Mind-Boggling Facts About Big Data: The Surging Tech-Trend

Big Data has become a hot topic in the business world and their tech-experts. It is astonishing to imagine that the advancement of technology has made the data organization a cakewalk. The concept has made it possible to collect, analyze, and utilize the required data from different sources like social media, transactions, and equipment embedded with sensors. Curious to know more about Big Data? Below are some interesting facts you should know about this technology now.

Exponential Increase of Data 

According to research conducted by IBM Marketing Cloud in 2017, Over 90% of data has been created in just last two years. It is estimated that every second over 1.7 megabytes of data will be created by every active user by the year 2020. Peter Bae Brandtzæg of SINTEF ICT articulated that tech-giants like Facebook and Google are the largest contributors to expanding data volume. Every second, 40000 search queries are processed by Google. While users on Facebook at least send 31.25 million messages and view 2.77 million videos every single minute.

Hot Big Data Job Market

Sherry Shah, LinkedIn’s head of data recruiting, considered Big Data job market as ‘’very hot right now.” Along with Machine Learning (MI) and Artificial Intelligence (AI) developers, organizations will also benefit from the Big Data in the coming years. On the same context, Richard Joyce, Senior Analyst at Forrester estimated that Fortune 1000 companies are likely to rise their income by $65 million by a 10% increase in the data accessibility with the help of Big Data.

At least 80% of Data is Untouched

Over 80% to 90% of data comes under unorganized data category. According to Forrester Research, only 12% of the total data has been analyzed and used and the rest is still untouched. He added that the primary cause of not utilizing the rest of the data is the lack of analytics tools and repressive data silos.

Hadoop Market Expected to Boom

Hadoop is open-source software for storing and accessing big data applications running in clustered systems. It supports advanced analytic scripts, data mining, ML and predictive analytics. Developers prefer Hadoop due to its space management feature of reducing the constraints for storing data. It is predicted that Hadoop will surpass around $16 Billion by 2020. 

Also Read: Emerging Big Data Trends to Watch in 2019

Retailers Market to Increase their Margin by 60%

Experts are forecasting that once the Big Data sets its roots properly in the market, business tools like pricing intelligence will get more value for gathering and analyzing data to run shortcuts for converting data into significant insights for making useful benchmarks. Some recent studies revealed that the coming years of Big Data will bring promising benefits to the retail market by increasing its operating margin by 60%.

The Emergence of the Internet of Things (IoT)

IoT refers to the network of vehicles, physical devices, and home appliances that are embedded with electronics, sensors, actuators and network connectivity for gathering and exchanging data. The massive amount of data is pursuing companies to upgrade their current tools and processes to take advantage of all kind of data.

These facts surely give us an idea that the coming years will bring fortune to the tech world owing to the Big Data technology. Analyzing these stats, experts are also forecasting invention of 50+ billion smart devices globally that will embed together to develop, collect, analyze, and share data in real-time

Source: https://www.doffitt.com/mind-boggling-facts-big-data-surging-tech-trend/