Big Data, to put it simply, is the enormous amount of information, created and collected from various sources. Daily, Exabyte’s of information is created and this information collected. In turn, it is analyzed to develop secondary data on trends, marketing projections, and other useful analytics for companies and clients. The question becomes. What is the future for Big Data?
Currently, the prediction for Big Data is a whopping, 16.8 billion dollar marketplace by 2014. This is mainly comprised of marketing research and development companies and in house data collections of major companies. Yahoo, Facebook and Google are just a few of the companies that utilize metrics and trends developed from Big Data. At first glance, it seems obvious that companies in the service sector would be interested in taking advantage of Big Data. Still, Big Data is not confined to the service sphere.
Government has also taken a more direct approach to using Big Data. While information gathering by the NSA has grabbed headlines, the benevolent utilization of Big Data by the government has been largely overlooked. President Obama, has instituted a development and research program for the consumption of Big Data. The purpose of which is to develop solutions to governmental problems.
Besides the government and the corporate service sphere, other companies that typically shunned information derived trends, are starting to take notice. Manufacturing, research, production application corporations are all beginning to access the trove of information presented by Big Data. This directly translates into a greater need for more complex algorithms and more individuals, who have training in dealing with Big Data. Current hiring trends and the increasing number of university data services classes, suggest that companies need to attract more and more analytic versed talent.
Future potential for the exploration of Big Data is also being developed. Deriving informational trends and application in medicine are being created and used to enhance current and future medical technology. Technology sectors are researching and applying new database techniques that will allow for even more information mining. Results have included faster development of technological advancements.
The future of Big Data is almost limitless. More companies are taking advantage of the information available as a result of Big Data, translating into better technology, better research and better opportunities for all.