With the tremendous amount of technological advancements that has been introduced and has changed the world in the years passed, the amount of information being created and stored on a global level has also grown enormously.
The large volume of data generated by different sources from business transactions, social media, to machines and equipment embedded with sensors is collectively known as “Big Data”. Although the term is considerably new for most of us, it has already started changing the overall landscape of different industries.
Curious to know more about big data? Join us as we’ve gathered eight of the most interesting facts about the most talked about concept in the tech industry today – The Big Data.
There are three sources for Big Data
SAS, one the key leaders in today’s advanced analytics categorizes the three main sources for big data:
Includes data that reaches your IT systems from a web of connected devices. You can analyze this data as it arrives and makes decisions on what data to keep, what not to keep and what requires further analysis.
Social Media Data
Includes data on social interactions is an increasingly attractive set of information, particularly for marketing, sales and support functions. It’s often in unstructured or semi-structured forms, so it poses a unique challenge when it comes to consumption and analysis.
Publicly Available Sources
Massive amounts of data available through open data sources like the US government’s data. gov, the CIA World Factbook or the European Union Open Data Portal.
More than 90% of data in the World today has been created in the last three years alone
Since the explosive of the internet and the rise of smartphones and advanced machines, the data volumes that are emerging each day has also grown incredibly fast.
According to an article by Peter Bae Brandtzaeg of SINTEF ICT, a “full 90% of all data in the world has been generated over the last two years.”
He strongly pointed out the massive research centers that have been developed by industrygiants Facebook and Google as the largest contributor to such overwhelming volume of data produced in the last couple of years.
Only 12% of data is being analyzed
A recent conducted by Forrester Research revealed that most of the organizations today can only analyze a total amount of 12% of the data they have on hand.
These means that they are losing a massive amount of valuable data-driven insights hidden inside the 88% of data they are not currently analysing.
The primary cause for the companies not being able to process most their data are the lack of capable analytics tools and “repressive” data silos, says Forrester. Also, the challenge of determining which data is valuable or not also adds to the complexity which makes it hard, especially for SMB’s to fully utilize the big data.
The Hadoop Market is expected to grow
The Hadoop, according to SAS “is an open-source software for storing and running applications on clusters of commodity hardware. It provides massive storage for any kind of data, enormous processing power and the ability to handle virtually limitless concurrent tasks of jobs.”
Business benefits from installing Hadoop into their system as it reduces the constraints they once had on storing and processing data.
The changing environment of Big Data pushes it to grow at a compound annual growth rate of 58% each year, and it is expected that the market for the said software will surpass $16 Billion by 2020.
Retailers could increase their operating margins by as much as 60%
Once the big data has been properly utilized, business tools such as pricing intelligence will become even more valuable for collection and analysis of data, providing shortcuts to turn data into valuable insights, and establishing useful benchmark data.
This tool for analyzing big data can help a business increase its operating margin by more than 60%; showing that big data can be the key basic of competition, addressing new waves of productivity growth, innovation an innovation.
1.7 Megabytes of information per second by the year 2020
By the year 2020, about 1.7 megabytes of new information will be created every second for every human on the planet. This huge stream of data poses a lot of challenges and opportunities both for businesses and consumers worldwide.
It will take a lot of workforces to put this data into a valuable information, but given with right tools and strategy, the information gathered can help streamline business operations and improve the overall customer experience of a company.
The total accumulated data by 2020 will grow to around 44 zettabytes
Like the actual universe, the digital universe also holds a massive amount of data, and by the year 2020, it is predicted to reach 44 zettabytes or 44 trillion gigabytes.
This massive amount of data is created by everyone using their smartphones, by the more than 2 billion people and millions of enterprises living their lives and doing their work online, and by millions of sensors and communicating devices sending and receiving data over the internet.
The emergence of Internet of Things
The Internet of Things is one of the frontrunners in today’s technology scene. It can change the landscape of nearly all industry throughout the world – making network technology possible in places where it is deemed impractical or unavailable.
By 2020, it is expected that more than 50 billion smart devices in the world will relate to each other all developed to gather, analyze and share data throughout all the people in this planet real-time.
Big Data, though sounds too intimidating, has a great potential that can help business to grow and improve their process is used properly. As what many experts would like to put it: The importance of big data doesn’t revolve around the amount of data, but what you do with it.
Knowing how to analyze the data related to your industry can help you save time and money, as well as to make a sound decision for your business.
Source from Digital Marketing Philippines