Asking if big data is the future is a bit moot, as it is very much so here and now. Many corporations are already leveraging big data and all of its benefits. The question should instead be, "how relevant will big data be in the future?" The answer? Critical. As referenced earlier in this post, big data is becoming more of a necessity in business versus an idea. It will continue to fundamentally change the way that companies view their customers, their competitors, and their business.
As companies grow and become more data-driven, these insights will become more important to not only business strategies, but operational efficiency. Big data gives companies the opportunity to collect much more in-depth market and customer intelligence, giving them the information they need to provide much more in-depth analysis of their target audience.Everyday business transactions will benefit from big data. For example, insurance companies are capable of detecting a potential fraudulent claim by analyzing the claim to verify if it can be automatically reviewed and approved or flagged for review by a specialist.
Often a tricky question, the choice of hiring a data scientist for your company largely depends on your company's situation. While the demand for data scientists has grown significantly in the past 4 years, they aren't for everyone. Many companies will only need a Data Architect or Analyst. To help you define your needs and decide which route is best for you, Better Buys has created a handy quiz. It's simple - simply answer their questions with "yes" or "no," and your results will appear with a recommendation!
It’s two things: big data and the kind of analytics users want to do with big data. Let’s start with big data, then come back to analytics. Users interviewed by TDWI state that data isn’t big until it breaks 10Tb. So that’s the low end of big data. And some user organizations have cached away hundreds of terabytes--just for analytics. The size of big data is relative; hundreds of TBs isn’t new, but hundred just for analytics is—at least, for most user organizations.
The kind of analytics applied to big data is often called “advanced analytics.” A better term would be “discovery analytics” because that’s what users are trying to accomplish. In other words, with big data analytics, the user is typically a business analyst who is trying to discover new business facts that no one in the enterprise knew before. To do that, you need large volumes of data that has a lot of details. And this is usually data that the enterprise has not tapped for analytics.
Concerns over privacy and discrimination are the two main human rights issues emerging out of big data collection. Within these two issues, the rights of vulnerable groups are an especially important concern. We have made progress in the offline world around civil rights, and we do not want to undermine that progress by automating discrimination and unfairness.
IoT stands for the Internet of Things.
The Internet of Things is a concept. It is more like a vision where all devices in the world are connected to each other. These connected devices then use industry standard protocols to communicate with each other and with us. In other words, IoT aims to increase the M2M interaction.
Cloud. All devices will be connected with each other over the cloud. Experts estimate that there will be around 25+ billion connected devices by 2050. IPv6 has the capability of providing 340 undecillion (i.e. 340,282,366,920,938,463,463,374,607,431,768,211,456) IP addresses for connected devices.
Yes and No. The concept of machines interacting over the internet has been around for quite some time. The very first practical example was a Coke vending machine in 1999. But, the concept is now on its way to becoming a reality by the availability of IPv6 and fast wireless network protocols.
M2M represents any technology that enables Machine to Machine communication. A simple example is when a vending machine informs the distributor machine about low units of a product. M2M is at the core of the Internet of Things. It is estimated that the current M2M market will expand from $121 billion to a $948 billion business by 2020.
Connected devices have sensors attached to them. These sensors along with a network are what make a device connected. The sensor records and collects data only to send it over the network a Cloud application to make a decision.