Key Insights on Big Data and its Significance Today
Today, one of the biggest challenges that enterprises are facing is the staggering rate at which data is growing and the enormous volumes of data that enterprises have to deal with. The term ‘Big Data’ is used to refer to this, and today, the data that business have is collected from a variety of sources and is available in multiple formats, such as emails, spreadsheets, text, images, videos, audio, and multimedia.
There are the 3 Vs that define Big Data – first V stands for Velocity or the rate at which data gets accumulated, the second V stands for the Volume of the data which keeps on getting larger, and the third V stands for the large Variety of formats that the data is available in.
Why Big Data is a Challenge for Enterprises Today
What makes Big Data really valuable for enterprises is that it can be analyzed to derive deep insights that can be used for informed decision making. So, unless the enterprises devise a plan to unleash the potential of Big Data, it is of little use. This is where the real challenge begins, because a lion’s share of Big Data consists of unstructured data that cannot be analyzed using the traditional methods.
To successfully analyze Big Data and derive useful insights from it, enterprises need technology like Semantic Search, Natural Language Processing (NLP), machine learning and Artificial Intelligence (AI). This is exactly what the enterprise search tools of today are ready to offer enterprises, which explains why they are emerging as the one of the most sought after software in the market today. 3RDi Search is an example of an enterprise search tool that is powered by NLP, AI, machine learning and semantic search, to fetch the most relevant search results by understanding the context of the user’s query.
Also, the rate at which Big Data has been growing over the past decade has been astounding, and the growth rate is only going to accelerate in the future. While the data growth was just 33% in the year 2015, it has come close to 60% in the year 2019. This can make it increasingly difficult for enterprises to even successfully manage all the data that gets accumulated, let alone analyze it in real time for insights.
The following graph shows the future growth of data as predicted for the next 5 years.
Revenue Generated from Big Data
Worldwide, the revenue generated from Big Data has been significant in the last 5 years, and it’s steadily on the rise. For example, as per the data shared by Statista, the total revenue across hardware, software and services sectors in the year 2016 has been 28 Billion U.S. Dollars, which increased to 50 Billion U.S. Dollars in 2019, which is almost 100% growth in a span of merely 4 years!
Experts say that the future looks quite promising when it comes to the revenue generated from Big Data, which is predicted to reach a staggering 103 Billion U.S. Dollars by 2027.
So, which are the sectors that stand to gain the most when it comes to revenue earned from Big Data? A quick analysis of the fastest growing categories of industries in the market analysis of Big Data, reveals the truth.
Cognitive software platforms emerge as the biggest gainer with the highest growth driven by Big Data Analytics, at 23.3%. This is followed by the Banking sector with 18% growth and the healthcare sector with 17% growth.
Biggest Benefits of Big Data Analytics
As more and more enterprises across the globe are investing in tools and technology to analyze Big Data, they are experiencing the many benefits, the top 5 among them are given below.
So, we have seen that Big Data indeed has a big role to play when it comes to the modern enterprise. Thankfully, there are data mining and analytics platforms like 3RDi Search that are designed to help businesses unleash the power of Big Data as they analyze it for relevant powerful insights. Today, when we are moving towards a data-driven environment, Big Data analytics can empower an enterprise and give them the competitive edge.
(Sources: Statista, Forbes, BigDataFramework, TechTarget, HostingTribunal)