Big data
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Big data refers to large and complex data sets that are difficult to manage and analyze using traditional data management tools. It is generated from various sources like social media, scientific instruments, mobile devices, and sensor technology. Big data provides opportunities for insights and smart solutions but also poses challenges in processing, analyzing, and gaining insights from such large volumes of data. For managers in India, big data is highly relevant as the Indian analytics industry is growing rapidly and is expected to reach $16 billion by 2025, with big data being a major driver of growth in industries. Digitalization is also expanding the big data market in India as internet and smartphone usage increases across more regions of the country.
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Big data
- 1. Big Data 1
- 2. Introduction to Big Data What is Big Data? What makes data, “Big” Data? 2
- 3. Big Data Definition “Big Data” is data whose scale, diversity, and complexity require new architecture, techniques, algorithms, and analytics to manage it and extract value and hidden knowledge from it… 3
- 4. Who’s Generating Big Data Social media and networks (all of us are generating data) Scientific instruments (collecting all sorts of data) Mobile devices (tracking all objects all the time) Sensor technology and networks (measuring all kinds of data) • The progress and innovation is no longer hindered by the ability to collect data. • But, by the ability to manage, analyze, summarize, visualize, and discover knowledge from the collected data in a timely manner and in a scalable fashion. 4
- 5. Big Data EveryWhere! • Lots of data is being collected and warehoused • Web data, e-commerce • purchases at department/ grocery stores • Bank/Credit Card transactions • Social Network
- 6. strong network unique data powerful insights smart solutions fast iteration customer satisfaction 6
- 7. Advantages Of Big Data • Big data is an exclusive repository of data from where millions of innovative and creative ideas take birth. Analyzing greases the wheel of any business. • Big data is an amazing tool to get exposure of such data that can disclose customer behavior and trend patterns. Knowing all those stuffs paves ways to explosive revenue generation. • Accesses vast information via surveys.
- 8. • Delivers answer of any query. • Speedy Update. • One platform carry unlimited information.
- 9. Disadvantages of Big Data • The analysis extracted through big data can be deceitful. As I foretold about Google Analytics, black hat SEO strategies can mislead and hence, the analysis becomes manipulative. • Getting key to access of such a huge volume of data is a walkover. But is data’s processing to analysis as easy as it sounds? designating analysts, data mining experts and other overhead expenses will prove as the path full of thorns. Difficulty is endless in this process.
- 10. • Complex task to gain insight. • Solution to every query is not possible. • Updates can mismatch real figures. • Battle to fetch relevant info.
- 11. Facts are stupid things. And they're vulnerable to misuse, willful or otherwise.
- 12. Why and how are these insights relevant to a manager in India? • Big data has attracted global attention since it’s very emergence as a buzzing trend. Currently it is one of the most influential factors in any market. It is rightly said that data is the new oil. Big data can hypothetically be called a system that acquires the crude oil and makes fuel out if it. It is a means of collecting, processing, and analysing data which can be gotten from a wide range of different sources. • Every action needs a pretext – data can justify and guide any action. This is precisely why industries across the globe have integrated big data analytics in their system.
- 13. • According to a study by NASSCOM the Indian analytics industry is predicted to reach $16 billion mark by 2025. If the prediction comes true, India will have 32% of the global market. Now, we all know that big data is the biggest player in the Indian analytics space. The application of big data in Indian industries is not happening at an all inclusive scale yet the growth is exponential. The industry is expected to grow at a CAGR of 26% up till 2025.
- 14. • Around 90,000 analytics professionals are currently employed by Indian companies. And there is still a fair bit of skill shortage. There are nearly 600 companies operating in the niche of analytics products and services 400 of these are startups. There is great value added to skills like data mining, predictive analysis, etc.
- 15. Digital space in India. • It would be unwise to say that digitization had reached every corner of India – that is still held up for distant future. But what we can say is that more corners of India have come under the umbrella of big data in the last year than ever before. • Currently the internet usage rate in India is next only to USA. Very soon India will have the highest internet using population as well as the highest smart-phone using population. This has changed the big data market forever. The market has expanded through the remote corners of the country.