Gartner defined big data in the year 2001 as “Big data is data that contains greater variety arriving in increasing volumes and with ever-higher velocity. This is known as the three Vs.” Big data is nothing but larger and complex data sets which are from new data sources. The size of this data is so huge that traditional data processing software cannot manage it.
In previous days, data used to be short and could be organized easily. With emerging technology, the data is turned into big data. There are various types of big data such as text, audio, and video. These data need to be processed in real time. Data which is related to internet and need to be displayed as an output in real time requires rocket speed processing. Big data not only store a large amount of unstructured data but also processed it.
Some companies might have data in terabytes and some might have in petabytes! Many known big data solutions USA help client organizations store huge amount of data in a sorted format. Organizations that deal with client data and has a huge clientele database requires big data. Not necessary that every time data is about clients.
Organizations use big data for strategy development too. Researches are done and the data captured is in huge quantity. This data is stored with the help of big data. This data is processed so that it offers a valuable output and contributes to strategy development. Many times, this data is about previous years and estimated numbers.
Statistics of big data:
- The annual revenue generated from global big data market is expected to reach 67 million US dollars in the year 2020. Source: Statista.
- IBM, SAP, Oracle, Hewlett Packard, and Accenture are the major providers of big data services.
- The estimation for the year 2017 stated that the mobile data traffic would reach 11 exabytes a month. 1 exabyte is equal to 1 billion gigabytes.
- In North America alone, the cloud computing traffic was forecast to reach 320 exabytes per month. This is too huge!
- This amount of data generation will increase with a rapid pace since latest technologies demand data-oriented approach. These technologies include machine learning, artificial intelligence, internet of things, augmented reality, virtual reality, mixed reality, etc.
- According to a report, a fortune 1000 company can get 65 million US dollars net income by just a nominal upsurge in data accessibility.
- Retailers can optimize operating margins by 60% with the help of big data. Source.
- As per a research, only 0.5% data is analyzed and used from the complete data available in the world! In this tiny percentage, the organizations are developing a lot. Just imagine what would happen even if we could be able to analyze and use 50% of overall data!
Where can big data be used?
- Product Development:
Big data can be used to anticipate customer demand. The data related to past products and services can be fetched using big data. This big data is used to give an idea of new product development.
The data has all the information about what customers like about the previous product and what they disliked. Considering these data, new product development is done.
- Customer Experience:
Every organization considers customer experience as a very serious matter. This data is used to track the quality of products or services. The main motto behind developing any product is to ensure it will help customers in a profitable way. Customer satisfaction is very important. Do you wonder how this data can be fetched?
Reviews and comments are the easiest way of getting this data. This customer experience data can be driven by social media comments, call logs, voice recordings, website visits, etc. It is extremely crucial to figure out the meaning of this data as it is in highly unstructured manner.
Big data not only store it but also process it and converts it into a valuable information. On the basis of this information, companies make changes and upgradations in the product or service.
- Fraud and Compliance:
Security is one of the most common and important concerns of organizations. Big data lets organizations detect patterns in data that indicate fraud. Regulatory reporting is made much faster with help of big data.
- Machine Learning:
Big data has a huge contribution in Machine learning. The ability of machine teaching has overtaken the traditional way of coding and programming. To train machines, big data availability is needed. A single sense recorded by the machines is added to big data.
- Supply Chain Management:
Might sound not so popular term but big data has a huge impact on the supply chain. With this big data, the organization not only track the available products and every minute detail about those products but also can predict future demand.
The market circumstances are never predictable. Hence, organizations need to predict and estimate the demand on the basis of current circumstances and future possibilities. This can happen with the help of Big data.
Let us see what are the trends that will elevate the big data influence in 2018:
- Intelligent apps:
App development companies are focusing more on intelligent apps. As we know, artificial intelligence is influencing mobile app development market rapidly; intelligent apps are not much different.
These apps can sense voice and images and can interact with humans. Sounds cool huh? Big data will be required in an important way since these apps will be capturing every minute detail about the user while interacting and this data will be stored and analyzed by Big Data technology.
- Visualization models:
Humans have greater ability to understand and process data in a visual format. If a person is asked to read a text, and same text is shown in a video or image format. The video impact will be higher. Big data is not limited to simply analyzing the huge large data but also representing it in a way humans will capture the data value easily.
- 2018 will overcome the issue of dark data:
Do you know the term dark data? Till now we were talking about data that is digitized. All the data on the systems and on the internet can be analyzed and offer valuable output. But what about the data that is not digitized?
In the year 2018, most of the undigitized data will become digitized. All the data that is stored in physical files or historical records or any other non-digital data recording formats will enter in the digi world. This will add a lot of scope of generating high-value data.
- Internet of Things:
As we know, internet of things is nothing but two or more devices interconnected and intercommunication through the internet. Any command passed by any device to another requires a medium.
The Internet is the medium here. Also, the data received needs to be analyzed and understood by the receiving device in a fraction of seconds. Big data will help internet of things to communicate in a better way.
Conclusion:
Mobile app development company and other technology-related businesses must consider these trends in big data and start implementing them. Gathering unstructured data is not the end. Structuring it and analyzing it is the main task done by big data.