Unleashing the power of Big Data
Posted by sharmaniti437 on June 12th, 2019
In the past few years, there has been tremendous increase in data, and companies are increasingly using data to make decisions. Organizations have moved from traditional decision making process to more accurate data-driven and growth-oriented processes. To further accelerate this decision making process, advance technologies have been introduced and better ones are in the making. According to IDC report, worldwide revenue for Big Data and Business Analytics (BDA) will reach 0 billion in 2022 and will continue to grow at CAGR 11.9% over the period 2017-2022. Consequently, this has also led to increase in demand for big data professionals.
The scale at which data is generated is humongous, as can be seen in the infographic.
Varieties of Big Data
Any information that is valuable to companies and can be used to derive actionable insights can be categorized as data. For the purpose of simplification, it can be categorized as –
Apart from the above varieties of data, technological advancements like tools such as Hive, Pig, Map Reduce are further making improvements to adapt to the requirements of the industry.
As the culture of data-driven decision making has pushed forward, companies are increasingly jumping to Big Data and building processes to get the best of it. Major reason, of course is explosion of data. To capitalize on this, fully defined Infrastructure and competent talent are utmost requirements, and SMEs and enterprises equally stoked to use it to full potential. It is continually improving and proven strategies are further improved to get better results.
How are the industries using the power of Big Data?
Globally, Big Data has been playing a significant role in economic transformation strategies. Coupled with data science and machine learning, it has opened new avenues of technological, social, and economic reforms which have the potential to take economies forward. Big data has also brought forward Industrial innovations which lacked thereof. In the future, as data continues to brim servers, companies will have more robust system to collect and analyze this data and be better at predictions and projections. Dependence on data-driven decision making will increase, and enterprises will have larger analytics teams driving processes.
Also See: Big Data, Data Driven, Unstructured Data, Social Media, Data, Big, Companies
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