Big Data: Is the Bang Worth the Buck?
Companies across the world are going head over heels for big data. It is no longer a choice for them, but a mandate – a market-driven compulsion. Industry enthusiasts, from across the spectrum, believe that early big data adopters stand to realize long-term business benefits. The rest, they feel, will soon loose relevance and lag behind in the race – frittering away in what could have transformed them in significant ways.
Today, leading global players are investing big time by offering the benefits of big data analytics to their customers. Most of these companies are at different levels of adopting big data. Some have already adopted big data and are reaping benefits while others are continuing with their existing BI solutions, even while trying to slowly steer towards this new and exciting technology.
Well, what’s so big about big data? Big data refers to massively-sized big data sets that exceed processing capacity of traditional data management tools. Gartner defines big data as high-volume, high-velocity, and high-variety information assets that demand new ways of handling. By developing the capability to capture, manage, analyze, and process these huge data sets, organizations can gain business insights, improve decision making, and optimize processes.
Following are some industry statistics of how big data is continuously growing:
- IDC estimates by 2020, business transactions on web will reach 450 billion per day. (Wired.com)
- Facebook maintains one billion monthly active users and more than 425 million users access it through mobile devices. (Wikipedia)
- The volume of traffic flowing over the Internet will reach 667 exabytes yearly by 2013. (Wikipedia)
- Walmart is managing over 1 million customer transactions every hour of the day. (Wikipedia)
- 72 hours of video are uploaded to YouTube every minute. (Youtube.com)
- Over 800 million unique users visit YouTube each month. (Youtube.com)
- Twitter receives some 175 million tweets per day and maintains more than half a billion accounts. (hbr.org)
- Facebook is handling 40 billion photos from its user base. (Wikipedia)
- Falcon Credit Card Fraud Detection System protects 2.1 billion active accounts world-wide. (Wikipedia)
- Size of business data worldwide becomes twofold every 1.2 years. (Wikipedia)
- IDC forecasts that the big data market will grow from $3.2 billion in 2010 to $16.9 billion in 2015. (IDC.Com)
- Facebook is processing some 2.5 billion pieces of content and over 500 terabytes of data every day. (Techcrunch.com)
- Google handles over 3 billion search queries per day and offers free email storage to 425 million Gmail users. (Wired.com)
Thus, with such continuous increment in big data, organizations need to ready themselves for the challenges ahead, particularly for managing non-traditional data sources, such as blogs, social networks, sensor networks, RFID, emails, web logs, photographs, video-footage, etc. It’s time organizations develop the ability and agility to use new data tools. It’s a necessity that we just can’t afford to overlook!