Big data is here to stay and business owners couldn’t be happier. The term emerged in a bid to describe the large volumes of information that databases comprise of, manage and maintain, but the concept has taken on a life of its own in the modern era. Now it not only refers to the information itself but also encompasses a number of technologies that can handle the same tasks to solve complex problems.
It’s because of its flexible nature that investments in big data continue to grow on a global scale. In fact, according to Forbes, it will amount to a whopping $40 Billion dollars this year alone and will expand further by almost 14% in the coming 5 years. It is currently a $5 Billion business already and will easily reach new heights of success if new business models are enabled that can leverage big data to create more beneficial analytical abilities along with state of the art applications that can solve critical business issues in minutes rather than hours.
New approaches to this concept has made the IT sector better than ever by allowing the creation of new game-changing models, in-depth business analytics and app development that are just the tip of the iceberg. Big data has literally changed the way businesses compete to get ahead of their competitors along with business models that aid in such endeavors. It has also altered how enterprises view their databases, warehouses and especially their business intelligence operations.
It’s no wonder big data is such a huge hit in Silicon Valley and is well on its way to becoming a global phenomenon in the next couple of years. Needless to say, the concept has changed the way businesses develop and is just beginning to gain momentum as a significant movement.