Big data is fast emerging as a force, driving performance across various sectors in the United States and abroad. Big data, coupled with data analytics, is assisting companies in streamlining their businesses like never before. Investors who seek to make the most of this rising trend should consider investing in big data companies.
Global Big Data Market’s Impressive Outlook
According to a Research and Markets
report, the global big data market was worth $31.93 billion in 2017 and is expected to reach $156.72 billion by 2026 at a compounded annual growth rate of 19.3% during the 2017-2026 forecast period.
Investments in big data analytics software, hardware and services are only expected to grow ahead, owing to the vast amount of data created and consumed worldwide. This widespread adoption of big data analytics is a major tailwind pushing the global big data market today.
VIDEO Big Data Boosts Business Performance
In order to understand why investments in big data are going to be fruitful, the massive application of big data and how it increases business performance and generates better revenue across various sectors is paramount.
First, big data along with data analytics technology helps in managing enormous amounts of information, thus making it easier for companies to take decisions. Data-driven activities can be highly profitable because these take targeted steps. These actions comprise product development, cost management, in-depth customer research and competitive analysis. Businesses get a significant push with product and services development since data analytics also offers operational intelligence, making troubleshooting far more convenient.
Second, big data analytics can pump up a company’s marketing strategy, helping it build a personal relationship though personalized communication. This is a key performance booster for businesses — after all, better customer relationships mean more business.
Third, with cyber crimes on the rise, big data is a definitive solution to fight fraud in online transactions. Big data allows businesses to safeguard sensitive information by using technologies such as natural language processing, video recognition, speech recognition, automation and machine learning.
Finally, big data applications and strategies across sectors are highly customized to meet the specific sector’s demands and thus ensure better products and services delivery. How? Taking a closer look, one can note that big data allows retail companies to understand customer activity better and offer deals to retain them. In the manufacturing sector, faster problem-solving boosts productivity. In case of the financial sector, risks and fraudulent transactions are minimized, thus leading to increased efficiency.
What is Pushing Big Data’s Exponential Growth?
Big data, along with analytics, has the ability to explore and manage massive streams of unstructured data has given it an edge in a world where information forms the basis of all transactions. Widespread digitization and the rise in number of smart phones and apps are also essential factors fuelling the need for data-driven decisions. Advancement in AI and machine learning are major catalysts as well.
In addition, the emergence of technologies such as IoT, which is a system of physical devices connected via internet, are increasing demand for big data. IoT relies on how effectively the connected devices communicate with each other. Big data coupled with data analytics help in doing just that through data gathering, analysis, sharing and transmitting it in real time.
We have selected four investment-worthy companies that are carrying out relevant work in the field of big data and data analytics and are therefore poised to gain from the aforementioned factors. Each stock carries a Zacks Rank #1 (Strong Buy) or 2 (Buy).
MongoDB, Inc.’s ( MDB - Free Report) operates as a general purpose database platform. The company’s NoSQL database can support many big data systems, both in real-time operations and when offline. MongoDB helps companies gather insight with ease, thus creating organizational value.
MongoDB carries a Zacks Rank #1 and its Zacks Consensus Estimate for current-year earnings has risen 24.6% in the past 60 days. MongoDB has returned 59.2% on a year-to-date basis. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Microsoft Corporation’s ( MSFT - Free Report) Azure Databricks is designed to simplify analyzing large volumes of data spread across several computer structures. The company’s Azure cloud platform forms the basis for AI revolution and big data.
Microsoft carries a Zacks Rank #2 and its Zacks Consensus Estimate for current-year earnings has risen 52.6% in the past 60 days. Microsoft has returned 23.6% on a year-to-date basis.
Accenture plc ( ACN - Free Report) , along with Hortonworks, helps clients across industries to acquire advanced decision-making capabilities. The company also improves clients’ business outcomes through business insights using big data.
Accenture carries a Zacks Rank #2 and its Zacks Consensus Estimate for current-year earnings has risen 1.5% in the past 60 days. Accenture has returned 23.4% on a year-to-date basis.
Domo, Inc. ( DOMO - Free Report) helps clients make sense of vast amounts of data by structuring it into manageable insights on an intuitive platform. It makes decision-making faster for corporations, thus creating revenue opportunities.
Domo carries a Zacks Rank #2 and its Zacks Consensus Estimate for current-year earnings has risen 1% in the past 60 days. Domo has returned 83.2% on a year-to-date basis.
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