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What is Big Data?

And how does it benefit us?

Have you ever wonder who your potential target market is? What do they want and why do they buy your product? When do they make a purchase or even how to attract them?

To answer those questions, one needs to have data analysed to understand the market. To collect the data and have it analysed is, however, not an easy task. We generate a massive amount of data on a global scale, which continues to increase at an unparalleled rate.

The pace of data generation is also accelerated by other factors like the evolution of new technologies and models such as the Internet of Things (IoT). All these massive volumes of data are being created at high speeds from various sources like mobile devices, social media, and multiple sensors surrounding us.

Nevertheless, with the advancement of technology in this era, we are able to accomplish that easily by using Big Data.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐁𝐢𝐠 𝐃𝐚𝐭𝐚 𝐚𝐧𝐝 𝐡𝐨𝐰 𝐝𝐨𝐞𝐬 𝐢𝐭 𝐡𝐞𝐥𝐩 𝐮𝐬?

The definition of big data is unseen in the dimensions of data. For data sets to be defined as big data, a high degree of these three dimensions are needed; 𝗩𝗼𝗹𝘂𝗺𝗲, 𝗩𝗲𝗹𝗼𝗰𝗶𝘁𝘆, and 𝗩𝗮𝗿𝗶𝗲𝘁𝘆.

As the era advances, two more dimensions are added to define big data, which are 𝗩𝗮𝗹𝘂𝗲 and 𝗩𝗲𝗿𝗮𝗰𝗶𝘁𝘆. The two are often proposed for business advantages. These five dimensions are commonly known as the following:

  • Velocity: the speed of data that are generated
  • Volume: the amount of data that are generated
  • Variety: the diversity or different types of data
  • Value: the worth of the data or the value it has
  • Veracity: the quality, accuracy, or trustworthiness of the data

Vast volumes of data are generally reachable in either structured or unstructured formats. Machines or humans can create structured data, which has a detailed model and are frequently kept in databases.

Structured data are prearranged around schemes with visibly defined data categories. Numbers, date, and time are some of the examples of structured data that may be kept in database columns.

Alternatively, unstructured data does not have a predefined model. Text files, log files, social media posts, mobile data, and media are various types of examples of unstructured data.

According to a research done by Gartner, an international research and consulting organization, the application of advanced big data analytics is part of the Gartner Top 10 Strategic Technology Trends for 2019 and is predicted to stimulate new business opportunities. The same report also forecasts that over 40% of data science tasks will be computerized by 2020, which will likely require new big data tools and paradigms.

By 2017, global internet usage reached about 47% of the world’s population, according to an infographic provided by DOMO. This shows that a cumulative amount of people are using mobile phones with an increased number of devices being connected through smart cities, wearable devices, Internet of Things (IoT), and more.

As internet usage grows and other technologies such as social media, IoT devices, and mobile phones continue to evolve, we will become more connected and generate extraordinary amounts of data, all of which will require new technologies for processing.

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