Big Data is revolutionizing businesses and is becoming a fundamental aspect for any business to succeed.
Technology is constantly advancing and is making use of data in exceedingly large amounts. With the ever-increasing potential of technology, businesses are able to develop effective business strategies and faster data-driven decisions. Indeed, Big Data isn’t a trend but a reality that is transforming the body and soul of businesses today.
How has Big Data Evolved?
With the emergence of the digital age led came the proliferation of computers, the internet, and the technology that was efficient enough to secure data from the world we live in. The effect was a huge upsurge in the amount of data we have generated each day.
It was Roger Mougalas from O’Reilly Media who propounded the term ‘Big Data for the first time In 2005. The Entrepreneur had stated in 2019 that by 2023 the big data market size would be $77 billion.
So what exactly is big data? We will discuss more of that in the next section.
Big data is large piles of complex information either structured or unstructured or semi-structured that are swiftly created and disseminated from a wide variety of sources.
Types of Big Data:
Big data embraces within itself a wide variety of data types, including the following:
Structured data – Any data that can be prepared, acquired, and gathered within a specific format such as transactions and financial records;
Unstructured data – The data in the form of images, audios, log files, videos, etc which are accumulated in no particular order.
Semi-structured data – Semi-structured data includes both structured and unstructured formats of data within it. For example, web server logs and streaming data from sensors.
5 V’s of Big Data
All these 5v of big data are pivotal to have a comprehensive understanding of the Big Data architecture.
Volume: Volume is the amount of data that exists. The World Economic Forum had predicted that by 2025, the amount of data created each day would reach 463 exabytes all around the world.
Velocity: Velocity is the speed at which data is created to the amount of time required to analyze it.
Variety: Variety is the diversity of data that are being collected. The data could be in any format; Structured, Semi-structured, or Unstructured.
Veracity: Veracity could be defined as the quality of the data that is captured.
Value: Value is the worthiness of the data being collected. Data that lacks value could distract and hinder the data analysis process.
What is Big Data Analytics?
Big data analytics inspects and identifies valuable insights such as hidden patterns, correlations or other helpful information. With today’s revolutionized technology systems, analyzing data and formulating answers from it is instantaneous when compared with the traditional business intelligence solutions.
Big Data Analytics extends boundless possibilities to the business world. We can apply analytics techniques like machine learning, deep learning, data mining, statistics, and natural language processing for efficient business management.
Big Data Analytics aids in utilizing the power of data, in applying it to identifying patterns and new opportunities, and encouraging smarter business moves, systematic operations, greater profit, and contented customers. The data is acquired, assembled, and combined to provide analysis for the businesses.
Big Data analytics tools and techniques are in ever-growing demand due to the use of Big Data in businesses. Organizations can identify new opportunities and attain new insights to carry out their business expeditiously. These tools support the provision of meaningful information for making stronger business decisions and for creating profit. Big data analytics tools like Hadoop help to minimize the cost of storage. With the latest analytics tools, the analysis of data becomes smoother and immediate. The result is credible performance, speedy decision-making, and time-saving.
Real-time Benefits of Big Data Analytics
Big data is used in multiple industries ranging from:
- Education sector
Graduation with at least 60% marks preferably in the IT, statistics field Students with degrees in fields like Maths, Statistics, Computer Science are appropriate
As per the report from Glassdoor, the national average salary for a Big Data Analyst is 7,39,410 INR per year in India. The salary will vary according to the positions and the experience level.
Today various industries offer different jobs according to their distinctive requirements. Since analytics is rising in every field, the workforce needs are also far-reaching. Moreover, some certifications can benefit you in flaunting your talent and skills. The knowledge and experience of Big Data analytics can lend you an upper hand over others. Some of the job opportunities you could avail in the Big Data domain include:
- Big Data Analytics Business Consultant
- Big Data Analytics Architect
- Big Data Engineer
- Big Data Solution Architect
- Big Data Analyst
- Analytics Associate
- Business Intelligence and Analytics Consultant
- Metrics and Analytics Specialist
The prominence of big data analytics accelerated powerful competition and escalated the demand for big data professionals. Data Science and Analytics is an expanding field with enormous potential. Data analytics helps to analyze the value chain of businesses and capture insights. The use of analytics can amplify the industry knowledge of the analysts.
Big data analytics is in mega demand in different fields and industries. Hence, it is essential for a professional to keep oneself acquainted with these techniques. At the same time, companies can achieve great deals by using these analytics tools effectively.
Big data analytics professionals are the trailblazers of the journey towards an ever more data-centric world. The techJury had remarked in 2021 that the big data analytics market would rise up to $103 billion by 2023. DataMites™ is the global institute for Data Science accredited by the International Association of Business Analytics Certifications (IABAC). You too can enroll and be a part of this journey with our Big Data Specialization course.