Growth of Big Data

Big data is so large and just keeps on expanding every second. It’s believed that the market size will grow from 220.2 billion dollars (2023) to 401.2 billion dollars (by 2028). which means that it’s expected to grow at a 12.7% rate.

Because of big data’s large and rapid growth it means that AI and analytics will become way more advanced. There’s suspected to be a 28% increase in data science jobs by 2026.

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Definition of big data

Big data is large and varied collections of data. That cannot be managed by traditional systems. It’s studied to reveal patterns, trends and associations. It was created by Roger Douglas in 2005. The data is so large and complex in its volume, velocity and variety that normal data management/storage systems can’t store, process or analyse due to the mass size of the dataset.

Traditional Statistics

The traditional statistics of big data mainly revolves around structured data. It involves around statistical techniques which is things such as surveys, interviews, experiment data etc and visualisation's. But it also may include machine learning, data storage and additional techniques. Using a range of data sources such as social media, lot devices or sensors which is used for big data analytics. https://www.geeksforgeeks.org/difference-between-traditional-data-and-big-data/#:~:text=Traditional%20data%20analysis%20methods%20typically,be%20stored%20and%20managed%20effectively. https://www.linkedin.com/pulse/whats-difference-between-big-data-analytics-traditional-statistical-ojodc#:~:text=Traditional%20statistical%20analysis%20primarily%20deals,surveys%2C%20experimental%20data%2C%20etc.

Characteristics of Big Data Analysis ps

It’s often described using five main characteristics these being: Volume, value, variety, velocity and lastly veracity. Volume being the size of the data that is needed to be analysed, value is from the eye of the business which leads to better operations, decisions, customer satisfaction and also being able to see what the business needs to make it succeed, variety which is the range of the data types, velocity is the rate at which companies get, store and manage their data such as on social media if someone asks a question how long it takes for the company to reply to this, and finally veracity which shows the actual accuracy behind the data and the information. https://www.teradata.com/glossary/what-are-the-5-v-s-of-big-data#:~:text=Big%20data%20is%20a%20collection,variety%2C%20velocity%2C%20and%20veracity.

Annabelle McCulloch

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