With the global data traffic expected to cross 100 Zettabytes annually by 2025, the global Big Data market is projected to reach $122 billion in annual revenue. The timing, the growth and the size of the market makes this one of the hottest opportunities of our generation.
Data and analytics platforms are inherently thick. It’s challenging for adoptees to understand functionality and benefits. Products in this space need to nail the onboarding process, develop an excellent knowledge base, and build intuitive interfaces with a great User Experience.
The market is hot, and startups can expect brutal competition from billion-dollar legacy companies like SAP, Microsoft and IBM. These players are slow to move, therefore adopting an agile and lean startup approach is something you’ll have to embrace early on.
Even though Big Data get a lot of attention from investors, it’s not easy to stand out from the crowd. Scaling data and analytics startups requires money, and whether you plan to raise capital or bootstrap, either option needs to be part of your initial product strategy.
Right now, 89% of CEOs and business leaders believe big data will revolutionize their business operations in the same way that the Internet did. 79% agree that if they don’t embrace Big Data, they will lose their competitive position and may even face extinction.
That’s a huge number, which demonstrates why it is an incredible opportunity for startups to take.
