Big data is the big word in the current technology landscape. It has forced industries, governments, academicians, and researchers to give serious thought considering that they can mine the knowledge to increase the impact of government policies, operations of private organizations, and businesses for taking better and wiser decisions for their stakeholders. The experts in Data Science consider it a game changer for every industry. The world around us and the activities that we have been doing has created a whole mesh of massive data in every area. It has shifted from hype to a real situation that must be dealt with. It has been raising many questions like how to manage big data. How useful is big data? How big data can influence the current data science scenario?
The biggest challenge faced by a new creed of professionals termed data scientists is how to quantify the value of big data. It is a huge challenge that needs funding with an assurance to the stakeholders that the investment is worth the risk involved. Several industries are investing hugely in big data. Hadoop, the most preferred open source software for distributed computing, has forecasted to grow by 58% by the year 2020. So, it is a clear indication of the fact that the world belongs to big data now, and investing in this field is definitely a sign of stepping in the right direction.
Organizations can have many reasons to go ahead and jump into the sea of opportunities offered in this promising avenue. It can be better customer experience, targeted marketing, concise analysis of business, reduction in expenses, securing the business, and expanding the customer base. They must start evaluating in the terms of
- The need for industry-specific analysis and management of big data
- Identifying the cost-benefit analysis of the current market
- Identifying opportunities to create new services and products
- Redefining current services and products
Almost every industry you know of is affected and benefited by the huge repositories of data. Primary sectors revolutionized with Big Data Analytics are Banking, Entertainment, Social Media, Healthcare, Education, Manufacturing, Weather Forecasting, Stock Market, Insurance, Service Providers, Retail Industry, Transportation, Aviation, Public Utilities, and Government Agencies. We will discuss these areas in upcoming articles. Share your thoughts on this hot topic in the comments section.