Unlike earlier years, nowadays organizations rely on insights aka Big Data from their customers, internal processes, and business operations in order to uncover new opportunities for growth. They depend on these data to make decisions for the organizations’ future.
The big data is not a single technology but a combination of old and new technologies that helps companies gain actionable insight and the capability to manage a huge volume of disparate data, at the right speed, and within the right time frame to allow real-time analysis and reaction.
The Two Big Slants
India is on the rise to become a major global trading power. This wouldn’t be possible without the reliance on modern science and technology. The big data applications are becoming widespread in e-commerce. A majority of the firms and companies make use of the big data to identify the business potential, merchant-customer relationship and possible approachable services to customers. The growth, revenue, operational excellence and cost reduction are optimized to finer levels because of implementation of big data technology in India. An insight about customers, their preference and behavior, helps technically to decipher the use of products, consumption behavior in population and utility & response of money and services.
Big data researchers fail to understand the difference between privacy and convenience therefore, privacy and security remains to be another factor that makes big data an extrinsic technology.
Data science is still in its nascent stage today, the milestone to achieve in big data is to construct a data format and management which are consistent throughout the system
How Big will the Big Data be in the future.
The application of big data in Indian industries needs to undergo provincial revamps yet the growth is reckoned to be exponential. The industry is expected to grow at a CAGR of 26% up till 2025. There are a considerable number of analytics institutes in India that are providing training for both the fresh and the experienced candidates in order to overcome the skilled labor shortage. As already seen in major finance and health sectors, the Indian economy might see the application of big data in almost every sector with more enhanced technology. To well apprehend the term Big Data for global scenario shall be put up with pragmatism as the new consolidated market is revving up to apt the new technology to cater the products on the exact demand of consumers. India’s billion dollar e-tail markets are the early adopters following with other businesses who are helming towards digital transformation.