‘It is a capital mistake to theorize before one has data,’ is one of the insightful observations made by the world famous literary detective genius, Sherlock Holmes. The business world has come in to terms with the statement and has started to recognize the power and potential of big data in the recent years. In fact, it has become a game-changer in the business world.
Is big data about to stay as per the industry report predictions? Is the build-up around big data real? Well, here go a few facts regarding big data that throws light the growth of big data.
The Industry Reports
Copying a statement from the Forbes by Bernard Murr, “We are just at the beginning of a revolution that will touch every business and every life on this planet”. Proving it to be very true, the amount of big data created in the last two years is more than that created in the entire history of human race, and data accumulation is on a steady rise with innovative data mining techniques. However, at the moment it is only 0.5% of the total data accumulated is ever analysed, and used. It explains the potential of big data in the future.
The 2014 Global Technology Report considered big data as “a new form of asset class.” It adds, “Data is now the equivalent of oil or gold. And today we are seeing a data boom rivalling the Texas oil boom of the 20th century and the San Francisco gold rush of the 1800s.”
Big Data in India
Big data has certainly become one of the dominant topics in every other industry reports in the recent decade. The report from NASSCOM, the industry body, says big data analytics market in India is expected to reach a value of $16 billion by 2025. It is expected to grow at a CAGR of 26 per cent over the next five years. The country has seen 400 start-ups in the big data space in the recent years, and currently employs 90,000 people in the sector.
Indeed, big data is growing through its leaps and bounds. However, it is not wise to ignore the potential it holds for the future. A certification in data analytics is worth investing in for a bright career in Analytics.