What is the concept of Big Data?
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Big data refers to the process of harnessing massive amounts of structured and unstructured data through various technologies, including sensors and network grids. It has been rapidly evolving due to the internet, with significant growth projected in areas like banking and healthcare, and its applications range from targeted advertising on social media to advanced analytics in sports and healthcare. The full potential of big data remains largely untapped, with future developments expected to transform technological perceptions.
What is the concept of Big Data?
- 1. WHAT IS THE CONCEPT OF BIG DATA? Big Data is the process of harnessing massive Data – structured or unstructured via the means of sensors, actuators, embedded software’s, & network grids.
- 2. WHAT IS DATA? I am sure we all know what is Data? For those who don’t know, let us understand what is Data? Data can be any information, statistics or facts accumulated by references or analysis. Data can be in any form be it structured or unstructured. Unstructured data, also termed as “raw data’ is the data which is in its most basic form which when processed or analyzed can provide valuable information that can enhance business value or influence strategic business decisions.
- 3. WHAT IS BIG DATA? Big Data is the process of harnessing massive Data – structured or unstructured via the means of sensors, actuators, embedded software’s, & network grids. This harnessed data is in its most basic form that is later processed or analyzed which according to Merrill Lynch & Co., A wealth management division of ‘The Bank of America’ comprises of 80-90% of potentially usable business information. According to IDC big data will grow from $130.01 billion in 2016 to around $210 billion in 2020 at a CAGR of 11.9% specifically banking sector with 13.3% CAGR will see the fastest investment growth followed by insurance, healthcare & security/investment services at a CAGR of 12.8% respectively. Data monetization will be a major source of revenue, as it is estimated that the world will generate around 180 zettabytes (18 trillion gigabytes) of data by 2025.
- 4. DAWN OF BIG DATA Big Data as we know it today has been into existence since ages the process of collecting data & information has been their even before the existence of computers or internet. however, the process of storing and analyzing this data has seen a gradual evolution, but things sped-up during the last century with the advent of internet and digital storage. The whole concept of Big Data got its name in late 2000’s, when Doug Laney, Analyst at Gartner, In his paper 3D Data Management articulated the definition of Big Data, Which comprises of three V’s viz Volume, Velocity & Variety.
- 5. DATA MANAGEMENT SOLUTION AS PROPOSED BY DOUGH LANEY Volume • Tiered storage/hub & spoke • Selective data retention • Statistical sampling • Redundancy elimination • Offload “cold” data • Outsourcing Velocity • Operational data stores • Data caches • Point to point data routing • Balance data latency with decision cycles Variety • Inconsistency resolution • XML-based “universal” translation • Application-aware EAI adapters • Data access middleware and ETLM • Distributed query management • Metadata management Source: META Group
- 6. LET’S TAKE A LOOK AT FEW BIG DATA IMPLEMENTATIONS TODAY • Have you ever observed that Facebook or any other social media platforms showing you ads or promotional content similar to what you have looking for online, Social media platforms track your locations, pictures, friends list, your likes, shares etc. in order to better understand you interests & preferences and show you similar ads or recognition’s accordingly. • Investigations or secret agencies nowadays can analyze data from CCTV cameras, phone calls, social media etc. in order to analyze and track crimes, thefts malicious activities and even terror attacks. • Advance sports analytics as such in car racing helps the design and development team to collect real time data of the cars performance and loopholes which helps them to develop and troubleshoots any technical issues eventually catering for more advanced technology. • The suggestions you get when listening to a specific genre of songs, movies, videos, books etc. are all done with the help of datafication or big data. • Advance self-driving cars such as the Tesla uses and real-time data and analytics to improve its driving by understanding the traffic patterns with the help of sensors and actuators. • Even in health sector patience can be diagnosed before they actually get effected with a specific disease by understanding the recorded symptoms of previous patients.
- 7. Though, these are few of the implementations and real-life applications of Big Data today along with this big data is an integral part of recent technologies such as IoT, IIoT, AoT etc. The full potential of Big Data is yet to be explored that can change the complete perception of technology as we have it today. Are you ready for Big Data?
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