According to IBM Research, 90% of all human data has only appeared in the last 10 years. At this rate of data generation, in a hundred years, the line between physical and virtual reality may become so blurred that it will be impossible to distinguish them. Given current trends in 50% annual growth in information, physicist Melvin Wopson of the University of Portsmouth predicts that in about 150 years the number of bits will be equal to the number of atoms on Earth.
Today, the use of Big Data technology in business processes has become an integral part of the digitalization not only of individual corporations or industries, but also the economy. According to IDC (International Data Corporation) by 2020 the global market for big data will exceed $ 200 billion and in the future this market will grow exponentially given the overall growth rate of information in the digital world.
Five years ago, even large companies did not fully understand what to do with big data and what tasks they would help solve for business. Instead, all large companies are now actively using Big Data analytics. In the United States with this technology already works more than 55% of companies in various fields. In turn, in Europe and Asia, the use of big data is slightly lower – about 53%. As a result, over the past five years, businesses have tripled and used big data more.
Despite the fact that the Big Data market in Ukraine is just being formed, the prospects for its development seem simply impressive, taking into account the rapid pace of modern digitalization and the processes of the fourth industrial revolution, including the spread of the Internet of Things / Internet of All, artificial intelligence algorithms etc.
The pioneers of the implementation of solutions based on Big Data in Ukraine were mobile operators, who traditionally have a variety of information about their customers, and they began to actively use big data in creating their own services, as well as on their basis – products for other businesses in our country. In addition, large amounts of Big Data are managed by large retailers, banks and insurance companies in Ukraine, which are also looking for opportunities to monetize this array of information in working with their customers and clients.
Today, Big Data is actively used in various sectors of Ukraine – from the banking to the agricultural sector. Thanks to big data analytics, companies optimize their sales and logistics, get to know customers better, and as a result, develop personalized solutions and products for them.
This market, which is now being actively formed, will gradually be entered by more and more companies from different sectors of the Ukrainian economy, which in order to survive and adapt to the radical digital transformation and technological changes taking place in the world, are forced to use more and more business models, solutions and strategies based on big data analytics, artificial intelligence algorithms, etc.
In order to further develop and proactively respond to legislative, regulatory, technological and other changes taking place in the global data market in general and in Ukraine in particular, it is necessary to create a strong collaboration tentatively called the Ukrainian Big Data Initiative, which will eventually take on the role of key lobbyist and a promoter of the interests of the whole market both locally and internationally.
Andriy Zablovsky, Head of the Secretariat of the Council of Entrepreneurs under the Cabinet of Ministers
Translation: Liudmyla Lozhevych