Big Data represents a revolutionary step forward from traditional data analysis, characterized by its three main elements: variety, volume, and velocity.
1. The variety of data comes in two flavors; structured and unstructured.
Structured data enters a data warehouse already tagged and is easily sorted. The vast majority of today’s data, however, is unstructured, and fed by sources such as Facebook, Twitter, and video content. It’s random, difficult to analyze, and enormous.
2. The sheer volume of Big Data overwhelms the normal data warehouse.
For example, Facebook reports that its users register 2.7 billion likes and comments per day. For many, this magnitude of data is intimidating: they can’t keep up with it, much less sort it, analyze it, and extract value from it.
3. All of that data can be challenging to manage when flooding in at a velocity that, for many players, far outpaces their processing ability.
For example, the face of a known criminal among thousands of images might trigger a “stop”; a pattern of credit fraud might set off warnings; and indications of growing customer churn might inspire a coupon offer. Anytime there is an important anomaly in the data, it needs to be pointed out before the data is stored so that real-time action can be taken.
There are a lot of Big Data all over the world. As you take a picture from iPhone and upload it to Facebook, you are one of the resource for Big Data. It is unstructured. With these data, the business can make a great revolution. It will show a great chance how we interact with business. Moment to moment, consumers’ interactions with the world around them create an often-ignored by-product: massive amounts of personal data.
These include searches on weather, price comparisons, purchases, and thousands of other daily choices and actions.
FedEx achieved real-time visibility with shipping and consumer data across more than 46,000 distribution and supply chain locations.
‘Big Data Industry’ stands at just over $ 5 billion in the field of SW, HW and Service as of early 2012. It will result in CAGR of 58% between 2017 and 2012.
The big data analysis technology itself will be adapted to the fields of e-health, traffic information, finance, retail and social media. Then how does the process comes out?