Big Data is becoming increasingly important, as the number of users grows almost exponentially. To understand what Quras has to offer we first need to learn a bit about Big Data. In part 1 of the series we will learn about Big Data and why is it so important to
Let’s see what the definition says:
Big data are characterized as datasets that are so complex and huge in size that traditional data analysis tools are unable to process them. Challenges to big data include, but not limited to, data grabbing, data cleaning, data storage, data analysis, moving, and querying. Traditional relational databases often fall short to handle such large datasets. Organizations instead rely on a distributed database system that require massive parallel computing running on hundreds of servers simultaneously.
With the global revenue in the business intelligence (BI) and analytics software market forecasted to reach $18.3 billion in 2017, which is an increase of 7.3 percent from 2016, Big Data is definitely growing quickly. According to the latest forecast from Gartner by the end of 2020, the market is predicted to grow to $22.8 billion. Over six million developers worldwide are currently working on big data and advanced analytics.
• Cloud service management costs are continuously increasing worldwide, while governments, companies and Cloud service institutes seek new ways to reduce them.
• Experts argue that Decentralized in clouds and IOT data flow is the key for succeeding in better data service provisions at a lower cost.
• This approach leads the way to vast investments and dramatic growth in IoT solutions and paves the way to medical blockchain innovations.
In 2017, Big Data vendors pocketed over $57 Billion from hardware, software and professional services revenues. These investments are further expected to grow at the rate of approximately 10% over the next years, accounting for over $76 Billion by the end of 2020.
As part of broader plans to revitalize their economies, countries across the world are incorporating legislative initiatives to capitalize on Big Data. For example, the Japanese government is engaged in developing intellectual property protection and dispute resolution frameworks for Big Data assets,
in a bid to encourage data sharing and accelerate the development of domestic industries.
SNS Research estimates that as much as 30% of all Big Data workloads are currently processed via cloud services as enterprises seek to avoid large-scale infrastructure investments and security issues associated with on-premise implementations.
The vendor arena is continuing to consolidate with several prominent M&A deals such as computer hardware giant Dell’s $60 Billion merger with data storage specialist EMC.
Just to show how much data we process each day, here are some statistics from around the world:
• IDC Estimates that by 2020, business transactions on the internet- business-to-business and business-to-consumer — will reach 450 billion per day.
• Facebook stores, accesses and analyzes 30+ Petabytes of user-generated data.
• Akamai analyzes 75 million events per day to better target advertisements.
• 94% of Hadoop users perform analytics on large volumes of data not possible before; 88% analyze data in greater detail; while 82% can now retain more of their data.
• Walmart handles more than 1 million customer transactions every hour, which is imported into databases estimated to contain more than 2.5 petabytes of data.
• More than 5 billion people are calling, texting, tweeting and browsing on mobile phones worldwide.
• Decoding the human genome initially took 10 years to process; now it can be achieved in one week.
• In 2008, Google was processing 20,000 terabytes of data (20 petabytes) a day.
In the next article, we will dive deeper into the world of Big Data and explain how Quras aims to change the industry.
Till then, follow us on social media and feel free to post any questions you may have.