC forecast shows that the Big Data technology and services market will grow at a 26.4% compound annual growth rate to $41.5 billion through 2018, or about six times the growth rate of the overall information technology market. And by 2020 IDC believes that line of business buyers will help drive analytics beyond its historical sweet spot of relational (performance management) to the double-digit growth rates of real-time intelligence and exploration/discovery of the unstructured worlds.
But how will this growth be manifested and sustained? Businesses must apply certain principals to convert data into massive monetization. Based on a recent Gartner report, there are three key insights:
For certain, organizations world-wide have more leverageable power in their hands than ever before in history should they choose to take it. Monetization challenges will be faced as data becomes more and more the coveted asset on every balance sheet. Value propositions will be benchmarked and quantified like never before. And with cognitive big data and artificial intelligence the next frontier, what happens next is something in which we'll all be keenly watching and participating.