The emergence of Big Data has begun to act as a stimulus in the growth of numerous nations today. It is becoming even more evident with recent developments in advanced nations such as the U.S.A. which is arranging a $500 million fund to be invested in data centers. Moreover, there has been a prediction of an annual 40% increase in the production of data, by McKinsey & Company.
With the expansion of digital networks, data has become incredibly valuable. Especially due to the networked sensors that you find in almost every smartphone or car these days, the reach or stretch of data has gone beyond where we could imagine a few years back. It is due to the strength Big Data that these sensors can be efficiently linked to computing intelligence in order to make sense out of it.
It would be difficult for you to believe the amount of data maintained by big shot companies. Organizations preserve data that is based on the information coming from all online and digital activities. For instance, the updates of our daily routine or pictures of our holidays that we upload onto social media. This has major significance for multinational companies as well as our economy.
According to McKinsey, in health care, data can be worth $300 billion. As electronic health records have been considered highly effective for improving medical care by predicting the outbreak of a disease, eradicating medical errors and so on. Health care providers have way more data than they can actually manage. There is going to be an increase in the number of IT and bigdata jobs in healthcare by 20 percent from 2008 to 2018, as estimated by the Bureau of Labor Statistics.
In a report that was published in 2011 by Erik Brynjolfsson who is an economist at Massachusetts Institute of Technology’s Sloan School of Management, out of 179 companies that were looked at, the ones that adopted data-driven decision making accomplished gains that were 5 to 6 percent greater than other elements could bring. In order to increase sales, many retailers are now mining big sets of data to evaluate things like pricing, sales and customer profiles.
Dealing with humanitarian troubles is the most intriguing matter that can be handled with the help of Big Data and analytics. As stated by the World Economic Forum, it has the power to assist aid agencies to get warnings of conditions such as drought in remote areas, allowing them to make an early start on assembling its resources it resources for saving a lot more lives. The forum also expects Big Data meddling in and affecting agriculture, education and global finance.
Leaving matters of privacy and fraud aside, the positive results through Big Data cannot be denied. There are numerous reasons to believe that it is the next big thing. Its excellent effect on the job market is evident now. As data centers are in the process of being built in places like North Carolina, Northern Virginia, and Santa Clara and America at present is in need for at least 200,000 of persons with analytical skills required by Big Data.