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Big Data Technology

What is Big data?

As the amount of information continues to grow, new uses of data keep emerging. Big Data can be said as a way of processing thousands of data points that can produce significant outcomes from the data.
It can play a major role in upcoming technologies like Metaverse can include customer data, virtual environment data, transaction data, and data in structured and unstructured form. The advantage of this is the ability to process information efficiently.
In the upcoming Metaverse, Big data is going to play a major role in customer data, virtual environment data, and transaction data. This data can be structured and unstructured. a significant advantage of this can be the ability to efficiently process data. In this blog today, we going to understand about Big Data Technology.

What are the applications of big data?

Big Data analytics can be considered one of the most powerful technologies that can shape various processes and operations. The applications of big data can be seen as:
• Data as service
• Natural Language Processing
• Data Fabric
• Responsible and Smarter Artificial Intelligence
• Predictive Analytics
• Quantum and Edge Computing

Market Growth of Big Data

With an estimated CAGR of 11.0 percent, the big data market is expected to rise from USD 162.6 billion in 2021 to USD 273.4 billion in 2026. The rapid increase in data volume is driving all of this growth.

Market Dynamics of Big Data Technology

Market Driver of Big Data

The data available to the companies is continuously increasing because of rising in the usage of social media, the Internet of Things (IoT), and multimedia. This has created an overwhelming flow of data to companies in either structured or unstructured formats.
There has been an increasing volume of business data due to rapid technological changes, and declining selling prices of smart devices that eventually contributes toward the generation of a massive amount of structured and unstructured data. That company can use it for their benefit.

Restraint factors for the growth of Big Data

Security concerns related to data breaches, unexpected emergencies, application vulnerabilities, and information loss are also increasing. There can be a reduction in revenue due to concerns related to Information security and privacy concerns. Factors that can restrain big data growth are Data security concerns and stringent data security regulations.

Opportunities in Big Data Analytics

The adoption of various technologies like AI, ML, IoT, blockchain, and data analytics has contributed to the change in the landscape of big data technology.
An amalgamation of AI and Big data platforms will help organizations to optimize their business operations, customer experience, and quick decision-making. Integration of various such technologies with big data will help organizations to expand their visualization capabilities and convert complicated data into usable and more accessible with the help of visual representation

Challenges in the Big Data industry

The challenges in the big data industry are:
• Complete consistency cannot be there in the data
• Organizations keep data in different places and different formats.
Both these reasons can create poor data quality and inconsistencies in big data analytics. That’s why these two pose a challenge in the big data industry.

Companies dealing in Big Data industries

• Google
• Samsung
• IBM
• Cloudera
• Oracle
• Salesforce
• Starburst Data
• Centerfield
• Segment
• Crunchbase
• DISQO
• FOURKITES

Patents on Big Data

• Big data analytics system US20140006338A1
• System and method transforming source data into output data in big data environments US10055426B2
• Power distribution equipment state visualization platform based on big data CN108564254B
• A kind of database desensitization system and method based on big data CN106599713B
• Storage device, memory system, and read voltage decision method thereof US10424388B2
• Method and system transmitting data between storage devices over peer-to-peer (p2p) connections of PCI-express US20190087352A1

Conclusion

For many businesses, effective data management is becoming increasingly important. Big Data, which works with many sets of intricate real-time data analytics, has emerged because of the development of various technology. Several well-known Big Data technologies deployed in the current computer systems enable this data into business insights. This is how Big data supports Various businesses.
Technology Landscape and Market Research play a significant role in the growth of any technology. If you are someone who wishes to know how technologies like Big Data are growing in the market, then contact Wissen Research for helping you get detailed reports for the same.