What is big data? You've probably heard this term earlier. You may consider implementing it for enterprise data management and strategic decision-making.
The global big data market is projected to generate over $103 billion in revenues by 2027, and its current market value is around $274 billion.
To explain why everyone is going on about it, Netflix saves 1 billion USD per year on customer retention thanks to big data.
But what is this term that everyone keeps throwing around, and why are most business minds obsessed with it?
We'll dive into big data management and break it down for you.
What is Big Data? Definition and Meaning
Before we jump into big data, let's start with just data.
Data is a group of facts. These can be in the form of words, numbers, observations, descriptions, or measurements.
It can be subdivided into qualitative and quantitative data. Qualitative data is descriptive.
Let's say, "A person's blood type is B+, they have blonde hair, and they drive a Mercedes." That is an example of qualitative data.
Whereas quantitative data is numerical. For example, "97% of a high school class is going to college" or "80 of the 100 shoes sold on Thursday were blue."
There are many ways of collecting data, such as direct observation and surveys.
Source by: https://www.bluent.net/blog/big-data-introduction/
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