While the phrase “big data” is fairly new, humans have worked with datasets since the 1960s and 1970s. Since creating the first data center, organizations have been using spreadsheets and fundamental analytics to make accurate decisions about the future.
Every day, 2.5 quintillion bytes of statistics are produce. This figure might grow as soon as internet access increases. We can now acquire large amounts of information from any possible field that can be monitored digitally. The amount of information is unparalleled.
Before we can comprehend how big data technology is used in our daily life. We must first understand what big data is and how it is collected.
Big Data is a massive collection of data that is expanding exponentially over time. It is a data set that is so vast and complicated. Even standard data management technologies cannot store or handle it efficiently.
The following are some examples:
- New York Stock Exchange: The New York Stock Exchange creates around one terabyte of new trading information every day.
- Facebook: According to TechCrunch, Facebook’s technology processes 2.5 billion pieces of content and 500+ terabytes of statistics every day. It receives 2.7 billion. Like actions and 300 million images per day and analyses around 105 terabytes of information every half hour.
Types of Big Data
The following are the different types:
- Structured
- Unstructured
- Semi-structured
Structured
Structured data refers to any information that can be analyzed, retrieved, and stored in a set manner. Over time, expertise in software engineering has made more notable progress in developing ways for interacting with such data and deriving an incentive from it.
Structured data in big data is the easiest to deal with. It is closely related to measurements specified by parameters. It is basically quantitative information such as an address, age, expenses, debit card number, etc.
The database shown below is an example of structured data.
Unstructured
This is one of the forms of big data that includes the statistical format of a large number of unstructured files, such as picture files, video files, and audio files. Unstructured data is any information that has an unknown structure or model. Aside from its large volume, unstructured data presents dozens of new problems in processing and extracting value from it. A heterogeneous information source comprising a mix of basic text files, pictures, movies, and so on is an example of unstructured data.
The results provided by ‘Google Search’ are an excellent example of unstructured data.
Semi-structured
Semi-structured data is a form that includes both structured and unstructured data. It indicates that even if the statistics hasn’t been organized into a specific database. It still contains important tags or information that can isolate certain components within the data.
Personal information contained in an XML file is an example of semi-structured data.
Importance of Big Data
Organizations need to collect and evaluate an enormous amount of information for the following reasons:
- Improves Efficiency: Big data aids in the analysis of many elements of your corporation. For example, it can assist you in determining how long it takes for a product to reach from the production place to the marketplace. This information can be used to identify the areas of production that take the most time. This helps you identify the barriers and develop solutions to increase productivity and reduce the time. It takes for the product to reach the market.
- Cost Savings: Improving efficiency using big data can result in considerable cost savings in the manufacturing process. When organizations need to store vast volumes of data, tools such as Spark, Apache Hadoop, and others can help them save money. These tools assist businesses in discovering more successful business practices.
- Time Saving: Big Data Tools such as Hadoop enable a firm to evaluate data in real-time, allowing them to make rapid choices based on its findings. Firms are able to analyse data in less time with the aid of such technologies.
- Provides Better Understanding of Market Conditions: Data Analytics assists organizations in gaining a better knowledge of market conditions. For example, monitoring client purchase behaviour enables businesses to determine the most popular items. Once they know what their most popular products are, they will begin creating more of those products due to high demand. This allows businesses to stay ahead of their competition.
- Improves Online Presence: Big data tools can help businesses improve their online presence. Businesses can use those tools to perform sentiment analysis. These tools will allow them to gather feedback about their company, such as who is saying what about it.
- Increases Customer Engagement: Profitability is essential for long-term growth in any organization. Profits can be made when customers are satisfied. They are a crucial asset on which each firm relies. So, in essence, no firm can succeed unless it has a substantial customer base. However, even with a solid customer base, businesses cannot avoid market rivalry. If companies are not aware of the needs and preferences of their customers, they will not succeed in the industry. Not knowing the needs and preferences of customers will result in the loss of customers, which will create an adverse effect on the growth of the business. Businesses can use big data analytics to discover customer-related trends and patterns. Analysis of customer behaviour leads to a prosperous business.
How Is Big Data Improving the Quality of Our Life?
Let us look into some more areas where it might help us.
Education and Employment
Big data also influence two of the most critical sectors determining one’s future: education and job procedures. Both college admissions and hiring procedures are influenced by the gathering and use of big data. Many colleges increasingly rely on statistical tools to discover and recruit students who can help them fulfil internal goals. Employers are also striving to enhance hiring procedures by leveraging data. They frequently rely on services that aggregate vast amounts of information to find applicants who are most likely to fit and thrive in certain professions. Education, Job History, Language, and Public Works Samples are a few examples of the vast amount of data collected for college admissions and hiring procedures.
Driver’s License Renewal
Renewal of a driver’s license used to be a difficult task for everyone. It used to be very time-consuming. Currently, every state in India and the United States allows you to renew your driver’s license from the comfort of your own home. This was not possible before the widespread availability of big data. So, if you have a computer or a mobile phone, you can quickly enter a few lines of identifying information and be done with it.
Most departments of motor vehicles in the United States also allow vehicle owners to renew their tags online, pay the required costs, and get the stick-on yearly patches in the mail. These two activities used to take a whole day to accomplish, but now they only take around 10 minutes!
Voter Registration
Luckily, big data has made it easier than ever to register to vote. States maintain massive voter registration databases. These databases also assist voters in saving time while registering.
What used to be a big inconvenience that required traveling across town, taking a number, and standing in line is now a two-minute task that you can complete from the comfort of your own home.
Healthcare Services
Another area where you can easily see the effects of big data in your own life is healthcare. The gathering and application of large amounts of data have altered several aspects of the healthcare sector. Increased digitization of medical information and the capacity to monitor patients in real-time make it simpler for doctors to determine how beneficial a type of drug is on large populations. The course of action chosen after considering the statistics’ insights has the potential to save lives.
Gaming
Gaming will continue to improve. During gameplay, each player generates a vast volume of information and used to gain valuable insights into their preferences. All the information collect from gamers is evaluate by video game developer. Then utilize their findings to create unique and interesting gaming experiences for them.
Artificial Intelligence
Modern operations are becoming increasingly automated, paving the way for artificial intelligence and machine learning. Both of which rely on big data for development and success. As a result, big data is not only affecting our lives daily, but it is also impacting the near future.