In this article, at Hesolite, you will learn about the basics of big data, its importance, and some predictions about the big data technology market.
Resources of the world are changed now. In coming days, you will see THE DATA as one of the dominating resources of the world. Big data technology market can become one of the biggest markets in upcoming year. Now the competition of the countries is not only between the oil and gold reservoirs, but there is a rapid race in the data battlefield as well. Now business majorly depends upon the data of the costumers.
The advanced use of technologies allows companies to collect more and more data. They analyze it and then make the strategies accordingly. More the data you have, the deeper insights you will get. The identification and analysis of a person or the whole community became so much easy because of this data collection. The whole world is connected with each other, and approach has become so easy. Specially, the use of mobile phones initiated this pace, and then the internet of things gave boost to it.
Global positioning systems have made the location of a person easily traceable. All this data is stored in the devices and playing their part in the growth of big data technology market. Before we predict about big data technology market, there are few basic things about big data that you need to know.
What is Big Data?
Big data is a term that describes the big amount of data generated by big organizations. These organizations include New York stock exchange, Facebook, Twitter, Big Airlines, Block Chain and many more. By saying big, it means that usual processors are not capable to run them. Special systems run these processors which use to handle big business and market analysis. These tools and systems are known as big data technologies. Big data usually consists of three Vs, that are volume, velocity and variety.
Volume is the biggest concern of the big data technology market. The organizations handling big data focus on the amount of data they want to handle. It can in terabytes or zettabytes as well. Because when you are gathering data from almost every corner of the world, you should have that much space.
Second V of the big data is velocity of the data handling. How fast can you receive data and how fast would you able to handle it, manage it and make usable for some organization useful. The data from different social media platforms is unstructured. It takes a lot of time to handle it, but when it comes to bid data technologies, it is a game of minutes to present a solution of something.
The third V is variety of the data. There are so many resources that are taking part in growth of big data technology. Texts, audios and videos from different platforms are providing data every second. This raw data needs special processing to become a useful information. With the variety of data, you can tackle the problems of almost every field. Weather it is related to personal issues, social issues, financial issues, management issues, military issues or political issues. Big data is the most considerable source to provide you all solutions.
Big Data Technology Market and Some Predictions:
Told by a coursework help firm, you cannot think small when it comes to the big data technology market. Because you will be surprised to know that growth of this market is increasing exponentially. In 2011, it was 7 billion US dollars, in 2019, it has gone to 49 billion US dollars, and is predicted to reach 117 billion US dollars by the year 2027. It will hold forty-five percent shares of the market. These are not ordinary figures. Keeping figures in mind, it is obvious that governments and private sectors are investing huge amounts of money in technological projects.
According to an analysis done by worldwide spending guide, the key role of the industries like banks and manufacturing departments have spent near 50 billion US dollars in the big data technology market. Federal and local governments have spent near 30 billion US dollars in this industry. Let us discuss some predictions with reasons, about the future of the big data technology market.
Usage Of Cloud Storage:
People are using the data clouds more and more with the passage of time because usage of clouds provides them an easy access to their data. Moreover, the synchronization with other devices is so easy, and cloud storage is not very expensive. Usage of cloud storages increases the big data directly.
As you know, from 7.5 billion person of the earth, nearly 5 billion use mobile phones and near 4 billion use internets, imagine the data they would be providing to organizations. Organizations sometimes need cloud storage and physical storage combination. In that case, a big amount of data is to be placed in clouds. This will also affect the big data technology market.
Increase In Machine Learning:
With the use of big data, machine learning is the best application to tackle the problems. There is a lot of work done on the application of machine learning and it has become very profane. In some years, the use of self-driven cars, fraud detecting devices and many others devices would be available.
Experts believe that the ability of the machines to learn would increase in the coming days. Machines would be able to read emotions and providing emotional solutions. All of these devices would be playing their part in the growth of the big data technology market.
As there are many factors which are in the favor of growth of big data technology market, there is a big and sensitive issue of privacy of the people. With the increasing use of technology and big data, privacy may not remain intact. Organization would use big data technology for security purposes, whereas people will prefer it to ignore it because it may breach their privacy. This factor can be troublesome in the growth of the market.
A significant work has been done on big data technology and there will be a lot more successful stories in coming future regarding this. Experts are hopeful to extract more fruitful results.