Big data is a buzzword, a catch-phrase, used to describe a massive volume of structured and unstructured data that is so large that it’s difficult to process using traditional database and software techniques. While the term may seem to refer the sheer volume of data, it isn’t always the case. The term Big Data, especially when used by vendors, may refer to the technology that an organization requires to handle large amounts of data and storage facilities. Big data is data that exceeds the processing capacity of conventional database systems. The data is too big, moves too fast, or doesn’t fit the strictures of normal database architectures. To optimize gain from this data, one must choose an alternative way to process it.
The day-by-day growth in the volume and variety of data is immense and speed of generating new data is accelerating quickly. Big Data is becoming an important part of the economy such as labor and capital. We will soon go out of the era where capital and labor determined economic values to another where value is the combination of capital, labor and information. The rise of big data facilitates things like news casting (real-time forecasting of events), the development of inferential software that assesses project outcomes to data patterns. Overall, big data is a huge positive for society in all aspects.
The existence of huge data sets for analysis engenders false confidence in our predictive powers which can lead to significant mistakes. Moreover, analysis of big data can be misused by people in power and institutions with ulterior agendas to manipulate findings and make a case for what they desire. Like two sides of a coin, big data has its own positive and negative aspects.
Some of the pros and cons of Big Data:
Data mining allows you to findcorrelations easier
More calculated, henceaccuracy is higher
Data is combined into a big mass which allows for links to be found
For example: company with decades of information can make use of Big Data and data analysis to create competitive advantages and open new business opportunities
Started because companies have been finding it hard to manage all their data
Creates new growth opportunities, lots of jobs
Big risks on security and privacy
Challenges arise: expensive, need to spend a lot to get it working
A lot of analyzing: uncover patterns, apply algorithms, connections relationships
Still need specialization regarding the analysts; hard to find the right skill set.
Companies such as Amazon, Mongo DB, Datastax, MapR etc. provide are known to provide big data solutions. Big Data is booming with the need for data on a daily basis and the future of Big Data seems stable as well, with the number of job opportunities it is expected to generate. The future of Smart Cities also depend on it. You may or may not be bothered about the idea of living in a smart city but without a doubt you’d love to live in one that is happy. The data to measure the happiness of a city is already visible the tweets we send to the posts and profiles we like and share on Facebook on a daily basis. All that massive data is being captured and analyzed to gauge the health and happiness of a nation.
The Future may get us all to depend on Big Data with its vast possibilities and advantages that outweigh the disadvantages.