First of all, what is Big Data?
Big Data is the mass accumulation of data. The industry which is devoted to big data is the Information and Communication Technology sector.
In technical terms, Big Data includes the technologies, systems and methodologies which make it possible to manage and analyse very large volumes of data which can’t be dealt with using traditional tools. This is due to the high volumes involved (for example the analysis of tweets to detect opinions about products), the required speed of processing (such as the detection of fraud), the variety of types of data (texts, audio, video etc.), and the need to guarantee the reliability of results. The daily volume of data generated is close to 3 trillion. The exponential growth is so great that 90% of data currently saved was generated in the last two years. And where does this data come from? Videos, images, social networks, ecommerce transactions, internet searches, 3G, 4G and GPS searches, internet sensors….. All this produces Big Data. But Big Data itself doesn’t add any value. This only happens when the data is analyzed and we convert it into information.
In 2015 Big Data is expected to grow 25% in finance, internet and government sectors, 40% in media, and 54% in energy and utilities. The object of Big Data is to turn data into information in order to make decision-making easier. This is an extraordinary business opportunity. There is considerable room for improvement in Big Data, for example in training specialist staff. Some of the major benefits of Big Data: – Improve efficiency – Major competitive advantage – Reduce costs in the medium to long term – Rapid capacity to act and respond – Improve decision-making – Improve innovation