A Data Science Central Community
The term Big Data refers to the burgeoning amount of data seated in enormous databases, of sizes well beyond the ability of normal databases to store, retrieve, analyze, and manage. The definition, however, is rather quite subjective and involves another definition of how big a database needs to be so we can call it big data. As for this definition, some terabytes would aptly define big data for now, but as technology advances and we are flooded with even more data than this, big data would mean an even larger number.
Also, this definition could vary with the sector in which the database is established, the kinds of software tools used and the common size of individual datasets in that sector. When you consider all these factors, big data will mean a few terabytes for a certain sector while it may well extend to a thousand terabytes for some other.
Where does all this data come from?
Every area of the global economy has become flooded with an enormous amount of data. Businesses produce data from market research activities, daily transactions, and operations. Daily-use devices such as mobile phones, industrial machines, and automobiles have networked sensors that sense, generate, and communicate data with many applications. Millions of such networked sensors produce a humungous amount of data. Smart phones, social media sites, and consumer devices such as laptops and tablet computers allow a huge number of people to freely contribute to the already huge amount of data on the World Wide Web.
The volume of multimedia data is also huge on the Internet and it is constantly rising with an exponential growth rate. Also, common activities such as browsing, communicating, sharing, and buying on the Internet create its trail of vast amount of data.
Benefits of Big Data:
Some may think that keeping a track of or rather collecting information and making databases from the various activities of random individuals on the web is actually a threat to that person’s privacy. But there are strong evidences that prove that big data can have a significant role in adding economic benefits to many private and government bodies.
Big data can provide significant benefits to the world economy and enhance productivity and competitiveness of many industries while also benefiting the end-user. For example, if a retailer is using the full potential of big data, he or she would easily be able to increase its operating margin. Government bodies could significantly reduce the cost spent on improving their operational efficiency.
The Global Market Scenario:
Basically, the market of global data is formed from software products and services, storage devices, and peripheral hardware products. Amongst these segments, the segments of software products and services currently holds the largest share of this market, accounting for around 50% of this market’s share.
The segment of storage devices is also progressing fast and is expected by market analysts to be one of the hottest segments of this market in the future. It could observe a year on year growth at the CAGR (compound annual growth rate) of 45.3% during the years 2012 to 2018.
Application-wise, the financial sector is a substantial contributor to this market and currently holds nearly 20% of the shares. Big data benefits banks and financial institutes in analyzing and utilizing the vast amount of customer data to make better strategic decisions.
The sector of media and entertainment currently holds a little share of the applications market, but could grow significantly in the future years, by observing a year on year growth at a CAGR of 41.4% from 2012 to 2018, estimate some industry bests.
>>Browse : Big Data Market Research Report Here