What Is Big Data Technology and Why It Gets Popular Nowadays?
Today, information flow is available to everyone. People make contributions on the regular basis, sharing photos and videos, posting Twitter messages and emails, leaving comments, or pressing the “like” button on social media accounts. Huge volumes of information generated in the global information storage are called Big Data. It is a collection of data sets which are so complex and large that they cause inadequate functioning of traditional data processing tools. This phenomenon explains why the demand for Big Data technologies is growing exponentially. These tools enable companies to process large amounts of data, gaining insights and deriving useful information with minimal delay. Big data technologies claim to change business completely.
How Big Data Technology Is Used
Many companies started using big data and business analytics to their advantage. They automate processes and gain deep insight into their target market. Companies process data, thus revealing trends and patterns related to human interaction and behavior. Many business segments contribute to the Big Data revenues. These are professional services, computing, storage, applications, SQL, cloud, infrastructure software, networking, and NoSQL. Anne Shields specifies that professional services make up approximately 33% of Big Data market. Services are followed by computing and storage which contribute 19% and 16% respectively. Anne Shields also states that in 2013, 72% of the companies worldwide agreed to use outside services to gather and process the Big Data. They incorporate big data business models to capture new lucrative revenue streams.
Big Data 5 V`s
Volume and Velocity
Big Data landscape is characterized by 5 V`s which are volume, velocity, variety, veracity, and value. Volume is referred to as a large quantity of information generated every minute. Bernard Marr states that on Facebook alone, people send daily 10 billion messages, upload 350 million pictures, and press the ‘like’ button over 4.5 billion times. Evidently, data sets are too large to be stored and processed using traditional technologies. In this reality, the Big Data technology comes to the aid. It divides data sets using distributed systems, stores them in different locations and then brings them together by software. The second V of the Big Data is velocity. It assesses the speed at which data spreads. It may focus on credit card transactions and people`s activity on social networks, thereby analyzing customer`s wishes and intentions. Big data technologies allow analyzing information while it is being generated.
The third V, variety, is a new quantity which relates to the types of data that is available nowadays. We got accustomed to the data which neatly fits into relational databases or tables. Today, 80% of data used is unstructured, meaning that it cannot be easily inserted into tables. Big Data technologies enable us to effectively harness both structured and unstructured data, including sensor data, videos, photos, messages, social media posts, and even voice recordings. Big Data business intelligence is a set of tools which are used to process unstructured data, making it more convenient to use.
Veracity and Value
Veracity is the fourth V which is associated with data trustworthiness. With a great variety of big data forms, accuracy and quality of the content are less controllable. Big data technology aims at processing all the types of information, thus improving its accuracy and quality. Value is the last V of the Big Data. Unlimited access to big data is definitely a great achievement of humankind. But we cannot talk about its usefulness unless it is turned into value. Businesses are expected to provide a business case for any try to gather and process big data. The advent of mobile technology and social media assist organizations in making smarter evidence-based decisions. The intensity of knowledge opens up new opportunities for business growth.
Business and Big Data in Ukraine
Ukraine has made significant progress in IT sector development. Young specialists strive for digitalization of all businesses, including agribusiness, electric power industry, and even infrastructure. They raise people`s awareness of the advantages of big data technology, showing how it boosts success and increases revenues. Being relatively young industry, IT seeks
financial support from both government and investors. 1991 Open Data Incubator became the first non-profit organization
which made the biggest contribution to the development of IT sector in Ukraine. They support 14 Ukrainian startups, giving them an opportunity to find business sponsors, win money reward, or find other opportunities for their project implementation. Among these startups, there are Driviator, Navizor, Agri Eye, Crowd Legal, and others.
Business and Big Data are inseparable parts that may boost company`s success and increase its revenues. In Ukraine, the role that these technologies play in business prosperity is already acclaimed. Big Data Ukraine has access to can be used by Ukrainian companies to detect the main trends and increase people`s buying activity and demand for goods. We expect that the companies` reliance on the big data will take place in the nearest future.