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With immense growth in technology, financial institutes, skyscrapers and malls, one can find that the number of consumers have increased exponentially in the Middle East over the past few years. Reports suggests that 91% of the population comprises of expats in UAE enjoying high salaries and tax free benefits.
Moreover, the options to spend your money have gotten bigger and better with UAE working towards the initiative to build Smart Cities setting strong infrastructure fundamentals in future. The trend to market anything and everything to consumers has gradually shifted to attract customers with personalized services. In order to achieve that, businesses need to collate, maintain and manage the BIG volumes of DATA to provide efficient and effective service and engage them further to boost up revenues.
With each company wanting to cater real time promotions, it’s challenging to get such large volume of data in a structured way , able to read and analyze it and finally use it to implement new marketing strategies, product development or for better customer service.
So, the next question that arises is how do these companies always come up with exactly what you want?
The answer being BIG DATA. Big Data comes from your mobile phones, Facebook likes, You Tube sharing, emails, pdf files, white paper downloads, sensor chips embedded in your car and much more. The insights gleaned by big data can create BIG opportunities deepening customer engagement, optimize operations, mitigate risks, and capitalize new sources of revenues. Big Data is slowly gathering its hold in Middle East with IT companies providing solutions in retail, banking, hospitality and oil and gas industry improving business performance, underpinning new opportunities for growth. Penetration reached through analyzing transaction data, social sites, foot traffic and in-store checkout wait times have led to shifts in decision making and in-store tactics.
Consumers will be using 15 times more data by 2017 than they do today. There will be 3 billion smartphone subscriptions, 5 billion mobile broadband subscriptions and 9 billion mobile subscriptions. By 2020 there will be 50 billion connected devices worldwide according to one research done by Ericsson earlier this year.
According to IBM, “Big data is so big, in fact, that 90% of it was created in the past two years alone”.
Big players like IBM, EMC etc have already recognized UAE as a potential market for Big Data and are trying to penetrate further with better technology and services. Research done by EMC stated that companies in UAE are increasingly seeing the transformative benefits that are achievable with Big Data analytics technology.
Focusing on such knowledge sharing and networking, Dubai will be hosting Smart Data Summit 2014 on 19th and 20th May, 2014. Connecting senior executives and decision-makers from medium to large organizations across the Middle East region, Smart Data Summit are for those dedicated to making the most out of their valuable data assets leading to better management decisions.