Importance of Big Data in Market

Photo by Luke Chesser on Unsplash

Hello everyone this is Aparna Kumari aka Sweety and today I am going to discuss on a very interesting topic i.e. Importance of Big Data in today’s growing market.

Now let’s have a quick overview on the domains that will be covered in our interaction.

• Evolution of Big data
• What’s big data
  Char of Big data
• Structure of Big data
• Why Big Data
• Risks of Big data
• Potential value of Big data
• Benefits of Big data

Evolution of Big data

Now I feel it’s best time to tell the story how data is evolved and how big data came…

So let’s enter in evolutionary theory. People uses landline that got changed to smart phone , android we have iOS that are making our life smarter. Apart from that, guys we were also using bulky desktop for processing data but now a days our new generation is smart enough to store data on cloud as well .. fine these are the examples that how the technology got evolved from the very large one to very small one wid greater efficiency and quality.

What’s Big data?

Big data is similar to small data but bigger in size .But here, big data demands more techniques,tools and architecture. Well..Big data generates value from the storage and processing of very large quantities of digital information that can not be analysed with traditional computing techniques.

Characteristics of Big data

Now here the actual journey begins by its characters which make it hot topic 🔥in the market.

1. Volume- Here volume implies to the size of data that should be of Big bytes ex- A typical PC might had have 10 gigabytes of storage in 2000. Today Facebook ingests 500 terabytes of new data every day . Have u ever noticed how much data is generated due to your fancy smartphones . Well all these examples gives a big sized information for processing and analysis.
2. Variety- big data is not just numbers ,date and strings. Big data is also geospatial data, 3- D data , audio , video and unstructured text including log files and social media . Here variety helps to give different flavours to data analysis.
3. Velocity- High speed accumulation of data is done here . As a single online gaming system supports millions of concurrent users, each producing multiple inputs per second. High frequency stock trading algorithms reflect market changes within microseconds .
4. Veracity- veracity it tells about uncertainty in data . Inconsistencies in data may lead to data redundancy. So all we need a consistent data that make data scientists easy to analyse.
5. Value- Value shows the importance of useful data .here value implies to Data abstraction. Only useful data should be in purpose for analysis.

Structure of Big data

The structure of big data is key to data analytics. As I have already shared structure pyramid to you now let’s catch them one by one

• Structured data — it’s easiest to work with . It’s highly organized with dimensions defined by set parameters. Think of spreadsheets; every piece of information is grouped into rows and columns . Specific elements defined by certain variable are easily discoverable.
• Unstructured data -Not all data is neatly packed and sorted with instructions on how to use as structured data is . Unstructured data is all your unorganised data . Almost everything you done in computer generates unstructured data so to gain anything resembling useful information the data set need to be interpretable.
• Quasi-structured- this type of data consists of textual content with erratic data format and it’s formatted with efforts, software,system tools .
• Semi structured- Hera it is more like structured data but that does not conform with the formal structure of data models associated with relational database and other data models .

Why big data ?

Now the great question comes in mind WHY ? WHY? N WHY ?

And am here to give you a sort of answer .. smarter buisness moves by analysing data . More efficient operation and higher profits and happier customers.

1. Risks of Big data

Let’s dive in risks . Big data will be overwhelmed need the right people and solve the right problems . Many sources of Big data is privacy… the first one is self regulations and the next is legal regulation.

2. Potential Value of Big data ;

• $ 300 billion potential annual value to US healthcare.
• $600 billion potential annual consumer surplus from using personal location data.
• So this much contribution of Big data in market raises it’s potential value exponentially.

3. Benefits of Big data;

• Using big data cuts yout costs .
• It also improve your pricing
• It increases your efficiency
• Allow you to focus on local preferences.
• Using big data also ensures you to hire right employees .

That was it from me. Thanks for being with me. I hope you enjoyed my article. If you enjoyed kindly follow me on Medium or connect with me on LinkedIn. Till then its a goodbye from my side.