The term ‘Big Data’ is the talk of both business and tech world today. Companies across sectors are slowly realising the value of data they have stored so far. The new phrase ‘Data is an asset’ is sealing the commercial market.
In a nutshell, big data market is rapidly undergoing the contortions that define market maturity, namely consolidation. There is a flood of big data analytics companies sprouting during this period. Even leaders emerge with the data analytics market, which is entering its second decade. However, big data analytics has matured differently than most technologies.
The footprint of data is traced back to centuries. Some even say that data came with the existence of mathematics. Ultimately, the first official data-processing machine appeared in 1943. It was developed by the British to decipher Nazi codes during World War II. Almost ten years later, the importance of big data prompted the formal creation of the United States’ National Security Agency (NSA) where staffs were assigned the task of decrypting messages intercepted during the Cold War. As computers of the time started evolving, big data gained more traction among tech users. Later in 2005, Roger Mougalas from O’Reilly Media coined the term ‘Big Data’ for the first time. Since then, game-changers like IBM, Microsoft, HP and Oracle took the head-on challenge of developing the technology and business revenues using big data.
Speed and flexibility are what big data brings to the table. If we look back at the past years when business functioned without data, all they did was gather information. Companies were unaware of the value they held at their hands. But today, business runs with the help of big data as it can be used to predict analysis and identify insights for immediate decisions. Big data analytics has given organisations the luxury to work faster and stay agile which gives them a competitive edge they didn’t have before.
Big data analytics help organisations in many ways. The technology harnesses the data and uses it to identify new opportunities. This could help in taking smarter business moves, more efficient operations, higher profits and happy customers. Big data analytics not just benefit the companies, but also helps to understand the consumers’ need through their interest and previous buying options. This aids companies to promote the product that customers would love to buy. The global big data industry is predicted to grow from US$138.9 billion in 2020 to US$229.4 billion in 2025, growing at a CAGR of 10.6%.
A number of companies have emerged over years to provide solutions for wrangling huge datasets and understanding the relevant information within them. Some even offer powerful data analysis tools, while other aggregate and organise datasets into usable formats. Big data companies work on all these issues to tackle challenges and enable organisations to make better sense of their stored datasets. Leading growth in a smart way means increasing revenues which will eventually take the organisations to the top. Companies are now sowing the seed for more amazing outcomes with big data analytics.