Big Data

Refers to the huge amounts of data that large businesses and other organizations collect and store. It might be unstructured text (streams of tweets) or structured quantitative data (transaction databases). In the 1990’s organizations began making efforts to extract useful information from this data. The challenges of big data lie mainly in the pre-analysis stage, in the IT domain.

The Institute for Statistics Education

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People generate 2.5 quintillion bytes of data each day.
Analytics leaders are nearly twice as likely as others to report enacting a long-term strategy to respond to changes in core business practices.
59 percent of executives say big data at their company would be improved through artificial intelligence (AI).
70 percent of investment professionals use “alternative data” or plan to do so in the next year.
90 percent of IT professionals plan to increase spending on BI tools.
14 percent of investment professionals use credit card and POS software data to derive data.
Big data ranks 20th across 33 key technologies when businesses were asked their top technologies and initiatives strategic to business intelligence.
In the banking sector, investments in big data analytics were estimated at $20.8 billion in 2016.
By 2025, the amount of the global datasphere subject to data analysis will grow by a factor of 50 to 5.2 zettabytes.
62 percent of retail businesses see competitive advantages from information and analytics.

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