Two-thirds of organisations see Big Data analytics as a competitive edge on their rivals, according to a global report from outsourcer Capgemini.
The study, Big & Fast Data: The rise of Insight-Driven Business', found that 64 per cent of enterprises from North America, South America, Europe and Asia-Pacific acknowledged Big Data as something "changing traditional business boundaries", with emerging companies using analytics to try and jump ahead of incumbents.
A quarter of the 1,000 respondents said they were facing competition from such newcomers in their industries, and 53 per cent expect more from start-ups utilising Big Data.
John Brahim, head of Capgemini insights & data global practice, stated: "We have reached an inflection point in the market. Information is at the heart of every business decision and companies need to fully embrace the opportunities of Big Data or risk losing out in the market place.
"Our research has identified that while some organisations are using Big Data to reduce cost and improve existing performance, others are using it to drive into new markets and ultimately to monetise data in its own right."
More than half (59 per cent) of respondents acknowledged that data analytics is now vital to a company's market value, with 43 per cent restructuring in an effort to make the most of Big Data.
"With 90 per cent of all the data in the world created in the last two years and 80 billion sensors activated by 2020, organisations must build for Big Data business models and insight economies," added R "Ray" Wang, principal analyst and chairman for Constellation Research.
"Success requires the mastery of data to decisions. The ability to ingest all types of data, transform data to information, surface up insights and take action on insights will enable organisations to create disruptive business models."
Get the ITPro. daily newsletter
Receive our latest news, industry updates, featured resources and more. Sign up today to receive our FREE report on AI cyber crime & security - newly updated for 2023.
Caroline has been writing about technology for more than a decade, switching between consumer smart home news and reviews and in-depth B2B industry coverage. In addition to her work for IT Pro and Cloud Pro, she has contributed to a number of titles including Expert Reviews, TechRadar, The Week and many more. She is currently the smart home editor across Future Publishing's homes titles.
You can get in touch with Caroline via email at email@example.com.