In 2015, the global Hadoop and Big Data market was valued at $8.48 billion dollars. By 2022, the market is estimated to reach an astounding $99 billion dollars. That’s a growth rate around 1,167%, making a convincing case that data has become (and will continue to be) one of the most valuable assets for any business.
So, what exactly is Big Data? We’ll explain using the Three Vs of Data: Volume, Velocity, and Variety.
Volume refers to the amount of data being collected by your company.
Velocity refers to the speed of the data coming into your systems. For an automobile maker that’s tracking every sensor you have placed on every car you own, you have data coming into your systems all the time.
Variety refers to the types of data that are now available for companies to take advantage of. Historically, a retail store would look at data like “seasonal purchasing patterns” to better understand their customers and ultimately make more money. Today however, that same retail store can complement that information with a more encompassing variety of valuable data, like local weather and social media.
MODERN DATA PLATFORM
You have a great opportunity to take advantage of big data technologies if your data doesn’t fit into the traditional data management framework due to the sheer size, frequency, or format of your data. The Modern Data Platform is comprised of technologies that are different than the traditional RDBMS systems. These data platforms have the ability to house all of your data, not just the structured data.
Today’s most prominent data platforms are provided by Clouder, HortonWorks, MapR.
THE GOALS OF BIG DATA
Big data changes the way organizations manage data, but it does not change the end of goal of transforming your data into valuable information that can be used to make smarter business decisions.
At Key2, we strongly believe the following about a Big Data initiative:
✓ The most important goal is to solve business problems.
✓ The purpose is to discover new insights about your business using non-traditional data sources.
✓ The outcome is actionable and intelligent information that empowers organizations to make smarter business decisions.
WE CAN HELP YOU REACH YOUR GOALS
If you’re considering a Big Data initiative, or if you need help optimizing your existing platform, we’d love to have a conversation with you to see if we can help.