Big Data is a term that describes massive volumes of data that inundates us on a day-to-day basis.
The term Big Data refers to both structured and unstructured data from multiple sources and includes tweets, text, photos, video, audio, machine sensors and more.
Businesses can use Big Data to operate more efficiently with personalized customer service and support.
- 90% of the world’s data has been created in the last 2 years.
- 2.5 Quintillion bytes of data created every single day!
- Twitter generates 7 Terabytes every day - Facebook generates 10 Terabytes a day.
- 20% of the world’s data is structured - 80% unstructured (pictures, video etc).
- This data is being generated by every digital process and social media - it is arriving from multiple sources at an alarming velocity (speed), volume and variety.
- Data generated by systems, sensors and mobile devices are known as the Internet of Things.
- Ninety-two percent of consumers report that they trust social media and word of mouth above all
other forms of advertising.
- To extract meaningful value from Big Data, you need optimal processing power, analytics capabilities
- It isn't the amount of data that is important but rather what we do with that data - new technologies allow us to process Big Data rapidly. Big data is analyzed to determine sentiment to enable us to make better decisions and business strategies.