Every Now and then, many of us come across the term “BIG DATA” . Here are some points for you all to figure out what actually Big Data is ?
Big data is an all-encompassing term for any collection of data sets so large and complex that it becomes difficult to process using on-hand data management tools or traditional data processing applications.
Big data usually includes data sets with sizes beyond the ability of commonly used software tools to capture, curate, manage, and process the data within a tolerable elapsed time. Big data sizes are a constantly moving target, as of 2012 ranging from a few dozen terabytes to many petabytes of data in a single data set.
Scientists regularly encounter limitations due to large data sets in many areas, including complex physics simulations, meteorology, genomics, connectomics, complex physics simulations, and biological and environmental research.
In Market, Big data has increased the demand of information management specialists in that Software AG, Oracle Corporation, IBM, FICO, Microsoft, SAP, EMC, HP and Dell have spent more than $15 billion on software firms only specializing in data management and analytics. In 2010, this industry on its own was worth more than $100 billion and was growing at almost 10 percent a year: about twice as fast as the software business as a whole.
It is estimated that one third of the globally stored information is in the form of alphanumeric text and still image data, which is the format most useful for most big data applications. This also shows the potential of yet unused data (i.e. in the form of video and audio content).
Advancements in big data analysis offer cost-effective opportunities to improve decision-making in critical development areas such as health care, employment, economic productivity, crime, security, and natural disaster and resource management.