The huge digital data volumes generated by the latest technological evolution can no longer be processed and interpretated via traditional means. Consequently, one has developed technologies allowing the processing, analysis and efficient and fast management of large and varied data sets available at the level of organizations – Big Data.
Big Data technologies transform traditional business models and the decision-making process, from the model primarily based on the experience of the decision-maker to the model based on the use of artificial intelligence and predictive analytics.
The use of Big Data technologies brings competitive advantages to companies, such as adjusting, in real time, the level of prices to the changes of the supply/demand, thus, ensuring the rebalancing of the demand and supply.
The Romanian data market (in which digital data are sold under the form of products or services) saw growth in the 2013-2019 period, with the average compound annual growth rate (CAGR) reaching 26.4%, way above the European average (CAGR 7.4%). This shows the orientation of the economy towards the use of Big Data technologies, the introduction of artificial intelligence and a continuous process of digital transformation Thus, the number of data suppliers has grown significantly, from approximately 2,400 in 2013 to 5,750 in 2019.
The survey also shows the suppliers of Big Data solutions are mainly foreign-held large companies, with or without presence, via branches/subsidiaries, in Romania.
Although the implementation of Big Data solutions brings benefits valid for any sector in which they were implemented, the investments in digitalization are significant, entail considerable resources, specialized staff and large periods of implementation.