Here is a quote from an article on globalknowledge.com about big data:
“Data is projected to grow by 800% in the next five years. The big challenge is that more than 80% of it unstructured. Unstructured data varies in its formats, including plain text, email, blog, formatted document, standard and non-standard image, video, voice, animation, sensor input, web search logs and more. Unstructured data is growing faster than structured data. As a relatively new and untapped source of organizational insight, unstructured data analytics has the potential to reveal more important interrelationships that were previously very difficult or impossible to determine.”
The amount of data that we are creating on the web is growing at an exponential rate. Just in the years since the advent of the world wide web in 1993, we have amassed a gigantic amount of data and that will only grow and grow more quickly in every day that passes. We have to find a way a manage all of this data as well as find ways to traverse it and retrieve what we need from that data in more efficient ways as the collection grows.
Big data is also becoming a huge buzzword in the technology community because it is creating a new and quickly growing market for new technology development as well as a new branch of statistical correlations. People are beginning to predict that with the use of big data, they will be able to predict things for the future with much greater accuracy than ever before because there is so much more data to access.
But there is also a large portion of the population who are weary of big data as just another tech fad or as something far worse as more and more stories pop up about security breaches in big companies. To me, big data kind of seems like our efforts to harness the ocean for potential renewable energy; the more time that passes, we gain more understanding and better methods of utilizing it but it can turn on us in an instant and destroy us.
But while big data is relatively new on the tech scene, it is also one of the most discussed and researched issues so there are many potential solutions on how to harness the power of big data while making sure everyone’s information stays secure. One this that big data is really utilized for is marketing research which is a booming market currently. As opposed to reinventing the wheel to integrate big data, companies are taking these new ideas and integrating them into the already proven methods for traditional market research to help them find a deeper understand of what their customers are buying and doing. Financial companies are also at the forefront of creating new ways to manage the ever growing swath of data and finding new ways to keep all of that data secure.
Big data seems like it is here to stay and the amount we are generating is definitely not subsiding so I think it will be one of the big factors of technology in the future. While it is in it’s infantile stages and changing every day, I think it will be an very important part of our future.