BIG DATA - Next Big Thing

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“Big Data” yes it’s a very big thing in the market. The term “Big Data” came to the world since 1990’s from John Masehey. What is “Big Data”,as the name say data which is very huge and beyond the ability of commonly used software tools to capture,curate, manage and process data with a tolerable elapsed time. In 2012 “Big Data”was recognized as marketing tool when mobile broadband and social media networks became familiar among people in early 2010’s.
In the corporate world, it also refers to the tools and processes by which the data is analyzed and presented in order for people to make decisions.

"Also Economist claimed that “the world’s most valuable resource is no longer oil, but data” (2017) the value was not only about the size, but also about how it is translated into valuable insights that would form the decision making processes."
     

Big Data is a combination of many characters and attributes but in simple big data can be defined using following attributes i.e., 6V’s

Volume : Large amount of data from multitude sources
Variety : Big data has mainly three variety of data, structured, semi-structed and unstructured.
Velocity : As the word says it defines the speed at which the Big data is been generated
Veracity : Veracity is nothing but the degree to which Big data can be trusted.
Value : It is nothing but the value of data collected for the business
Variability : Variability is nothing but in what different ways data can be used and formatted

Now comes the application of Big data, it has enormous application where almost all the fields of business has begun to use big data. Below are the few top applications of Big data
  • Travel
  • Education
  • Telecom
  • E-commerce
  • Media & Entertainment
  • Retail
  • Finance
  • Healthcare

Above image shows the amount of data collected per minute and it simply says the future of Big Data.It’s just a glimpse of Big data. I firmly believe that the big data, Data processing, and data science will become more vital in the upcoming years. In future probably it would be hard to find businesses which doesn’t use Big Data.


References:
boyd,  danah and Crawford, K. (2017) Six Provocations for Big Data. preprint. Open Science Framework. doi: 10.31219/osf.io/nrjhn.

https://www.business.com/articles/big-data-marketing/