|By Elizabeth White||
|December 13, 2013 09:00 AM EST||
1010data, Inc., on Thursday announced the results of its 2013 Big Data in Business Study, which aims to put in context the strides Big Data has made in 2013. 1010data commissioned the survey of 158 U.S. business executives across industry sectors to highlight which industries will see the most success with Big Data.
"This research shows that the business community has high expectations for Big Data, with most believing that it will reach its potential in the next five years," said Sandy Steier, co-founder and CEO of 1010data.
The study discovered that the majority of executives (79%) believe Big Data will reach its potential in the next one to five years. Finance, retail, consumer packaged goods, and manufacturing are considered the industries that saw the most success with Big Data in 2013.
While businesses are optimistic about the prospect of leveraging Big Data, they also admit that there are sound reasons why companies are holding out on using the large and complex data sets for business projects. The most popular reason (62% of executives) is lack of education as companies require more education on how Big Data solves business problems.
Reasons companies are holding out on using Big Data, include:
- Need more education on how Big Data solves business problems (62%)
- Need Big Data solutions to better address the needs of business users (53%)
- Need more time to value Big Data (47%)
- Need simplified solutions for Big Data with fewer moving parts (49%)
- Need prices for Big Data solutions to come down (40%)
When it comes to Hadoop, executives admitted they had concerns about Hadoop's complexity when solving business projects and were worried that the recently launched Hadoop 2.0 does not adequately address the underlying problems with the technology. The executives also believe that alternatives to Hadoop may be better for solving business problems.
When asked about Hadoop 2.0 the executives admitted they were still concerned about deploying Hadoop-powered solutions, naming security and reliability as their top concern, followed by the expense of implementation and maintenance.
Executives believe alternatives to Hadoop (like those offered by 1010data and MongoDB) are better for business. The top reasons cited were:
- Simplified data integration (42%)
- More affordability (35%)
- Faster query speeds (34%)
- Generate faster time to results & value (34%)
- Better tailored for business needs (33%)
- More advanced analytics (26%)
- Greater scalability (21%)
- Give the ability to do data mash ups (18%)
- No coding is required (15%)
About 1010data's 2013 Big Data in Business Study:
The study was commissioned by 1010data and fielded by uSamp. uSamp's online market research panel consists of 12 million highly responsive and diverse panelists worldwide with 12,000 new registrants per day, including mobile survey panelists. They are able to reach niche panelists across any demographic from 90+ countries in North, Central and South America, Europe, Africa and Asia Pacific.
The participating executives ranged from managers (36%), C-Levels (26%), directors (17%) and vice presidents (5%). The executives came from a range of company sizes, including: those under $50 million (17%), $50 million to $100 million (18%), $100 million to $500 million (29%), $500 million to $1 billion (21%), to over $1 billion (15%).