What is Big Data Analytics? Why is it important?

Big Data is a buzzword in today’s IT industry. Big Data analytics has many applications around the world, and technology will continue to evolve, so Big Data’s impact on different sectors will increase.
McKinsey Global Institute’s study revealed that there was a shortage in data scientists, 1.5 million analysts and managers who can make sense of the Big Data collected by companies in the US. The number of data scientists and analysts needed to make sense of the Big Data collected by companies in the US has increased exponentially since the 2018 study. You can take advantage of many opportunities for growth and jobs in Big Data analytics to further your career. Let’s first answer some big questions.
What is Big Data?
Big Data is today’s most valuable asset for a business. These data cannot be stored, processed or analysed using traditional tools. Millions of data sources from all over the globe generate data at an extremely high rate for large corporations. These data sources include social media networks and platforms. Facebook is a great example. It produces over 500 TB per day of data, including images, videos, messages, and more.
Data can also be generated in different formats such as semi-structured, structured, and unstructured. Structured data generation can be seen in Excel sheets. All data is stored in a specific format. Emails can be classified as semi-structured while images and videos are considered unstructured data. These different data types combine to create Big Data.
The Big Data Revolution:
Before Big Data was even invented, researchers and IT experts began to see the potential role of Big Data. Based on his observations of the Yale Library, Fremont Rider predicted an “information explosion” in the years ahead in 1944. Fremont Rider predicted that all volumes published up to then would require more than 6,000 miles of shelves by 2040.
Francis Diebond presented a paper in 2000 that explicitly linked the term “Big Data” to the current usage of the term. Big Data refers to the explosion of relevant and available data due to unprecedented advances in data storage and recording technology.
Yahoo used Hadoop in 2005 to process petabytes worth of data. This data was then made open-source by Apache Software Foundation. This was the year that the Big Data revolution really began.
Why is Big Data Analytics important?
Big Data analytics is used in almost every online interaction. It is used in almost every industry, from purchasing a new smartphone online to searching for something on Google to liking an image on your Facebook feed — it is everywhere. Big Data analytics is used to detect fraud, analyse complex competition, optimise call centres, analyze consumer sentiment, and manage smart power grids.
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