Big Data analytics has become a buzzword over the last few years. Even though it's actually been around for several decades, the new jargon came to life due to the surge in components buyers use in order to make a purchase. The cost of a product and it's Consumer Reports reviews are now small ingredients as to how a buyer makes a purchasing decision. Virtual Reality, Artificial Intelligence, and the emergence of even greater amounts of IoT (internet of things) devices are large contributions to the IT industry of 2017. According to Cisco, by 2020 the number of IoT devices will be three times as high as the global population. With new emergence of this technology, businesses need to be able to track and analyze this large amount of data and turn it into pure revenue.
What is Big Data Analytics?
Big Data analytics is simply large amounts of data that a company captures and analyzes that funnels into their business. Big data could mean various measurements such as: customer buying behavior, trends in the market, customer demographics and buying patterns. Depending on the business, tailored analytic software is used to run copious amounts of research and information into compiled data.
What's the Value in Tracking So Much Data?
Big Data analytics is valuable to a business because it gives them insight into what their customers want to buy and what correlates customer spending with market trends. Most of big data analytics are formed in real time due to devices and networks from the businesses: website, social media pages, and transactional behavior. With the increased use of mobile computing, social networks, and other IoT devices, businesses are able to tap into data more rapidly than ever before.
Big Data Trends in 2017
IDC predicts that by 2020, "the amount of high-valued data worth analyzing will double and 60% of information delivered to decision makers will be actionable." The forecast on this prediction dictates our knowledge and business necessity to store, test, review, and analyze even more data than we ever thought possible. With more factors such social media and digitization of products being the main influences of purchase, the more information businesses need to review and analyze to figure out what "sells."
"The Big Data technology and services market will exhibit strong momentum through 2020, thanks to aggressive DX initiatives," said Ashish Nadkarni, program director, Worldwide Infrastructure, and co-lead of Big Data market research at IDC. "Year-over-year growth is estimated to reduce slightly as the market matures and becomes a segment of broader business analytics market in its entirety."
In 2017, we will see the largest drive in data demand than we have ever seen before. AT&T recently stated: "We're experiencing unprecedented wireless traffic growth. The key driver? Video. And we expect this trend to continue through 2017. Data on our mobile network has increased about 250,000% since 2007." The new phenomenon and integration of live streaming video has just opened up yet another channel of big data for businesses to analyze.
Stay tuned for more upcoming reports about Big Data Analytics.