Published Date : Jul 15, 2014
According to the McKinsey Global Institute, big data sets are those whose size is larger than the ability of regular databases software tools. This large size makes it storage, capture, analysis and management of such big data sets an unattainable task for typical database software tools. Like any other data, big data can also be broadly classified into structure and unstructured. The sheer size and complexity of such data requires a specialized analytical tool to be implemented. This is what makes big data an emerging frontier for innovation and development. Big data analytics has become a specialized field of study in itself.
Of course, the presence of such large datasets has been noticed increasingly over the last decade. But, it is now that the telecom market is faced with a credible threat of saturation, and hence needs to find new revenue models. Sustainability combined with profitability has to be the mantra for both startups and established players alike.
Why do telecom companies need big data?
According to market research firm Mind commerce, the telecom analytics market that is currently driven by big data would witness a 50% CAGR from 2014-19. And, by the end of 2019, the market research firm estimates the big data and telecom analytics market [http://www.marketresearchreports.biz/analysis/174419] to be worth USD 5.4 billion in terms of annual revenue.
As mentioned earlier, the telecom market is moving towards saturation. Growth could plateau in the next decade or so. If companies have to develop new revenue models and tap undiscovered opportunities, the time is now. For the telecom business to evolve, telecom companies are compelled to find ways to protect themselves from this impending churn.
This task is made easier considering that the telecom industry still has avenues for development, especially where new channels for telecommunication are concerned. Consumers are using large amounts of data, and in the process, leaving even larger data footprints. The intelligent analytics of such big data can take companies to the next level of the telecom industry.
Applications of big data and telecom analytics
Big data and telecom analytics isn’t limited to a specific application. It can be successfully used in industry verticals ranging from media, hospitality and retail, healthcare, financial services, utilities, homeland security and government operations, pharmaceuticals and healthcare, transportation, and other emerging industry verticals.
However, within these seemingly large swathes of data, it is the telecommunications companies that stand out. That’s because they have access to massive amounts of datasets - and hence, they enjoy a vantage point as far as the Big Data movement is concerned. This also makes telecom companies proponents of this movement. Consider this: on social networking site Facebook, the number of uploaded photographs exceeds 15 billion. In addition to this, 220 million new photographs are added per week.
The sources of data are many, such as: social media, audio and video files, surveillance, medical imaging, and mobile phones. Thus, there is an immense potential in big data technologies – and analytic solutions for big data. The end results of effective big data analytics are: improved customer satisfaction, a greater subscriber base, product and service innovation, new revenue opportunities, and mitigating the churn.
The future of big data and underlying opportunities
Currently, the telecom industry (as well as other industry verticals) is experiencing a phase of big data explosion. Mining this data effectively could lead to telecom companies making effective decisions in short time durations. The intelligence unit of the Economist found in a recent survey that 53% of companies use only 50% of their valuable big datasets. This problem can be addressed with the use of stable software solutions, which will further fuel the growth of the big data and telecom analytics market.
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