- The global insurance industry is forecast to spend approximately $2.4bn (£1.9bn) on big data in 2018 as firms increasingly look to improve claims processing and fraud detection. That is according to a new report from research and consultancy firm SNS Telecom & IT, which also predicts that big data investments will hit nearly $3.6 bn by the end of 2021. Led by a plethora of business opportunities for insurers, reinsurers, insurance brokers, Insurtech specialists and other stakeholders, these investments are further expected to grow at a CAGR of approximately 14% over the next three years.
- In an era of accelerating digital disruption, 57% of enterprises are using data and analytics to drive strategy and change, according to MicroStrategy’s Global state of enterprise analytics survey. Use of data is on the rise, but more than one-fifth of users surveyed in a global study by MicroStrategy admitted they could be doing more with analytics. The study, based on a survey of 500 analytics and business intelligence professionals across Brazil, Germany, Japan, the UK and the US, found that data privacy and security concerns are key challenges for organizations around the globe. Almost half of the respondents said these concerns are holding their organisation back from using data more effectively. The UK has slightly more chief data officers than the global average, which helps drive strategic initiatives – but security is still seen as a In the UK, 65% of respondents said they use analytics to drive strategy, compared with the global average of 57%. Significantly, the UK appears to have more CDOs (60%) than the global average (57%), which may account for the greater bias towards the strategic use of analytics. Japan reported the highest use of advanced and predictive analytics at 60%, while 54% of UK users said they used such techniques, and in the US, 49% said the same.
- Data Analytics Outsourcing Market Grow at a CAGR of 30.25% by 2017-2021 as per a report by Technavio,
- Website of IRCTC, a subsidiary of the Indian Railways, is one of the biggest e-commerce portal in India so much that around 1.2 crore (~ 12 million) tickets are booked on the IRCTC website every month. The website has around 3 crore registered users and about 60 million visits every month. That’s around 2 million site visitors every day, and IRCTC issues 700,000 tickets on average each day, which adds up to massive 100 terabytes of passenger data piled each year — name, age, phone numbers, gender, meal preferences their income bracket, if they have a physical disability, or fall under the defence quota.