Big data has definitely transpired and grown into a vital entity that most businesses just cannot spend to ignore. Big data is entirely accustomed to the technologies and processes associated with gathering and analyzing capacious amount of information regarding customers, markets, suppliers and operations. The bulk of this information is being made available to businesses with the means of mobile phones, instrument sensors, transactions on the Internet, and so on. Big data can be characterized as the flood of data from numerous resources. It possesses high speed interactivity as the data is being generated at a high speed from vast resource pool.
There are many analysts that have predicted that Big Data industry will significantly grow at the rate of 31 percent annually between the 2012- 2017, which is almost seven times greater than the growth rate of other sectors in the technology industry. What is interesting to understand is the fact that this is just the technology infrastructure portion and bulk of the information is still in the scattered form making it highly difficult to manage. Big data is also an extensive driver for the tremendously growing business analytics market which many believe would reach $51 billion by 2016.
The human element is also an important aspect in the viability of the not so secret magic ingredient that drives the success of Big Data based business strategy. While conceptualizing Big data based analytics, it is often beset by technology issues that are abruptly put forward making it difficult to looking beyond that. Most of the management analysts, vendors, and academics have been claiming that Big data technology will offer competitive advantage to business.
This can be done, but definitely not with just bringing in the technology. Being a resource, technology is readily available for all players in an industry to buy and install, and by itself, a technology cannot give a business, competitive advantage. This is why it is important to understand that accumulative analysis of big data is highly necessary to drive business growth in the near future.
