The outbreak of COVID-19 has severely affected all aspects of human life, sharply impacted the global economy, and has put a massive strain on the global health system. In a bid to contain the pandemic, businesses and leaders at all levels are leveraging big data and analytics tools, among other solutions, to lower the impact of the virus. They are using AI-powered platforms, big data analytics and data visualization tools to envisage the future of the epidemic, track the real-time spread of the virus, find out remedies against COVID-19, and more.
For instance, scientists in Kazakhstan have created a simulator to foresee the impact of policies on the spread of COVID-19. Developed by researchers at Nazarbayev University, the simulator used real data based on experiences in China, the Diamond Princess cruise ship, Lombardy in Italy, and Kazakhstan’s own transport networks, to model the spread of the virus. On the other side, BlueDot, a Canada-based company reportedly was the first company unearthed the news of the outbreak in late December 2019 using data analytics and AI. Johns Hopkins University first shared an interactive dashboard that is used for tracking real-time data on coronavirus cases, deaths, and recoveries.
Many other organizations also have started to use big data analytics technologies to expedite drug development against COVID-19 and better understand how the immune system defeats the virus. Pharmaceutical companies GlaxoSmithKline (GSK) and Vir Biotechnology, for instance, joint forces to advance coronavirus treatment development using AI and CRISPR.
So, what are the factors driving and limiting the global big data analytics market?
The unprecedented surge in volume and complexity of data generated by increased use of smartphones, smart and connected devices, and the internet of things is leading the big data analytics market worldwide. There are over 2.5 quintillion bytes of data generated every day through every click, share, search, and stream, proliferating the demand of big data analytics solutions. According to Analytics Insight analysis, the global market of big data analytics is forecast to grow at a CAGR of 10.9 percent from US$179.6 billion in 2019 to US$301.5 billion in 2023.
However, the rapid development of data produced by IoT devices is also opening new windows of opportunities to an entirely new field of study for data analysts around the world.
In order to make data-driven decisions and deliver effective services, businesses, policymakers, government entities and others across the globe are realizing the operational advantages of using big data analytics. In addition to this, amplified investment from government and intelligence (G&I) and healthcare sectors to manage the pandemic will drive the market in the post-pandemic world.
Undeniably, data is the fuel of today’s organizations, but data alone cannot deliver all of the answers they need. Business leaders require meaningful insights to make an actionable path so they can optimize and fiddle with the business to garner maximum outcomes. But major restrains that can impede overall market growth of big data analytics are also need to consider to achieve better results.
The market can be restrained due to shortages of data professionals that will cause the availability of resources need to drive big data analytics initiatives within an organization. The decline in customer spending on the technology as budgets get dampened or diverted to meet urgent operational needs in the time of crisis also hinders the overall market growth. Thus, the post-coronavirus impact can be a catalyst of both driver and restrain to the overall growth of big data analytics globally.