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Big Data - Market Analysis

Big Data Defined
Big Data is the data which is too big, dynamic and complex for any conventional data tools to capture, store, organize or analyse.

What is the point of gathering all that information which you can't use to drive your business forward? The right use of Big Data allows businesses to spot trends, give niche insights and make intelligent decisions.

According to the report, Global Big Data Market, big data will grow at a CAGR of over 55 percent by the year 2015. The increasing volumes of information gathered by enterprises, the rise of multimedia, social media, and the Internet of Things have fueled exponential growth in data for the foreseeable future

3 V's of Big Data

4 Phases of Big Data

The following are the four phases of Big Data:

Educate -
This phase focuses on knowledge gathering and market observations.

Explore - After completing the education phase, companies need to develop a strategy and roadmap based on business needs and challenges.

Engage - During the third phase, businesses experiment with big data initiatives to validate value and requirements.

Execute - Companies in the fourth phase deploy big data initiatives and continue to apply advanced analytics.