Whether you belong to the IT industry or not, it can be assumed that you have heard about Big Data before. Business leaders across the globe are waking up to the fact that big data could be used to run businesses more efficiently than ever before.
The term Big Data is basically defined as large volume, velocity, and variety of data generated by the systems, processors, devices, organizations, and social media platforms that we use each day. Till 2012, the total amount of data worldwide was over 2.8 Zettabytes. But that was in the past. Since then, there has been an exponential rise in the amount of data generated. Each day our society creates 2.5 Quintillion of data (2,500,000,000,000,000,000).
This data could be structured, semi-structured, as well as unstructured. It could be in the form of numbers, emails, text documents, audio, video, stock data, bank transactions, the data generated by the sensors, and more. Analysts say that at least 30% of the total data in the world can be useful, if processed and analyzed in the right way. However, according to the current estimations, we have been successful in analyzing only 0.5% of this ever-increasing universe of data.