History of Big Data Analytics
Big data as a concept has been gaining prevalence for quite some time now, with many of the organizations now realizing the fact that if they gather all the data streaming into their businesses, they can make use of analytics and attain substantial value from it. But even a long time ago, decades before big data was even introduced, businesses made extensive use of basic analytics. These basic analytics involved mostly numbers written on a spreadsheet, which were then manually examined, in an attempt to uncover the latest trends as well as insights.
Big data analytics brings to the table some new benefits like speed and efficiency. But a couple of years ago, businesses would just collect information, use analytics and identify information that have use in future decisions. This was a somewhat slow process, whereas today businesses are able to pinpoint insights and then take spontaneous decisions. This ability to function at a quicker pace and retain agility provides the organizations an edge they did not enjoy before.
Importance of Big Data Analytics
Big data analytics assist organizations in harnessing their data and make use of it to understand new opportunities. This could result in better and smarter business moves, highly efficient operations, greater profits as well as far more content customers.
Faster and Accurate Decision Making
With the excellent speed of in-memory analytics and Hadoop, coupled with the ability to study the new data sources, businesses have gained the ability to identify the information on the spot, following which they can now make decisions depending on what they’ve understood.
New Products as well as Services
Given the skill to gauge the needs of the customer as well as satisfaction via analytics, the power to provide the customers with whatever they want increases among organizations. Experts point out that with the rising prevalence of Big Data Analytics Industry, more and more companies are now developing new products that can completely fulfill customers’ needs.
Big data technologies like cloud-based analytics and Hadoop offer a host of considerable cost advantages, with respect to storage of massive amounts of data. Additionally, they can now learn more efficient methods of conducting business.
Who are the Users of Big Data Analytics?
Financial institutions like banks, now armed with big data analytics, can collect and study analytical insight from huge volumes of unstructured and unorganized data in a bid to take sound financial decisions. Big data analytics enables them to access data that they require any time they require it, by preventing overlapping as well as redundant tools.
Future of Big Data Analytics
It is quite clear that the future of big data is unshakeable, with technologies such as machine learning, IoT, artificial intelligence penetrating our everyday lives. The big data analytics industry is continuously evolving since its inception and has been entering industries as well as companies at a fast pace. With the continued impact of big data analytics on companies, its future with respect to its patronage across the world is only expected to surge manifold.
LIST OF TABLES
TABLE 1 BIG DATA ANALYTICS INDUSTRY, BY COMPONENT
TABLE 2 BIG DATA ANALYTICS INDUSTRY, BY SOLUTION
TABLE 3BIG DATA ANALYTICS INDUSTRY, BY END – USER
TABLE 4 BIG DATA ANALYTICS INDUSTRY, BY REGION
TABLE 5 NORTH AMERICA BIG DATA ANALYTICS INDUSTRY, BY COMPONENT
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LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 BIG DATA ANALYTICS INDUSTRY, BY COMPONENT (%)
FIGURE 3 BIG DATA ANALYTICS INDUSTRY, BY SOLUTION (%)
FIGURE 4 BIG DATA ANALYTICS INDUSTRY, BY END USER (%)
FIGURE 5 BIG DATA ANALYTICS INDUSTRY, BY REGION (%)
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