Eighty-three percent of executives—more than two-thirds of whom came from insurance and IT, with the rest representing financial services companies—agree that business leaders must embrace big data and a data-driven paradigm of management or else be replaced by others who do, according to a new survey conducted by Knowledgent.

More than 70 percent of respondents believe big data is set to unleash a wave of innovation, which, 95 percent of the respondents also agreed, will drive mainstream management strategy from the bottom-up, leaving executives to embrace it as the wave comes.

Somewhat troubling, however, is the fact that 72 percent of respondents also agreed with the assertion that “for the most part, big data is a solution looking for a problem.” This suggests that many are looking for business cases to justify investments in the technology.

Lastly, 74 percent of executives expect the market of small technology and service contenders to shrink to only a handful of providers in the next three to five years.

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