Extremely large data sets that may be analyzed computationally to reveal patterns trends and associations, especially relating to human behavior and interactions.
It is a field that treats of ways to analyze systematically extract information from or otherwise deal with data sets that are too large or complex to be dealt with by traditional data processing application software.
Large collection of data for the band, for buying and selling of personal and consumer data see surveillance capitalism. Big data challenges include capturing data, data storage, data analysis, search sharing, transfer visualization, querying, updating, information privacy and data source.
Currently big data refers to the use of predictive analytics, user behavior analytics.
Concepts later attributed with data are:
Big data is used to better understand customers and their behaviors and preferences.
Companies are keen to expand their traditional data sets with social media data, browser logs, as well as text analytics and sensor data to get a more complete pictures of their customers.
Big data is been used to provide customer insights for transparent and simpler products, by analyzing and predicting customer behavior through data derived from social media, GPS-enabled devices and cctv footage. The big data also allows for better customer retention from insurance companies.
Big data analytics tools and techniques are rising in demand due to the use of big data in business organization can find new opportunities and gain these tools help in providing meaningful information for making better business decisions.
Helps in organization to create new growth opportunities and entirely new categories of companies that can combine and analyze industry data.
Understands and optimizes business processes, retailers can easily optimize their stock based on predictive models generated from the social media data, web search trends and weather forecasts.
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BANKING, AGRICULTURE, CHEMICAL INDUSTRY, DATA MINING, CLOUD COMPUTING, FINANCE, MARKETING STOCKS, HEALTH CARE etc.
Big data refers to data sets that are too large and complex for traditional data processing and data management applications. As data sets continue to grow and applications continue to more real time, big data processing and more and more moving to the cloud.
Real time big data analytics can be extremely important to a business, but the business must first figure out if the advantages of using big data analytics outweigh the disadvantages specifically in their own case and situation. If they believe the advantages are greater they need to strategize how to overcome the disadvantages.
Ultimately it boils down to whether you know how to use big data appropriately to know your advantages in order for it to be useful for your company. Big data analytics is still a relatively new technology son some of the current challenges are expected to be resolved as this technology grow and evolves in the future.