76% of decision-makers surveyed foresee significant changes in the domain of storage systems because of the “Big Data” phenomenon. Big Data is making a big impact everywhere, whether it’s retail, healthcare, or governmental organizations. Everyone can produce data and you won’t believe just how much. By 2020 the new information generated per second for every human being will approximately amount to 1.7 megabytes. How is this possible? Where is it all stored? The answer is the cloud.
Cloud computing has allowed for data to be stored in large amounts and in multiple locations. The massive size of their servers have provided a large variety of companies with storage accessibility at a lower cost than it would be if the companies built their own servers which would need rescaling whenever data increases.
How some sectors are being changed by Big Data:
- Recent studies indicate that by improving the integration of big data, healthcare could save up to $300 billion a year— these boils down to reducing costs by $1000 a year for each person that has access to the facility.
- Retailers who choose to leverage the full potential of big data analytics can optimize their operating margins by approximately 60%.
- IDC estimates that by 2020, business transactions (including both B2B and B2C) via the internet will reach up to 450 billion per day.
How cloud computing enhances the benefits of Big Data:
- By 2020, a minimum one-third of all data will be stored and analyzed using cloud computing.
- According to a study by Deloitte, the key influential reasons to move to a cloud include faster payback times (30%) and improved agility (29%).
- Hadoop, an open source tool for distributed computing, is expected to grow at a compound annual growth rate of 58% thus, reaching $1 billion by 2020.
There’s Still a Misuse of Big Data
Out of the 85% companies who are trying to be data-driven, only 37% have been successful in their initiatives. Big Data being popular right now has led companies to dive into it without fully knowing what to do with all the data they’ve acquired, leading them short of success. Not only are companies not using data properly, they are also not using much of the data they acquire. As of this moment, only 0.5%.