Financial services and healthcare companies in the US are among the leaders in Big Data adoption—with financial services particularly ahead in terms of usage—and their data strategies are indicators of trends across the verticals. A July 2013 survey from data and analytics consulting company NewVantage Partners found that US executives from these industries reported that on average, 68% expected to spend more than $1 million on Big Data initiatives this year, while 19% said they would spend more than $10 million. And by 2016, half of execs expected to spend more than $10 million.
The study found that the sales and marketing departments were driving investments in Big Data, cited by 77% of respondents. Risk management, fraud and security was another set of business functions well served by execs investing in data, cited by 68%. In third place was a three-way tie between new product development and innovation, research and discovery, and IT and operational management, each cited by 64% of respondents. Read the rest at eMarketer.