The sheer volume of big data continues to grow as corporations and consumers depend on mobile devices, streaming, the Internet of Things (IoT), and other technologies that collect and use massive quantities of data
"And with the growth of big data, the market is seeing a steady increase of tools and capabilities for storing and analyzing it.
See below to learn about the top tools in the big data market and how enterprises are benefiting from the increased insights borne from big data.
What's Happening In The Big Data Market
- Big data
- Big data market
- Growing 3 Vs of big data
- Benefits of big data
- Big data use cases
- Big data solution providers
'Big data' was first coined in the 1990s when technology experts began to recognize the quickly expanding pools of data in enterprises as well as the growing problem of processing and applying that data with existing technology..."
The team here at insideBIGDATA is deeply entrenched in following the big data ecosystem of companies from around the globe.
"We're in close contact with most of the firms making waves in the technology areas of big data, data science, machine learning, AI and deep learning. Our in-box is filled each day with new announcements, commentaries, and insights about what's driving the success of our industry so we're in a unique position to publish our quarterly IMPACT 50 List of the most important movers and shakers in our industry. These companies have proven their relevance by the way they're impacting the enterprise through leading edge products and services. We're happy to publish this evolving list of the industry's most impactful companies!
The selected companies come from our massive data set of vendors and industry metrics. Yes, we use machine learning to analyze the industry in a detailed manner to determine a ranking for this list. We're using a custom RankBoost algorithm adapted specifically for the big data community along with a plethora of proprietary data sources. The rankings include an indicator for upward movement in the list and also for companies newly added..."
Since big data first entered the tech scene, the concept, strategy, and use cases for it have evolved significantly across different industries.
"Particularly with innovations like the cloud, edge computing, Internet of Things (IoT) devices, and streaming, big data has become more prevalent for organizations that want to better understand their customers and operational potential.
See below to learn about current big data trends and what we can expect in the future for big data.
What's Trending In Big Data?
- Stronger reliance on cloud storage
- The growth of data fabric technology
- Ethical customer data collection
- AI/ML-powered automation
- The evolution of vector similarity search
Stronger Reliance On Cloud Storage
Big data comes into organizations from many different directions, and with the growth of tech, such as streaming data, observational data, or data unrelated to transactions, and increased knowledge of how disparate data types can be used strategically, big data storage capacity is an issue..."
Big data and analytics technology is becoming exceedingly important for stock investing.
"The financial analytics market was worth an estimated $6.7 billion last year. It is projected to grow at an annual rate of around 13% through at least 2027.
Big data technology keeps reshaping the business landscape and companies have started realizing the importance of using data and analytics in their decision-making processes. While small and medium businesses have yet to adapt to the concept, large businesses invest significantly in data. Stock trading is an area where data and analytics are now more critical.
To be specific, day traders are focusing more on big data and analytics technology. They currently use technology for identifying the direction of share prices, valuation, as well as identifying financial assets..."
When famed mathematician John W. Tukey postulated that advanced computing would have a profound effect on data analysis, he probably didn't imagine the full extent to which this yet-to-be-named field would become embedded in all facets of future society
"This was in 1962, three years before Intel co-founder Gordon Moore famously authored the eponymous 'law' predicting the doubling of computing power every two years.
That said, Tukey wasn't far off the mark; in his seminal treatise The Future of Data Analysis, he ponders the instrumental role of computers in data analysis as an empirical science: 'How vital and how important . is the rise of the stored-program electronic computer?' As it turns out, crucially vital and important..."
D&A leaders must take pragmatic and targeted actions to improve their enterprise data quality if they want to accelerate their organizations' digital transformation
"Every year, poor data quality costs organizations an average $12.9 million. Apart from the immediate impact on revenue, over the long term, poor quality data increases the complexity of data ecosystems and leads to poor decision making.
The emphasis on data quality (DQ) in enterprise systems has increased as organizations increasingly use data analytics to help drive business decisions. Gartner predicts that by 2022, 70% of organizations will rigorously track data quality levels via metrics, improving it by 60% to significantly reduce operational risks and costs..."
In a world of big data, visualization is becoming a key skill set that every business must master
"Digital technology has transformed the way businesses use information, offering insights on all sorts of different business metrics. However, all that data is only useful if you can see it and understand it.
This is where data visualization comes in. Put simply, this is the process of bringing data together in a way that it can be viewed and interpreted. It refers to a collection of techniques designed to communicate data and encode it in a visual format, such as a graph, chart, video, or image. By representing data in this way, it is possible to take collections of numbers that may seem difficult to interpret and turn them into something people can quickly see and understand.
A study from the Wharton School of Business found that effective data visualization could shorten meetings by 24%. For example, a graph representing sales growth over the last few years is much easier to comprehend than the data in table form..."
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