A new buzz word is emerging as a mainstream topic for corporate executives. Actually, it’s two words: BIG DATA. The concept of Big Data emerged from the vast and exponentially-growing amount of data generated by social media, mobile devices, apps, and all the other digital tools wielded by the global population every day. Corporations and others are driven to collect all of that data and analyze it to gain useful insights that can be used to make better business decisions. Companies like Google, Facebook, AT&T, and many others have gotten good at collecting the data. Developing software to analyze the massive amount of data being collected is the primary challenge of the Big Data industry.
In coming years that challenge will become much more complex. Today, the average Internet user owns two Internet connected devices: typically a smart phone and computer. Over the next couple years, that number is expected to jump to seven, more than tripling the amount of devices on the Internet. The bulk of new Internet devices will represent things rather than people – thermostats, security systems, televisions, electric meters, cars, refrigerators and other appliances. These devices will increase the amount of Big Data by adding information like the temperature in every home at every moment, the energy usage of each residence and business, eating habits, laundry habits, water usage, waste production, and more. Add this information up and the Internet becomes a source of real-time information about the state of the entire planet at any given moment in time.
IBM researchers view the Internet as becoming a “global electronic nervous system, with trillions of individual sensors monitoring the status of everything of interest to humans.” IBM wants to stream all of those exabytes of data to its cloud-based cluster supercomputers to extract the “ultimate value from the data using Analytics software modeled on the human mind.”
You’ll be hearing a lot more about Big Data in coming months and years, as the world awakens to the potential of IBM’s vision. Many companies are working on developing analytics software that can tackle Big Data for all industries including health care, transportation and energy. Last week, Big Data company Splunk Inc, made an impressive debut on Nasdaq where it doubled its $17 initial public offering price. This marked Wall Street’s awakening to the value of Big Data, and alerted the media to a new industry focus. Big Data could provide many benefits beyond improving corporate profit margins and padding investment broker’s wallets. If managed properly, Big Data could also provide valuable insight for improving life on Earth. Managing Big Data in a secure and ethical manner, with concern for consumer privacy, may end up being the biggest challenge of all.
- Look Who’s Going to the Big Data Party [ECommerce Times]
- Data Deluge Cries Out for Analytics, Startup Says [NewsFactor]
- The intangible assets of the Internet of Things [EETimes]
- Big-data investors look for the next Splunk [Reuters]
- Mobile Data Usage Exploding, Monetization Asleep at the Wheel [ECommerce Times]