MultiTaction Takes Big Data from Analysts in the Backroom to Executives in the Boardroom
Large video walls are quite a familiar sight in Museums, Retail, Manufacturing, and Entertainment venues, but the latest opportunity for interactive video walls is the corporate market.
In 2022, investments in Big Data will be stronger than ever
Big Data is on everyone’s lips as both the challenge and opportunity of the day with a promise that increased information could allow us to yield valuable insights and make better business decisions. According to Syncsort, initiatives involving the processing of massive data volumes for great insights are not going away.
According to Forbes, the growth prospects for big data are impressive. Advanced analytics tools can extract value from data and generate new business insights. In 2018, the global big data/business analytics market was valued at nearly $169 billion and is expected to increase to approximately $274 billion in 2022. In November 2018, 45% of professionals in the market research industry used big data analytics. Expert market research suggests that the market will grow to $450 billion by 2026.
A recent Gartner report says that investment in Big Data is up, but that the focus has shifted from Big Data itself, to the specific business problems it can solve.
This requires the ability to see the bigger picture. Our ability to manipulate data to gain insights is significantly reduced if we are unable to properly visualize the data. Furthermore, as the amount of data grows and our high-speed access to that data increases, the window through which we must interpret the data and seek insight is getting ever shorter.
The 5 V’s of Big Data
IBM refers to the four V’s of big data –
Volume (the amount of data),
Variety (different forms of data),
Velocity (the speed of streaming data) and
Veracity (the uncertainty of data).
However we believe that there is an important 5th V –
Visualization (the ability to see and interact with data).
Visualization is one of the main reasons that video walls are moving into corporate spaces.
Without visualization the ability to transform big data into business intelligence becomes an impossible exercise. You wouldn’t try to analyse Big Data on your iPhone, that’s like looking the wrong way down a telescope!
Adoption of large scale video walls by enterprises, represent a significant change in thinking because video walls allow you to see the big picture of your business on a single surface.
Big Data Investments Drive Demand for Interactive Video Walls
According to Forrester, enterprises that are focused on leveraging data analytics for business insights are twice as likely to be market leaders within their industries. These organizations understand that in order to realize the promise of Big Data, you must be able to touch the data, interact with it, and add value through socializing and collaboration.
A large scale interactive video wall from MultiTaction is the best way to see your business in its entirety, which means better business decisions.