‘BIG DATA’ KEYWORD SEARCH TREND
SOURCE: GOOGLE TRENDS, WORLDWIDE RESEARCH FROM 2004 TILL NOW
We are at an age where a single jet engine creates up to one terabyte (1,000,000,000,000) of data within a single transatlantic flight. Each one of us is like one of those engines, giving off ‘data exhaust’ as we operate in our daily lives. But these aren’t just inconsequential. In fact, big data is a worldwide market with more than estimated $203 billion worth of value by 2020.
They aren’t just ‘numbers’ (structured data). They can also be images and text (unstructured data). They can be human-generated on the web or automatically gathered from more and more advanced sensors, and they all contribute to the growth of this enormous stream.
It’s all about dimension
In 1965, Gordon Moore, the co-founder of Intel, predicted that the number of transistors in a dense integrated circuit doubles every two years; the regularity he found is true for more than half a century now.
With the development of new technologies in micro- and nanoscience and the shrinking of dimensions of transistors and processors, producing data is quicker and easier. Now, with downscaling and hyperscaling, this trend is expected to continue into the future.
Data generated before you wake up
From the fitness-tracking wristband constantly uploading data about your movements, heart rate and temperature to analyze the quality of your rest, up until lunchtime, when a waiter takes your order on his tablet, and even after that, you are continuously generating data.
If people are already producing this much data, then why not take advantage of them and use them to customize and optimize your processes that would benefit from the insights produced through these data?
You can be a small start-up or a large enterprise- both can benefit from having a 360-degree vision on customer or partner behaviours.
Advanced types of analysis
The same shoe can’t fit everyone and the same is true for Big Data.
We can’t have a universal tool for analyzing and managing different kinds of data, as different businesses produce different workloads.
The ones produced by a large ship management system can’t be handled in the same way as the ones produced by a tourism platform. You would probably need information on customer satisfaction instead of data on targeting and this is where Bigdatastack’s holistic approach to the problem can be of great benefit.
So, why invest in Big Data?
Simply put, its projected market growth is astounding despite its analysis being relatively underdeveloped. It’s almost like a race where not all the runners have started yet but some giants like Google, Amazon or Microsoft already have.
Good analysis could improve decision-making and time allocation, reduce costs and optimize the overall development and deployment of your products and services.
Big data is only going to get bigger as time goes by; it’s almost up to you but it’d wise to begin researching options for your business and start pouring some of your own capital into the technologies and companies utilizing big data.
See how BigDataStack allows shipping companies to cherish their data and use them in a difficult decision making process, such as the supply management of a fleet.
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