Published By : 23 Feb 2016 | Published By : QYRESEARCH
In current times, analyzing and managing big data is the question that majority of large businesses are grappling with. The quantum of information that is generated expeditiously across all walks of life has necessitated the development of technological tools that can make this information worthwhile. From the earlier used SQL and DBMS, Hadoop is the newest tool that is being used for managing and analyzing data of any type, images, text, etc. Internet giants such as Yahoo, LinkedIn, Facebook, and eBay rely on Hadoop for managing large volume of data that inundate these businesses on an everyday basis.
Big data if scrutinized properly can be extremely helpful for businesses for strategic planning and informed decision making. For businesses, big data if evaluated is directly related with competitive gains and cost saving benefits, thereby leading to increased revenues. Thus, these factors collectively along with new data collection and data storage formats are driving the big data market.
In product manufacturing, the utilization of big data aids in the design and development of new business models for the introduction of better products and an enhanced after-sales experience for customers. Nevertheless, analysis and management of big data has its own limitations and also lacks efficiency for several applications. Some research areas such as genomics, complex physics simulations, connectomics, meteorology, environmental and biological research involve large sets of data that are beyond the capabilities of any tool for scrutinizing big data.
Currently, the developing regions of Asia Pacific hold immense promise for the utilization of big data analytical tools. This is because, in the region, countries such as China and India are home to some of the largest number of mobile phone users in the world that generate a large volume of data for finding out personal location through mobile devices.
On application consideration of big data, financial services, healthcare, and government sectors contribute tremendously to the revenue of this market. However, it is projected that in the coming years, media and entertainment and healthcare will display the highest growth rate for big data analytics. The exponential volume of data that is generated in the form of images, graphics, and videos will result in a high growth rate of media and application for big data.