Adroit Market Research - Industry Insights

Data

Data is a set or collection of characters, numbers, measurements, facts or descriptions of person, objects or things that are gathered through observations and translated for some purpose or analysis.

Big data

Big data is one of the most discussed topics in business today across industry sectors worldwide. Data with a large volume is called as Big Data. Thus Big Data is a term used to describe a set of information that is big in size which is gathered through computers, sensors, people, events and other things. Big da

Data

Data is a set or collection of characters, numbers, measurements, facts or descriptions of person, objects or things that are gathered through observations and translated for some purpose or analysis.

Big data

Big data is one of the most discussed topics in business today across industry sectors worldwide. Data with a large volume is called as Big Data. Thus Big Data is a term used to describe a set of information that is big in size which is gathered through computers, sensors, people, events and other things. Big data is yet growing exponentially with time and collection of data and it analysis will only improve. In particular, such data is so complex and huge that it becomes difficult for traditional data management tools to analyse it and store it for future use. Thus big data is efficient in making decisions, confirming hypotheses, gaining insights and predicting future. Big data has gain the popularity and used in several industry sectors worldwide as it can store large amount of data. Advancement in technology made it possible to manage the huge information of the organizations. Big data is a term or a field that comprises huge volumes of data that further comprises unstructured and structured data. It allows companies to analyse and extract information from large datasets to build business strategies and enhance the overall operational efficiency of the business. Also, it can further result in an overall reduction of business operational costs. Growing adoption of smartphones, connected devices is resulting in the creation of a huge volume of data every moment which is the major factor boosting the use of Big data. The big data market has strong competition among the emerging and already established players worldwide. The growing adoption of internet-connected devices and smartphones are the key factors generating huge volumes of data. The new trend of social media is somewhere influencing the use of data base massively. For example, everyday people are posting numerous content in the form of messages, pictures, audio, and videos on social media platforms such as Facebook, Instagram, YouTube, and others. Hence, the internet is getting flooded by a huge amount of data every second. However, many companies are using this unstructured data to get insights and creating business solutions and strategies. Hence, such factors combined driving the growth of the big data market. Big Data generation includes jet engines, social media sites, stock exchanges, and many more. Big data tools looks for pattern in available information, graphical depiction of data and offers the results and accordingly it helps to take strategic business moves. Big data enables to use data to build models, perform well-defined computations and make predictions accordingly in or order to simplify any organizational query. This way all the information can be stored securely in database.

Big Data Tools and Techniques

• Basic Data Manipulation and Analysis

Performing well-defined computations or asking well-defined questions (“queries”)

• Data Mining

Looking for patterns in data

• Machine Learning

Using data to build models and make predictions

• Data Visualization

Graphical depiction of data

• Data Collection and Preparation

Big data involves statistical and numerical analysis with different types of coding languages such as C++, Java, R, and Python among others.

Different Types of Big Data:

• Structured data (Relational, Tables)
• Semi Structured Data (XML, JSON, Logfiles)
• Unstructured Data (Free Text, Webpages)
• Graph Data (Social Network, Semantic Web)
• Streaming Data

Application and services of big data

• Weather prediction
• Medical diagnosis
• Financial markets
• Resource management
• Computational social science
• Smart buildings and cities

Sometimes number of transactions, data volumes, and the number of data sources are so huge and complex that they require special methods, tools and technologies in order to analyse and draw insight out of data. For instance, traditional data solutions are unable to deal with big data. Thus there are five key features of Big Data.

The five V of Big Data

• Volume: large amounts of data generated every second (Example: emails, twitter messages, videos, sensor data and many more).

• Velocity: the speed of data moving in and out data management systems (Example: videos going viral on different social media sites or “on-the-fly”).

• Variety: different data formats in terms of structured or unstructured (80%) data.

• Value: insights we can reveal within the data.

• Veracity: trustworthiness of the data.

Big data is high quality information data that offers innovative and cost-effective forms of information processing. This information further enables in improving in depth analysis, process automation and decision making for organizations.

It should by now be clear that the “big” in big data is not just about volume, it is more than that and certainly involves having a lot of data.

However, Today’s big data may not be tomorrow’s big data, it grows as technologies evolve with time. Big Data solutions can be used for creating landing zone as well as staging area for new data. In addition, such integration of data warehouse and Big Data technological tools helps several organization to manage data and rid uncommonly accessed data.

Conclusion

Big data is as important for every organization as it stores huge amount of data and offers high quality information. Therefore big data is here to help. In addition, big data does provides perceptible business benefits to organization in spite of its hype. Big data enables process automation, decision making and enhanced insight to the organizations. The characteristics of big data is the five V as Volume, Velocity, Variety, Value and Veracity. This new type of data management solution stands the trademark of highly cost-effective, massively parallel and scalable information. Thus big data is a set of large amounts of data collected through computers, sensors, people, objects, etc. Processing with such information it helps in making decisions, confirming hypotheses, gaining insights, predicting future. Big data has the ability to analyse data and it will only improve with time. Big data comprise of Structured and variable data. Big data offers some important benefits for the organizations such as Better Decision Making, better operational efficiency, and improved customer service. Therefore Traditional solutions are getting replaced by new solutions designed with Big Data tools.