Big Data = The Next Big Trend
If you haven’t already heard, the Big Data market is on the rise and predictions have been made regarding a 26% annual compound growth rate by the year 2018. This means that there will be a massive increase from $14.87 to $46.34 billion dollars within the Big Data market between 2013-2018.This sudden rise in Big Data is due to the constant need for businesses to boost and upgrade their work efforts in order to become more efficient at predicting trends which will enhance their performances. Recent research has shown that Big Data is key for organizations looking to drive growth and gain profits.
What is Big Data and Big Data Analytics?
Big Data is a term used to describe unusually large amounts of structured or unstructured data resulting from companies dealing with massive amounts of information. Advancements in technology have resulted in a data frenzy and many companies are being slammed with massive amounts of data occurring within seconds. Many of these enterprises are involved with the retail, banking and healthcare sectors. Businesses dealing with Big Data have realized that they must utilize the information that they are receiving in ways which will help them. With this in mind, companies can use Big Data to gain big insights which will help their businesses boom. Analyzing Big Data, however, is no easy task and many high-tech companies are producing technologies which aim to deliver Big Data analytics quickly and efficiently, exactly what we are doing at SQream Technologies.
The 3 V’s of Big Data:
In order to understand Big Data better, industry analyst Doug Laney (now Gartner) broke data growth into three different sectors, defining it by Volume, Velocity and Variety. Laney defined this as, “The 3 V’S of Big Data.”
- Volume relates to the amount of data which is being generated at a given time. There are many factors which contribute to an increase in data. For example, information constantly streaming from the internet via Facebook or Twitter produces a rise in Big Data, as well as a customers banking information which changes over time.
- Velocity refers to the stream of data which flows in and out over a certain time period. The speed of Big Data is constantly increasing and often happens in near real-time, meaning that businesses need to be equipped with the proper technology to handle the velocity of Big Data.
- Variety refers to the notion that data comes in different types of formats and structures. For example, a company might be dealing with structured numeric data or unstructured text documents.
Laney developed his three V’s model in 2001 and many companies still use this theory to describe Big Data today. In 2012, he added an additional definition to his Big Data theory stating, “Big data is high volume, high velocity, and/or high variety information assets that require new forms of processing to enable enhanced decision making, insight discovery and process optimization.” Some organizations have even added their own “V’s” to describe Big Data. The illustration below provides a visual of the 3 V’s of Big Data with an additional V included at the bottom.
How Does SQream Ease the Pain of Big Data Analytics?
The technology that we are producing at SQream goes above and beyond all other Big Data solutions. We’ve figured out the benefits of incorporating GPU technology into our software, allowing for lightning-fast and cost effective Big Data analytics. Working with GPUs is highly beneficial because they consume little power, produce aggressive data crunching and contain massive parallel computing power. Basically, our software is a mass producer of Big Data analytics all in one box, an amazing advancement which you will read about in many of our future blog posts.
And If You Don’t Know, Now You Know…
The purpose of this blog post is to familiarize you with Big Data and SQream Technologies. We want you to understand why Big Data is the next big trend and just how quickly it is growing and being implemented in every day life.
Now, let’s review what you’ve learned from this post:
- Why the Big Data market is on the rise
- A basic understanding of Big Data
- The 3 V’s of Big Data
- How SQream aims to deliver fast and cost-effective Big Data analytics by using GPUs
We hope that you’ve found this information helpful. Stay tuned for our next blog post to learn more!
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