Big Data is a topical technology trend. It offers new opportunities and challenges.
Big Data is simply defined as large and complex data sets that are difficult to process using available database management tools or traditional data processing applications.
Leaders in every major business sector are grappling with the implications of big data.
In addition, the global online community is trying to find new ways to manage and store high volumes of data. One of the major challenges is that data storage is expensive.
Companies have always relied on keeping data in vast data warehouses.
A few years ago, it was predicted that technology systems would generate large amounts of data and big data administrators will have to find new and innovative ways to store it.
Since data volumes are increasing on daily basis, a new form of storage is needed, including cloud computing.
Power of the Internet
The power of the Internet and the increasing volume and detail of information captured by businesses has lead to the explosion of data.
The rise of multimedia, social media, and the Internet has further fueled the enormous growth in data.
According to McKinsey, big data can unlock significant value by making information transparent and usable at much higher frequency. The use of big data will become a key basis of competition and growth for individual companies. There will be a shortage of talent companies for organizations to take advantage of big data.
Most technology experts believe that big data offers a new opportunity for collaboration.
Global big data projects will offer high value and return on investment (ROI) for businesses. It will also increase the demand for information management and security.
Technology companies looking for the next level of innovation and productivity should focus on big data.