With billions of users worldwide, over 2.5 quintillion (fifth power of a million) bytes of electronic data is created per day. This remarkable trend can be understood through the mere fact that 9/10ths of all the electronic data mankind has created has found its genesis in a recent few years. From meteorological readings to your Facebook status update, everything contributes to this mind boggling entity. E-commerce, finance, social media sharing, blogs, video sharing, and almost everything conceivable that requires any amount of information stored electronically contributes to this huge ocean, which has befittingly christened “Big Data.”
Why is Big Data important?
The quantity in which we are generating data is constantly on the rise. Industry experts believe that the proper analysis and adaptation to Big Data would be a key step in staying ahead of the global competition in all avenues. They believe it has the potential to spark off a new revolution of growth and innovation. Big Data is an untapped and under developed resource that has the potential to position businesses as industry leaders. This applies not only to the IT industry, but bigwigs from every sector need to sit up and take notice. It is time that they should adapt their infrastructural models with the trend and equip themselves with enough manpower and technology to utilize this resource to its fullest; and we’re not talking about just a few extra managerial or trained employee positions here.
Big Data can prove to be a boon not only in the private sector but in the public sector, as well. For instance if the public sector healthcare industry in the United States would be able to harness big data effectively, it could potentially drive up their efficiency and service quality creating a valuation of over $300 billion annually. This means because of reduced expenditures, America could reduce health care costs by 60%. The scope of such a technology in developed economies like those in Europe and America is unfathomable and can help save enormous amounts of government money simply through improved operational efficiency alone. This is not even counting the savings in corruption and fraud that could be realized. One can only imagine the benefits in user surplus and tax revenue collection that Big Data could provide in any economy.
Insights into Big Data Trends and Scope
For every sector and every kind of industry, data forms the fundamental backbone of its business metabolism comprising of production, marketing, and inventory. As of 2009 all sectors in the U.S. economy, which can be treated as a benchmark for developed economies across the globe, had an average of 200 terabytes of electronic data for each company with a payroll of over 1,000. Considering the exponential growth in electronic handling of business operations, one can only begin to speculate what this value would be today.