By now, everyone has heard of Big Data and the wave it has created in the industry. After all, it’s always in the news – companies across various sectors of the industry are leveraging Big Data to promote data-driven decision making. Today, Big Data’s popularity has extended beyond the tech industry to include healthcare, education, governance, retail, manufacturing, BFSI, and supply chain management & logistics, to name a few. Almost every enterprise and organization, big or small, is already leveraging the benefits of Big Data.
According to Gartner, “Big Data are high volume, high velocity, and/or high-variety information assets that require new forms of processing to enable enhanced decision making, insight discovery, and process optimization.”
In essence, Big Data refers to datasets that are too large or complex for traditional data processing applications (for instance, ETL systems). It is characterized by three core features – high volume, high velocity, and high variety. Rapid development and adoption of disruptive technologies (AI, ML, IoT), rapidly-growing mobile data traffic, cloud computing traffic, and high penetration of smartphones, all contribute to creating an ever-increasing volume and complexity of large datasets.
Since the advantages of Big Data are numerous, companies are readily adopting Big Data technologies to reap the benefits of Big Data. Statista maintains that the global big data market will grow to $103 billion by 2027, with the software industry leading the Big Data market with a 45% share. While the global Big Data and Business Analytics market was valued at $169 billion in 2018, it is estimated to rise to $274 billion by 2022. In 2018, nearly 45% of professionals in the market research industry used big data analytics as a research method.
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Table of Contents
- Advantages of Big Data
- Cost optimization
- Improve efficiency
- Foster competitive pricing
- Boost sales and retain customer loyalty
- Innovate
- Focus on the local environment
- Control and monitor online reputation
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