Big data is ‘a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications.’ It refers to a large volume of data that is analysed for insights, which can help a company make better decisions and strategic business moves.

One of the biggest worries of any organization is the management of massive data volumes resourcefully, and this is where big data comes into the picture as a solution for the companies. The biggest strength of big data technology is its scalability, the fact that it can be adapted and utilized gradually in small, medium, or large data-driven scenarios with the proven assurance of reaping immediate rewards in terms of operational efficiency, low costs, more savings, and enhanced customer experiences.

The Big Data Trend in the Market

Big data is no longer just a lingo. Be it the major players or small start-ups, every industry from healthcare to finance to retail is taking advantage of big data to better understand patterns and user behaviour, and streamline business processes.

Research has found that around 40% firms are implementing and expanding big data technologies. Another 30% are planning to adopt it in within this year. Also, 62.5% firms by now have at least one big data project in production, and only 5.4% organizations have no big data initiatives planned or underway.  A renowned data firm predicts that the big data and business analytics market will increase from $130 billion this year to more than $200 billion by 2020.

The Big Data Process

Data quality is increasingly a great concern for organizations as data projects move into production. This is especially true as internet of things opens the floodgates further.

The overall process of getting insights from big data is broken down into five stages:

In 2019, we will see organizations turning more towards machine learning algorithms to enhance data quality detection, i.e., Industry 4.0 will come into picture. Transparency into a business’s data assets will be crucial for successful analytics initiatives, to address data governance and privacy needs, monetize data assets, and more in the coming years.

However, as analytics grows by age, there are some growing pains as well. While investments in analytics are booming, many companies are not able to reap the ROI they expected. Organizations struggle to move from employing analytics in a few successful use cases to scaling it across the enterprise, embedding it in the organizational culture and everyday decision-making. Every day, directly or indirectly, we all are working to help clients to overcome challenges and unlock the power of analytics. As part of the effort, big data is compiled to help clients stay informed and organizations stay ahead. This is the overall reason why businesses are keen on big data and it is dominating the business space.

So, it is imperative that businesses increase the knowledge of their customers, establish precise orientation for the future, and create new market opportunities, for big data, if not the present, is definitely the future.