Bigger data, i.e., Big Data refers to the large volumes of structured or unstructured data that may overwhelm businesses on a daily basis. It is important to understand how must an organization use its Big Data and analyze it for making better decisions and implementing strategic business moves.
Big Data is the new age technology. The minutest detail such as a single search on Google or a second spent on Facebook is now considered as data. Over time, the access to data has increased manifold and this has led to many advanced changes in the business world.
Businesses like Big Data as it has a lot of potentials. Data gives them an opportunity to make the right decisions on how to operate efficiently and strategically. Appropriate analysis enables organizations to implement cost and time reductions, new product development and smart decision making. They can also determine the reasons for failures, calculate risk portfolios and detect fraudulent behaviour within the organization.
How it all started!
Big Data was speculated in the year 1944 by a Wesleyan University Librarian Fremont Ryder and the term was first introduced by the Sociologist Charles Tilly in the year 1980. Eventually, Big Data became the buzzword and people starting thinking of what is possible with Big Data. The concept gained popularity and momentum in 2001 when Doug Laney came up with the 3Vs, i.e., Volume, Velocity and Variety.
- Volume – Volume refers to the quantity of data. The size of the data determines whether it can be considered big or not.
- Velocity – Velocity refers to the speed at which the data is generated or processed. The concept of Big Data enables companies to manage the incoming flow of data and process it in a way that it doesn’t create hurdles or bottlenecks.
- Variety – Variety refers to the type, nature and structure of data. Variety helps classify the incoming data into various categories.
Who uses Big Data?
Many industries and sectors are currently being benefitted with Big Data tools and technologies.
- Banking – Banking sectors rely heavily on Big Data for risk analysis such as fraud mitigation and anti-money laundering. It has also allowed banks to deliver value to customers and clients.
- Education – With the help of Big Data, educators can bring about a major change in school systems, students and curriculums. They can also identify students who need more attention and implement a better system for evaluation.
- Government – The applications of Big Data in Government sectors allow cost reduction, high productivity and constant innovation. The major areas in government sector where Big Data applications are proving beneficial are cybersecurity, scientific research, weather forecasting and tax compliance.
- Healthcare – Healthcare industries are always burdened with data such as patient records, treatment plans and prescription information. When this big data is managed well, healthcare providers focus more on patient care.
- Manufacturing – Analyzing big data in the manufacturing sector is mandatory for decreased downtime, increased transparency, faster solutions and agile business decisions.
- Retail – Customer relationship has always been the motto of retail industry which can be taken care of by managing big data. Big Data also enables the retail sector to keep a check on store inventory, customer loyalty data and Point of Sale.
- Media – There is a lot that Big Data analysis can do for the media and entertainment industry by understanding audience needs, developing new products, targeting advertisements and scheduling optimization.
Let’s look at the numbers
There are a lot of assumptions related to Big Data as it is growing at a rapid pace.
It is believed that by 2020, the accumulated volume of data will increase from 4.4 zettabytes to approximately 44 zettabytes.
It is also assumed that by 2020 almost one-third of the data will be stored via cloud computing.
As we have already discussed that there is a huge scope in cost reduction, healthcare industries will be able to save up to $300 billion a year.
If we look at the numbers, only 0.5% of all the accessible data is being analyzed and used at present. Imagine the scope and potential of Big Data if more of it is used.
Courses and Benefits
A lot of Big Data training and certification courses are available that validate your skills in managing Big Data with Azure, Hadoop and Spark and implementing NoSQL data storage and processing solutions.
Individuals willing to pursue Big Data courses must possess basic knowledge of core operating systems and programming languages. For intermediate or expert level certification, it is important to understand languages such as Java and Linux and be well versed with Hadoop. Strong mathematical and analytical skills are a plus for these courses.
The audience targeted for such roles are Software Developers, Software Architects, Testing Professionals, Project Managers, Data Scientists and other IT Professionals.
This is the best time to invest your time and money on these courses as the demand for Big Data experts is on an all-time high and there is a significant increase in the number of job opportunities. Companies now need to analyze the scope of Big Data and they need Analytics professionals for the same.
Since the demand is more and the supply is less, employers are ready to pay big bucks for big data skills. The average salary for Big Data professionals ranges from approximately $64,947 per year for a Data Analyst to $131,607 per year for a Data Warehouse Architect, as per a survey was done by Indeed.
Therefore, becoming a Big Data expert will bring you job opportunities across sectors, good career progression and high salary increments.