Outsourcing opportunity: big data is still big
Recently, Globally Cool conducted a market intelligence study for CBI on outsourcing. As we dived into the world of IT and services we came across some interesting and current opportunities that we are happy to share.
An increasing number of European companies continue to adopt big data services in an attempt to maximise the benefits associated with the big data revolution. It should come as no surprise, then, that the data market is growing at a rate of 16% annually and is expected to exceed €107 billion in 2020.
As the internet of things is on the rise, machine learning and artificial intelligence keep developing and the potential of 5G becomes clearer, it is expected that the number of people and consumers using internet and online devices will keep growing and that data volumes will continue to increase. This all means that the full potential of big data is yet to be unleashed and that the future is promising for services and tools that are able to collect, process and analyse data.
Opportunities data collection services
Particularly (cloud-based) data collection services and tools offer opportunities. Not only are data collection services and tools in high demand, but data collection procedures are also relatively standardised and do not require complicated analytical skills. This makes them a relatively easy service to offer.
A study by Harvey Nash/KPMG, the CIO survey 2018, revealed that big data and analytics expertise is the number one skill in short supply and has been for four years in a row from 2015 to 2018. The combination of increased demand with shortage in supply of big data professionals means there are opportunities for those service providers offering big data related services.
Issues of data security and privacy
Despite the endless opportunities, be mindful that, as the volumes of available data increase, so do the issues of data security and privacy. There are increasing challenges to protect data from cyberattacks and intrusions. Organisations and governments are, therefore, increasingly taking measures to make sure that privacy and security are addressed. These will need to be carefully considered by service providers targeting the European market.
This article has been written by Globally Cool on behalf of CBI for the CBI Outsourcing (ITO/BPO) series of Market Intelligence studies.