Big Data is not a new phenomenon per se, but the analysis and conclusions that are drawn from large datasets are now becoming more significant and valuable for business and organizations as a whole. Big Data has existed for a long time, but the need to manage and process Big Data has become more and more significant in today's modern computing environment.
The fact of the matter is that, on average, data is growing by 2.5 Exabytes a day which equates to 90 percent of the worlds total data being created in the just the past two years! So, it’s certainly a newer phenomenon as it pertains to the high growth rate of data.
There is so much buzz because literally each and every day, whether it is through scientific, financial, healthcare, ecommerce, video surveillance, or social media, users are creating massive amounts of data and in turn requiring the need to manage this ever-growing amount of information. The entire industry is facing the challenge of not just dealing with the large volume of data, but learning how to actually process it in the enterprise. If companies are unable to process and analyze the data both efficiently and effectively, it will unfortunately begins to lose its value.
Analysts state that this year alone we will hit a volume of 2.7 Zettabytes of global digital data. Furthermore, by the end of 2012 more than 90 percent of the Fortune500 will likely have at least some Big Data initiatives under way. But the industry is still in its infancy. Big data in 2012 will likely be dominated by preliminary projects which means that there will probably be fewer than 50 full-scale big data projects (10 petabytes and above) worldwide. Analysts are also stating that 38% of all companies are planning business intelligence SaaS projects before the end of 2013.
Management of data has always been a necessary challenge. Fortunately, we have intelligent ways of doing so, more robust now than ever before. Data will always grow and expand – that is inevitable. It’s how we analyze and manage it that will keep us in control intelligently for that’s what makes a huge impact on how businesses are run.
This is not a threat or challenge but rather a phenomenal opportunity. The challenge of handling vast quantities of data has been around since the beginning of the digital age, which is particularly relevant for someone like me who works for a leading storage company.
But overall, there has always been more data than companies can actually analyze. The new difference is that nowadays, our ability itself to collect and analyze tons of data is exploding as well.