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Big Data Predictions

Big data was perhaps the biggest buzzword in 2013. People often used the phrase inappropriately without fully understanding what big data meant. This year they are going to understand the concept better.

The year 2013 was a big year for ‘Big Data’. Although the big data technology didn’t improve much in 2013, the term sort of became a household phrase.

Interestingly, big data was also one of the most hated buzzwords of 2013. Several people insisted that the media should stop talking about the term simply because they didn’t know what they were talking about.

So what does the future hold for big data?

Here are some predictions:

In 2014, people and organizations will finally begin to understand what big data is.

As companies have just started talking about big data, you can’t expect them to stop shouting about their data adventures anytime soon. However, this year we may also hear some meaningful talks about big data.

The three main elements of big data are: volume, variety and velocity. They refer to size, type and speed respectively.

Every computer stores data. Even mobile phones have massive built-in storage space and hold data. However, this doesn’t mean that your computer or cellphone holds big data. The term ‘big’ in big data refers to the complexity of the information.

If your analytics software only handles your transactional data, you probably do not have a big data issue that you need to worry about. On the other hand, if, besides the transactional data, you use an array of social, weather and other information to measure trends that may impact your sales, you probably have a big data issue. The complexity of the information makes it nearly impossible to analyze the data using conventional tools.

Consumers may voluntarily disclose some personal information

Almost all of us now understand that the advertisements that we see when we visit websites are determined by our internet surfing activity. We have sort of accepted this practice. People seem to believe that if they are going to see ads, then they would rather see things they are interested in. In 2014, more and more people will willingly disclose personal information.

Big data is going to become a big service

Analysts have been claiming that all companies will hire data scientists. But that is unlikely to happen. We don’t have many data scientists at the moment. So companies are using their existing staff to analyze data. In addition, many companies don’t need a data scientist. Instead, we are more likely to see the emergence of companies offering big data storage and analytics. They may store, analyze, visualize and explain your data. Or they might focus on transferring your data to servers in the cloud.

Expect to see more services like Hadoop

This service named after a well-known toy elephant has become quite popular. It is an open source piece of software that allows organizations to store and analyze massive amounts of data. Since Hadoop is open source, its implementation is relatively inexpensive.

The rise of open source platforms like Hadoop is likely to facilitate more innovation in the big data analytics space.

Real estate companies can gain useful insights and actionable data by investing in data analytics. Builders and realtors do not have to buy expensive data analytics tools. Open source platforms will be more than enough.

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