What is "Big data"?
The amount of data and rate of creation of data in the world is increasing at unpre cedented levels. These huge, less structured data sets from non-traditional sources is big-data.
Wikipedia defines big data as:
This info graphic from Big Data | Visual.ly should be a good start:
Why is it important?
This explosion of data and analysis of these large datasets or "big data" has become crucial to innovate, compete and get an edge over the competition. It can also give great insight as to what is happening on very low levels at resolutions not possible before. On a side note, the big data industry is poised to grow to a $25 billion by 2015 and a 50 bil industry by 2017.
It is set to affect almost all industries:
What can analysis of big data do?
Earlier, enterprises relied mostly on transactional data stored in a orderly fashion, however this has changed. Lot of data is generated from people centric sources, which can be anything ranging from email to posts and tweets. Earlier, organizations used to discard the data, but with cost of storage and computing reducing, analysis of big data has become affordable and mandatory.
The data also has a short life span and difference between good and bad info is processing the data stream in seconds.
For instance, there are 12 terabytes of tweets a day, and after filtering out the noise, this data can give a lot of insight into consumer behavior in multiple areas - in short predict the future to various degrees.
How different communities interact is shown in the visual above.
Is it worth the hype?
There is a lot of hype surrounding big data, and most of it is real and deserved. Almost all the big players have come out with their own solutions and products to tackle these new challenges.
What are the challenges?
The amount of data and rate of creation of data in the world is increasing at unpre cedented levels. These huge, less structured data sets from non-traditional sources is big-data.
Wikipedia defines big data as:
In information technology, big data is a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools. The challenges include capture, curation, storage, search, sharing, analysis, and visualization.
This info graphic from Big Data | Visual.ly should be a good start:
Why is it important?
This explosion of data and analysis of these large datasets or "big data" has become crucial to innovate, compete and get an edge over the competition. It can also give great insight as to what is happening on very low levels at resolutions not possible before. On a side note, the big data industry is poised to grow to a $25 billion by 2015 and a 50 bil industry by 2017.
It is set to affect almost all industries:
What can analysis of big data do?
Earlier, enterprises relied mostly on transactional data stored in a orderly fashion, however this has changed. Lot of data is generated from people centric sources, which can be anything ranging from email to posts and tweets. Earlier, organizations used to discard the data, but with cost of storage and computing reducing, analysis of big data has become affordable and mandatory.
The data also has a short life span and difference between good and bad info is processing the data stream in seconds.
For instance, there are 12 terabytes of tweets a day, and after filtering out the noise, this data can give a lot of insight into consumer behavior in multiple areas - in short predict the future to various degrees.
Is it worth the hype?
There is a lot of hype surrounding big data, and most of it is real and deserved. Almost all the big players have come out with their own solutions and products to tackle these new challenges.
What are the challenges?
- Sanitizing the data - which data source can you trust? Which data is current?
- Processing the data in a timely manner - the data may not be worth a cent after a few hours. So processing the data in time is crucial.
- handling the sheer volume and variety of the data
Image Credits:
Splunk's 10-Year Road to a Successful IPO
Roundup of Big Data Forecasts and Market Estimates, 2012 - Forbes
Splunk's 10-Year Road to a Successful IPO
Roundup of Big Data Forecasts and Market Estimates, 2012 - Forbes
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