Global Big Data Analytics Market Research and Forecast 2017-2022
Ever wondered how much of data is consumed by an individual throughout the day? Starting from the calorie tracker to the desktop folders, each device stores data. With more than a billion mobile phones, tons of data are being interchanged on a daily basis. Even businesses today are highly dependent on the information and knowledge mined out of huge volumes of data. The data can be in either structured or unstructured forms. This huge amount of data that is exponentially growing day by day is termed as big data. Therefore, it can be said that big data is the name given to a modern form of large and complex data that generates through various structured and unstructured forms. Moving to the usability of big data, it gets analyzed and interpreted to communicate the productive conclusion out of it. Analyzing these huge sets of data to determine the patterns, market trends, unknown correlations and drawing out the useful information out of it, is known as big data analytics. Moreover, big data helps to figure out customer preferences and thereby provides ample chances to an organization for better decision making.
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Big data will grow bigger
Over the last few years, when the access to the internet has already increased; it has also resulted in the unusual outburst of structured as well as unstructured data which is known by the name of data proliferation. The major challenge that data proliferation has brought to the organizations is the storage and processing of this huge data. Trying to store this modern data through discs and flash stores, or process through traditional data management tools will be in vain. Since it is not just the size but the utility concern too that differentiates traditional data and big data. Thus, big data needs some specialized tools and techniques to be handled and processed, which is the major driver of global big data analytics market. Another factor that will propel market growth across the globe is the increasing role of the Internet of Things (IoT) in the field of big data. Adding to the existing data, IoT generates the further amount of data that is definitely of value and well-analyzed. Due to this feature, organizations are upgrading their processes, tools, and technologies to meet the needs of massive data volumes. This, in turn, will generate insights through big data that can be highly beneficial for the company.
Internet: the trigger for big data analytics
The modern marketers see problems as opportunities and that is how digital transformation came into action. In fact, today starting from basics to luxuries; the world has adopted a fully-fledged digitized lifestyle. Shifting from the conventional means of payment to the digital cash and plastic money, digital transformation has certainly eased the transactional practices but also produced bulks of data. Likewise, there are several other domains including healthcare, education, entertainment, supply chain and so on, where digital transformation has created data in tons. Big data analytics is all geared up to interpret the useful information out of the oceans of these data. The modern tools and technologies like OLAP, HBase, Hive, Spark, YARN, MapReduce and so on, by now are widely used by organizations for data mining which will further augment the growth of big data analytics market across the globe. The surging use of mobile phones and its application has additionally stimulated the need for more structured data analytics. However, brands like Google, Amazon, Facebook and so on, have already been successful in gaining useful insights out of their relevant big data. Moreover, they are continuously innovating new tools and methodologies to fetch effective information out of it. Another, stimulating factor for big data analytics market is the growing need for Business Intelligence (BI). The reason why more and more businesses are shifting towards BI is that it supports to make strategic and smart decisions in any organization. Data is constantly been produced at an unprecedented rate giving less chance to access the apt one. BI tools help in narrowing down the desired information out of the clustered data which makes it a must-have for any organization today. Big data analytics support this function of BI tools by broadening its scope to even unstructured data. Global big data analytics market is, therefore, expected to grow exponentially in the future years.
Security is still a major concern
Organizations today have understood that data is the new currency. And unless the right tools are applied; data cannot turn out to be a functional wealth. Now that all the treasure lies in this data, there is always a risk of breach or the risk of data privacy. Organizations worldwide make use of sensitive data that is anyhow needed to be confidential. For that reason, higher security to meet this major challenge can keep the data safe in the tech world.