Know all About Big Data Characteristics, Advantages Types, and Industries Use Cases. This blog provides quick information about Big Data types and industry use cases. Data always plays an important role in every organisation. Organised and structured data is key to the success of every business. For years, maintaining data in the traditional way has become a major challenge for large enterprises.
As we all know, in this modern world companies need to be fiercely competitive in order to excel. The first step towards staying agile in the competitive world is maintaining complex data and maintaining it effectively to gain actionable insights.
While witnessing the high demand for maintaining the data, professionals rely on big data services, which helps maintain high volume of data across different industries.
Big Data Services
With the motive to enhance business perspectives, Big data companies introduce software/ services to manage complex and large data sets.
Why companies should opt for Big Data
- Big Data is subject of technology on which experts are regularly working on to upgrade various tools, techniques, and frameworks to bring profitable results.
- Big Data Services manages all types of data which includes
- Structured Data
- Semi Unstructured
- Unstructured Data
- The big data tools understand the in-depth requirement of business and help to make a better and more strategic decision with actionable insights from data.
- According to Oracle, Big Data is playing a different and unique role in the entities. Different types of data storage platforms have been introduced into the market to store data and every two years data volumes are expanding in size. But data is valuable, it is not only for storage. Data should be valued and from time to time get analyzed and filtered. Even experts spends 50- 80% of the time to filter relevant data, before starting a new project or plan a strategy.
But Big Data technology has changed the whole scenario.
Growth Rate and Future of Big Data
Forbes: “Worldwide Big Data market revenues for software and services are projected to increase from $42B in 2018 to $103B in 2027, attaining a Compound Annual Growth Rate (CAGR) of 10.48%.”
Statista: “The statistic shows the size of the big data market in China from 2014 to 2016, with forecasts up to 2020. In 2016, the Chinese big data market size amounted to approximately 16.8 billion yuan. This figure was projected to grow to around 57.8 billion yuan by 2020.”
Advantages of Big Data Integration
1. Saves Cost and Time
Professionals declared that 80% of experts’ time is spent to filter and maintain data in an organized manner. In spite of these efforts, it is not sure that the data has been filtered deeply. So, in this case, Big Data automatically filters, organizes and responds to data and experts can utilize their time on the other potential work.
Saving time and professionals working on other potential things saves costs. Big data services are not expensive, entities can opt for the customised solutions as per their requirements and can also hire a web developer at an affordable price.
2. Increased Productivity
Several companies opted for the Big data tools such as Hadoop and Spark and these tools helped them to increase their business productivity. These tools helped them to analyze the huge relevant data faster, which increased their productivity and they don’t have to spend their time searching and filter the data.
3. Secure – Fraud Detection
The biggest advantage of the Big Data technology is it prevents the system from fraud. The tool has the ability to track and record the alterations from all over the world. Minor changes can be previewed by the organization users and can detect the alternation specific user. Along with this for the finance industry, it has turned as boon as debit bank activities are recorded in terms of location.
Related Post: Develop Mobile App Using Big Data
Types of Big Data
There are three types on which Big Data works
- Structured Data
- Unstructured Data
- Semi Unstructured
1. Structured Data: Structured data refers to the information stored in an organized and updated form. In this type of data, the information is reviewed and filtered on timely basis. Hence, it is a final data which is ready to use, and regularly big data tools update it is per the market realities.
2. Unstructured Data: To turn unstructured into structured data is a time-consuming process. It is counted into the incomplete or lack of specific information.
3. Semi Unstructured: This category includes both the above types of Structured and Unstructured Data. In this, the data lacks particular information or sources which are not defined properly.
Big Data Characteristics
In 2001, Analyst Doug Laney has listed three ‘V’s under Big Data.
1. Variety: In the past, data was gathered from spreadsheets and databases in a very simple manner. However, due to changing technology and business realities, the sources used to gather data have changed. Now there is voluminous data from sources such as PDFs, text, images, audio, and video.
Hence, all the above types of data including Structured, Unstructured, and Semi Unstructured data is known as a variety of data.
2. Velocity: Velocity refers to the real-time in which data is generated and processed. The total time and speed consumed while doing the activities is known as data velocity.
3. Volume: Big Data the term refers to the ‘huge volume.’ Hence, on a daily basis, the data gathered from multiple sources such as social media, various networks, human interactions, and machines depicts the total volume of the data.
Industries – Where Big Data Serves
In our daily routine, banking facilities like online transactions have turned as a vital part of our lives. Day to day several transactions use to held Worldwide and all the data can be stored in a structured and organized manner via big data tool.
This data is unmanageable without big data. Along with this, it also prevents the banking industry from fraudulent activities from all over the world with location used to be tracked and recorded with relevant details.
The volume of big data in healthcare is outpacing other industries. The challenge of managing extremely large data related to patients healthcare, prescription, vaccination, pathology reports, and more is weighing on the minds of the healthcare providers. Now healthcare providers are focusing on big data and analytics to make life-saving changes in patient treatment and more.
The huge volume of data requires constant updates to prevent any kind of conflicts and to preview the patient’s history and treatment records faster and easier.
Big data in the education sector helps analyze student results, dropout rates at schools and colleges would also reduce. When it comes to students, big data can help connect favorite subjects, classroom performance, extracurricular activities with a student’s behavior.
Now, education has no limits. Education is not restricted to classrooms. Big Data helps to enhance the education sector. Educational institutions can use predictive analytics to gauge and decipher data that is collected to give insights on future student outcomes and improvise teaching methods.
We have provided you an overview of the emerging Big Data technology. This technology has become an asset in the business world. Big Data services have enhanced several industries and streamline the work process into a structured and organized way. It is important to understand the role of big data in business organization. Enterprises looking to take leap will have to embrace big data and take a global approach to their data.