What is Big Data?
Big Data is the term given to extremely voluminous data sets that can be sorted and analyzed to reveal trends and patterns – which in turn help uncover useful business insights.
Data is everywhere. It’s in your smart phone, your internet browser, your car system, and even your television or microwave. That’s your personal data lying across a multitude of smart devices. Now imagine a company managing a record of 500 employees and a million customers spanning 60 countries – that’s huge data too. Now imagine the number of tech-friendly individuals in the whole world and their associated data sets. With greater dependence on smart devices and electronics, the amount of data being generated every day is not just large, it’s humungous. To give you a brief, go through the following facts that fairly sum up the situation in numbers.
Fun Facts about Big Data
- 300 hours of video content is uploaded on YouTube per minute
- It will take around 15 years to watch all the videos that are uploaded to YouTube
- 5 billion Google searches everyday
- 294 million emails sent everyday
- 230 million tweets each day
- 30+ petabytes of data generated/stored/accessed on Facebook
- 200,000 photos uploaded on Facebook everyday
- US $300,000 is spent on online shopping every minute
- The amount of digital information that exists in the present time will grow from 4.4 zettabytes today to around 44 zettabytes, or 44 trillion gigabytes by 2020.
- At the moment less than 0.5% of all data is ever analyzed and used, so just imagine the potential here.
Hard to imagine, but these figures are as real as it can be. Getting to know these mindboggling facts about Big Data is just the beginning. It shows the potential we have to work on. Big data market in 2015 was estimated at $59 billion, which is expected to nearly double up to $102 billion by 2019.
Given these facts and figures about Big Data, more than 75% of Fortune 500 companies are investing or planning to invest in big data in the next two years. The Hadoop (open source software for distributed computing) market is forecast to grow at a CAGR of 58% surpassing $1 billion by 2020.