BIG DATA “Creating Sense from Nonsense DATA”
Big Data as a concept has long reaching potential, it can be described in number of ways but in simple terms it means a data sets that is so large and complex than cannot be processed by conventional methodologies and needs numerous processors and services exchanging information in real-time to produce relevant output.
The challenges faced by engineers today is the timely analysis, capture of information, data curation, search results, sharing of information, integration of multi-storage servers, storage visualization, the volume of queries flowing in the system, real time information transfer, updates and privacy protection. There is a major gap in the expectations between the industry and existing technology professionals with Big Data skills. This is an accurate point to take advantage of this prospect.
- The global big data market expanding at a CAGR (Compound Annual Growth Rate) of 40.50% the market will stand positive at US$3.5 billion forecast period.
- It has been predicted that in 2021, the Indian big data market will grow from $28.65 Billion in 2016 to $66.79 Billion at a CAGR of 18% which is relatively high.
- The year 2015 was considered as the base year with 2016 was predicted for performing market forecasting and estimation which spans from 2016 to 2021.
- Customer Analytics (48%), Operational Analytics (21%), Fraud and Compliance (12%) New Product & Service Innovation (10%) and Enterprise Data Warehouse Optimization (10%) are among the most popular big data use cases in sales and marketing.
- Forrester study found that 44% of B2C marketers are using big data and analytics to improve responsiveness to 36% are actively using analytics and data mining to gain greater insights to plan more relationship-driven strategies.
To manage such huge volumes of data poses its own challenges, so most of the companies are looking to improve their data cluster and are looking for professionals who have knowledge on the Big Data.
At present, many of the retail companies are using Big Data concepts to better understand customer’s behavior, buying patterns and preferences. For example,
“Walmart started making use of big data analytics much before the term Big Data became popular in the industry. Walmart has been speeding along big data analysis to provide best-in-class e-commerce technologies with a motive to deliver pre-eminent customer experience.
The main objective of leveraging big data at Walmart is to optimize the shopping experience of customers when they are in a Walmart store, or browsing the Walmart website or browsing through mobile devices when they are in motion.
Big data solutions at Walmart are developed with the intent of redesigning global websites and building innovative applications to customize shopping experience for customers whilst increasing logistics efficiency”.
The demand for big data has been higher in BFSI sector and is expected to continual rise in the customer database of financial institutions, is likely to boost the uptake of big data solutions in the financial services industry. The healthcare industry is also projected to report a healthy increase in the demand for big data solutions in the near future.
The market projection reflects growing potential in the segment in the coming decade. Thereby it will not be wrong to call BIG DATA the next BIGGEST Technology of future. The telecommunications, financial services, government, retail, healthcare, manufacturing, and media and entertainment sectors are the predominant application areas of big data.
Article by GVS Technosoft Pvt.Ltd.
August 1, 2018
January 22, 2018
January 22, 2018