7 things you should know about Big Data
Big Data refers to technologies that are capable of processing massive data sets. Having to deal with these impressive and ever-increasing quantities of data, a new generation of management tools has emerged. Even though Big Data and Artificial Intelligence get a lot of media coverage it still remains difficult to know what people are exactly talking about. Herewith seven clues that may help you.
Data is everywhere : when you share a post on Facebook or watch a video on Youtube, everything you do creates or generates data. As such massive amounts and variety of sources are processed and analyzed, the term "Big Data" emerged.
A diverse sector : Big Data can be addressed many ways : data engineering, data wrangling, data science... It is a field with a wide variety of skills and the mastering of artificial intelligence technologies, ranging from machine or deep learning to business use cases such as predictive maintenance. It’s an open and fast-moving ecosystem, an ideal playground for innovative ideas.
The stakes are huge : the value that can be created by analyzing structured and un-structured data sources in a single location is enormous. You can for instance learn much more about consumer behaviour and offer a unique service at the right moment. Potentially data will change business models and trigger eco-systems in which companies operate.
Data volumes : or more precisely a digital revolution is taking place. Take the example of translation software for websites. In the early 2000s, those services did not have the tools and technologies to process large amounts of data. So, they could not provide as many interpretations and translations often were literal. Nowadays the quality has improved significantly.
A growing market : Big Data has a bright future, according to market studies. Marketsandmarkets predicted in 2014 an annual 26% growth rate to reach a 46.36 billion of dollars turnover by 2018. The International Data Corporation goes even further and calculates a turnover of 58.9 billion US$ by 2020.
A golden opportunity for employment : In France, the Big Data Plan aims for the creation of 137,000 jobs by 2020. However, the Ministry of Labour seems less optimistic with only 80,000 IT jobs created by 2022 further to their "Jobs 2022" report.
New career prospects : a new sector rimes with new experts. Data analysts, data engineers, data architects and many other still to be invented competences are needed. It is often said that it is very hard to find a data scientist with more than 10 years of experience. Big Data opens up new careers opportunities for those who want to have "the sexiest job of the 21st Century".