The digital revolution that has swept through the world in the last few years has increased our ability to generate, share and store data at a breath-taking pace. Almost 4.39 people are connected to the internet today and more than 2.6 billion people use social media platforms like Facebook, WhatsApp and Instagram, and this has led to a data explosion. Moreover, owing to the advent of Internet-of-Things, 50 billion devices are expected to go online making the accumulated digital universe 44ZB in 2020 and by 2025 we will be generating 463 EB of data every day!
How is harnessing Big data profitable?
Big data is huge and cannot be categorized using regular relational databases. Big data analysts use state-of-the-art tools and techniques to analyze big data in order to excavate useful information out of it. Recruiting big data professionals and investing in big data technologies can be very costly and in order to fully realize the business potential of big data, companies must be patient. Big data also brings big problems along with it and it requires innovations and creativity to solve such problems which can only be done by skilled big data experts. However, hiring skilled big data experts involves a substantial amount of revenue and thus, one might wonder if Big data is really worth it!
- In a survey done by Harvard Business Review in 2017, it was found out that most of the Fortune 1000 companies use Big Data Analytics for a variety of purposes like cutting on unnecessary expenditures, discovering new markets, adding revenue and develop an effective marketing strategy. In the same survey, 49.2% of the Fortune 1000 companies reported using big data successfully to reduce costs and 44.3% reported to successfully discover new avenues.
- PepsiCo utilized big data successfully in identifying the ingredients that were trending and developed a whole new range of food products based on that. It saved PepsiCo a substantial amount of time and consequently much revenue was saved too.
- Embracing Big data analytics means embracing the future as manual ways of doing business are going irrelevant. In the age of e-Commerce, keeping track of customer demands and satisfying customer needs can be very difficult without a data-driven strategy. And analyzing huge data pools is not possible without big data analytics.
Where does India stand in the world of Big data?
Digital data in India is expected to reach 2.3 million petabytes by 2020 and given the increasing prominence of India’s digital economy, businesses in India must adopt big data analytics. The business organizations in India are not unaware of the fact and many have already started to leverage big data. The big data analytics market is currently valued at 2 Billion USD and Indian cities like Bangalore are home to many big data start-ups like Iqlect and Data Weave. This is why Big data training in Bangalore is much popular now and given the lack of talents in the field of big data in India, a good job after a Big data training in Bangalore is guaranteed!