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Did you know that in today’s digital world, over 2.5 zeta bytes worth of data is already in existence? It’s no wonder the term ‘big data’ is becoming one of the latest buzzwords in the technology world, referring to huge data volumes that flood a business on a daily basis – in structured and unstructured formats.
Thanks to the digital revolution, over 5 billion people globally are using their smartphones to text, call, tweet, and browse. Thus, volumes of data are now presently available for both individuals and businesses. Some companies including Walmart have reported dealing with about a million customer transactions per hour, providing the business with over 2.4 petabytes of data.
Recent statistics also estimates that by 2020, every person will be in a position to create 1.7 megabytes of data per second. This data growth shows that we are not only living in a data-driven world but that the world in future will increasingly become more data-driven. As such, businesses can potentially mine and analyse big data for insights that can lead to informed decisions and strategic business moves.
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