Big Data: It's Actually Big

Abstract

The term, Big Data first emerged on world stage in early 2000s when companies started to find it difficult to manage information data sets whose size grew beyond the ability of software tools managing data during that period. Today, in this ever competitive environment, Big Data has become a business priority for companies in the globally integrated economy. Big Data is high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making. In every Industry and business, data has become as vital as factors of production, i.e. labour and capital. A large pool of data is available globally, however if it is not accurately sourced, cleaned, integrated, or made available through system access, then it restricts management's ability to make timely, information-driven business decisions and achieve competitive advantage. Big Data not only provides solutions to long-standing business challenges, but also helps in finding new ways to transform processes, organizations, entire industries and even society itself. Big Data analysis drives nearly every aspect of the modern society, including mobile services, retail, manufacturing, financial services, life sciences, and physical sciences. This article emphasize on the meaning, techniques & technologies, trends and challenges of Big Data. It relates the concept of Big Data to DIKW model. It also details out the current scenario and future outlook of Big Data in India and the world at large.