In IT terminology, Big Data is defined as a collection of data sets, which are so complex and large that the data cannot be easily captured, stored, searched, shared, analyzed or visualized using available tools. In global markets, such "Big Data" mostly appears during attempts to identify business trends from available data sets. |
The importance of such large datasets cannot be overstressed specially with regard to businesses operating in periods of uncertainty, where the swift processing of market data to support decision-making may be the difference between survival and extinction. It is natural for companies all over the world to focus on the use of Big Data to gain a competitive edge.
As the processing of these datasets is beyond the scope of most companies operating individually, hence a collaborative frame work is expected to emerge with companies operating different sections of the new data analytics process and sharing the results obtained from processing such data. In a world, where smart phones outsell personal computers, Big Data Analytics is expected to be key in the coming years.
Additional sources of these datasets for use by business intelligence solutions include information available on public forums; social networking sites such as Facebook, LinkedIn, Twitter as well as the digital shadows left by our visit to websites. Such data is analyzed and correlated with the product analysis, searches and reviews of other individuals to generate more accurate product recommendations for visitors to its online shopping website. Apart from business use, the capability to collect, classify and analyze such large data quantities would also be crucial for no end of businesses.
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