Every day, trillion bytes of data is generated that is approximately 90% of the real-time data in the world today. This vast amount of data is gathered by information-sensing mobile devices, software logs, radio-frequency identification (RFID) readers, digital images, and through content posted on social media sites. This collective and unstructured data is named as BIG DATA. This data is helping enterprises to innovate new ways to search and view customer info, figure out business loopholes and helps them to accomplish tasks at a quicker pace.
Big Data volume is growing rampantly, demanding advanced forms of data processing that boost quick decision making, process optimization and expeditious insight discovery. The research conducted by IDC, suggest that in 2014, BIG data market will grow up to $ 16.1 billion. Additionally, the survey performed by IDG for 2014 findings, reports enterprises will invest around $8M on big data plans and programs in 2014.
How Big Data Is Important?
Most companies are realizing the potential of this emerging science and have geared up for move. A research reports, 'Those who are reluctant to follow Big Data initiatives to create data, frontline tools, analytics would find them difficult to sustain. To create business value, you need to harness the new planning tools and strategize your operations accordingly.
A pioneer like Walmart, the US retailer, has achieved impressive results by investing in the software to track the behavior of its consumers in a real-time from the bar codes read at its sales counters.This is one of the major reasons to Walmart's growth and success.
Big Data Revolution
Industry experts believe that Big Data will revolutionize the world. Also, it will translate the way we work, live and perceive. A research by IDG unleashes that around 70% of enterprises have either deployed big data- projects or are planning to deploy. This emerging science is making the data a useful asset. From agricultural industry to telecom, healthcare, and educational sector, it will change the way we perceive about business, politics, and the list goes on. The capture, storage, search, transfer, sharing, and analysis will all witness a successful accomplishment in near future. As a result, the data will be analyzed in real-time giving companies the time to respond quickly.
In a nutshell, I would like to say that Big Data can drive your business efficiency enabling you to achieve new heights with better ROI. Plus, it will help you improvise customer experience, and hence enhance your productivity.