Big Data is everywhere. Everyone is talking about Big Data. It is like the buzz in the IT world just like Ed Sheeran in the world of music. The term itself explains its vastness and makes us ponder how big Big Data is. Quite literally, big data refers to large, rather extremely large sets of data.
Big Data is basically a huge amount of information and data generated by various business activities, via various sources such as retail point-of-sale terminals, social media, mobile, bank ATMs, and YouTube videos, etc. Big data essentially contain vital information that when deciphered properly can give insights to drive business growth.
With more and more businesses robustly switching to digital, both individuals and corporates are generating large pools of information that contribute to Big Data. As a result, the scope of Big Data in the world of analytics is constantly evolving to redefine itself every day. The Big Data market is expected to grow from USD 28.65billion in 2016 to USD 66.79billion by 2021, at a CAGR (Compound Annual Growth Rate) of 18.45%. From healthcare to real estate, to social network, to travel, to the Olympics, Big Data is the buzzword.
Now that we know that Big Data is really big, let’s look at it to understand what is so big in it.
What’s the Big Deal About Big Data?
Big Data reveals unexpected insights that can draw huge profits to a business. Piles of data are available today to quickly gain insights into real business results and businesses are increasingly gearing up to maneuver these data.
The rise of unstructured data such as photos and videos has fostered a new breed of non-relational databases, enabling them to unveil their own structures, patterns, and trends. This engendered the notion of migration from merely collecting data to connecting it, which has tremendously benefitted businesses to draw better inferences and relationships between datasets, deriving actionable insights for better enterprise decision making.
Therefore, enterprises are looking to effectively capture, process, store, search, share and analyze these abundantly available data. However, taming Big Data needs sophisticated technologies and a certain amount of expertise, owing to its vastness and complexity.
Big Data analysis can reveal hidden correlations between two data points and can uncover trends or other insights that can be used to market products and services to customers, anticipate demand, or improve performance.
Although it is not so easy to point out one single reason for the springing of Big Data revolution, it would not be unfair to attribute the emergence of the phenomenon of Big Data as we know it today an array of factors such as the increasing amount of digital data at disposal, inexpensive data storage options, and advanced computers.
The number of industries moving towards accommodating Big Data practice is rising exponentially. Whether it is considering ambulance GPS information with the records of the hospital to identify the correlation between response time and survival or comparing utility meteorological data to spot trends and efficiencies, they are all various utilities of Big Data.
The impact of Big Data spans across different industries. It is believed by industry experts that drawing value from data will extend beyond devices, sensors, and machines and also include all data produced by server logs, geolocation and data from the Internet.
Big Data technologies such as Hadoop and cloud-based analytics also help in significant cost reduction, improve business efficiency and drive customer satisfaction through better understanding. Every company utilizes data, in some way or the other. The more efficiently an organization uses its data, the more potential it has to thrive. Big Data delivers transformational benefits and enables enterprises to outperform competitors in almost all possible financial metric.
Related Read: How to become a Big Data Developer
How Big Data Can Help
Leveraging Big Data wisely can benefit businesses in several ways. An efficient usage of Big Data can help organizations:
- Gain competitive advantage
- Discover new revenue opportunities
- Increase profitability
- Optimize demand and supply chain (predictive manufacturing)
- Drive innovation and improve product development and quality
- Enhance customer service
- Drive operational efficiencies/process optimization
Big Data can help you tailor your marketing and promotion to individual consumers by gathering a complete picture of their movements, interests, and behavior from their smartphones and social media updates. Additionally, Big Data analytics on machine sensor and log data makes it possible to strategize preventative measures so that production lines and IT systems are never compromised.
Working with Big Data is not a cakewalk. The key to success is to move from discovering insight to implementation and institutionalization. In today’s era of fierce competition, Big Data has moved from the “nice to have” to the “must have” technology.
There is an enormous potential that Big Data technology holds to the development of the world as well as our lives. Big Data can help build smarter cities, create greater academic learning, make faster medical breakthroughs and more efficient use of enterprise resources. The future of Big Data certainly looks bright.
Already millions of jobs have been opened up for Big Data professionals and many more would open up in the years to come. However, in order to take full advantage of this potential, it would be essential that a smart combination of technology, skill sets, planning, processes, and understanding of industry application is used to harness and use Big Data to its fullest.
Also Checkout – The Best Big Data Certifications Available