According to market research firm SMB Group, about 57 percent of medium-sized businesses currently use data analytics solutions, a number that is just 18 percent for small businesses. But experts believe those rates will be going up fast over the next few years — leading virtualization company Parallels, Inc., estimates that the market for cloud services to SMBs will be worth $95 billion as early as next year.

“The ability to evaluate and apply data has always been an integral part of an organization’s success,” said former Microsoft COO Bob Herbold upon giving a $2.6 million endowment for the creation of a data science program at his alma mater, Case Western Reserve University. “But the potential that exists today to enhance operations and outcomes is nearly limitless. Those who understand how data works and what it can yield will carry enormous advantage in the new economy.”

Forbes notes that data analytics can be especially useful in industries such as health care and retail, which can benefit greatly from the amount of data produced by the Internet of Things — 30 billion connected devices generating 40 trillion gigabytes of data by 2020, according to one forecast.

And MSPMentor points out how a growing number of companies are outsourcing their data management services to specialized providers. These companies have the resources and the expertise to mine data, gather real-time statistical information and identify emerging trends or even predict future tendencies. Through business intelligence analytics, companies can gain access to unprecedented market insights which can help them plan better business strategies, giving them a significant leg up on the competition.