As the global appetite for big data continues to grow, opportunities are presenting themselves for companies operating in the test and measurement space.
As industries begin to view analytical systems as a strategic tool to improve efficiency, big data analytics are starting to gain serious attention for their potential applications in the world of test and measurement.
It is estimated that currently, only approximately five per cent of total test data gathered is being used – however, this trend is changing as companies recognise the significance of tapping into the vast sea of available information to gain actionable insights.
These are the findings from Frost & Sullivan, published in their report Global Big Data Analytics Market for Test and Measurement. In preparing the report, research analyst Apoorva Ravikrishnan found that research and development, risk management and asset management are the key applications in test and measurement where big data analytics are gaining traction.
“Real-time monitoring and preventive maintenance are also racing to the top of investment priorities across industries,” said Ms Ravikrishnan.
Despite this expanding scope, high initial costs will slow down the large-scale adoption of big data analytics to a certain extent. A number of firms prefer to stick to in-house systems managed by their own IT department rather than investing in advanced big data solutions for test and measurement.
“Transitioning from rigid analog systems to digitised, smart and automated technologies will be a critical factor for big data analytic vendors striving to strengthen test and measurement capabilities,” said Ms Ravikrishnan.
“Further, acquiring industry-specific expertise will differentiate analytic providers from the competition and quicken their rise to the top of the global big data analytics market for test and measurement.”
Benefits of implementing big data
By implementing big data analytics for test and measurement users can:
- Obtain real-time analytics for maintaining the structural health of safety-critical components
- Reduce product development time
- Ensure quality maintenance.
The report authors noted that a significant level of competition is expected in this space, and they noted that participants with industrial expertise would gain leverage if their target customers are Tier II and Tier III companies. This is due to the fact that Tier I companies tend to show a preference for working with information and communications technologies (ICT) companies such as IBM and SAS.
More information on the opportunities big data can offer companies in the test and measurement space can be found in the full report Global Big Data Analytics Market for Test and Measurement.
To purchase, head to ww2.frost.com.