Finding the Face of Your Data There’s been an explosion in data assets Growth of the “digital universe”1 Data overload in context2 40,000 1 EB = 1 billion gigabytes x70 30,000 20,000 10,000 Exabytes 2009 2020 IDC estimates that “tagged” information accounts for only about 3% The amount of information generated by humanity during the first of the digital universe, with analyzed information at 0.5%. The value day of a baby’s life today is equivalent to 70 times the information of big data technology lies in exploring the “untapped pools.” contained in the Library of Congress. Enterprise expectations are as big as the data Big data spending forecast by component3 50 Compute 31% CAGR Storage 40 Networking 30 Infrastructure Software SQL Database Software 20 NoSQL Database Software Application Software 10 Professional Services Billion Dollars Xaas 2011 2012 2013 2014 2015 2016 2017 According to a Wikibon study, big data spend will shift from infrastructure and middleware to value-add services and software during the next five years. Infrastructure, middleware, and technical services will likely become increasingly commoditized as they mature and common standards are adopted. We also note that this study did not include the costs associated with the business and domain experts’ time – a critical element of actionable insight. Taking advantage of data requires new tools ... Traditional and non-traditional value in data Data diving Pattern finding In taking advantage of new data assets – The other side of that same coin, from internal, external, structured, and seeking and patterning for previously unstructured data – and analytics tools, unasked and unanswerable questions, the most common form of value is realized is less common, but potentially more through exploiting deeper detail for new important to the enterprise. and better answers to current questions. Expanding the data analytics toolbox NoSQL market4 4 3 21% CAGR 2 1 Visualization Natural language Billion processing dollars 2013 2014 2015 2016 2017 2018 The worldwide NoSQL market is expected to reach $3.4 billion by 2018. The market has shifted from community- to application-driven as venture capital funding, mergers, and product offerings increase. 5 Ontology discovery Machine learning Hadoop & MapReduce ecosystem software market 1000 750 60.2% CAGR 500 250 Quantitative modeling Text analytics Million dollars 2011 2012 2013 2014 2015 2016 In order to extract both types of value from data, new techniques and An IDC forecast taking into account software, maintenance, and tools are likely required. They may sound esoteric and academic, but software-as-a-service revenue predicts the Hadoop and MapReduce they are enterprise-caliber and now fundamental. ecosystem software market will reach almost $813 million by 2016. However, other experts say this estimate is conservative, underestimating growth in cloud-based offerings and not fully considering all the positive externalities – that “every sale made, fraud thwarted or page view generated thanks to Hadoop means a healthier economy.” ... As well as new team members with specialized skillsets Google Trends: Searches for “data scientist”6 LinkedIn: Analytics & data science job growth7 100 0.1 Peak 80 0.08 60 0.06 40 0.04 20 0.02 Search Percentage of interest job starters January 2011 July 2013 1990 2010 Using these new tools and techniques may require skills such as data science, creative design, and cultural anthropology, which you may not already have in the enterprise. New team members with these capabilities should represent a blend of technology and business domain expertise. The new job title with the most fanfare has been the data scientist. A profile of 12 leading data scientists Letters represent individuals, colors represent current titles, circle size represents number of individuals. Consulting Entertain- Health Telecomm. Internet ment M INDUSTRY F G L C K A B D J E H Director Business of data & analyst Data scientist analytics CURRENT TITLE A C D E F G H B M J K L PREVIOUS JOB Researcher, Director Product Director of Owner of data & Business Data Software manager Research analytics analyst scientist engineer CE J B A C F D H G K L M EDUCATION Statistics Economics Information Engineering & Math & Finance systems Chemistry Business Computer & Physics science Harvard Business Review recently called the data scientist the “Sexiest Job of the 21st Century.”8 But, finding data scientists and data professionals with both IT and line-of-business knowledge can be difficult. The diagram above shows the career paths, industries, and educational backgrounds of 12 leading data professionals aggregated with publicly available social network information. BOTTOM LINE The right balance of people, data, and computing power can reveal questions that previously couldn’t be answered – or even asked – to enhance data-driven business decisions and actions on insights For more information please visit www.deloitte.com/us/techtrends2013. SOURCES 1 IDC, “The Digital Universe in 2020: Big Data, Bigger Digital Shadows, and Biggest Growth in the Far East,” December 2012. 2 Rick Smolan and Jennifer Erwitt, The Human Face of Big Data (Against All Odds Productions, 2012). 3 Kelly, J. Big Data Market Forecast by Component. Retrieved July 31, 2013, from http://wikibon.org/wiki/v/ Big_Data_Vendor_Revenue_and_Market_Forecast_2012-2017. 4 NoSQL Market Forecast 2013-2018, http://www.marketresearchmedia.com/?p=568 (September 11, 2012). 5 Derrick Harris, All aboard the Hadoop money train, http://gigaom.com/2012/05/07/all-aboard-the-hadoop-money-train (May 7, 2012). 6 Google Trends, http://www.google.com/trends, accessed August 7, 2013. 7 Gil Press, A Very Short History Of Data Science, http://www.forbes.com/sites/gilpress/2013/05/28/a-very-short-history-of-data-science (May 28, 2013). 8 Thomas H. Davenport and D.J. Patil, Data Scientist: The Sexiest Job of the 21st Century, http://hbr.org/2012/10/data-scientist-the-sexiest-job-of-the-21st-century (October 2012). This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. 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