Big Data is a term that is drawing a lot of attention in 2012. Despite it being the hot new tech trend, little is known about Big Data, and although it is a relatively new term, the idea has been around for over a decade
What is it?
Big Data can handle massive amounts of information on multiple platforms in a variety of formats ranging from blog posts, e-mails, tweets, documents, audio, video- pretty much anything on the internet instantly and affordable.
Big Data helps solve functional and analytical problems for a variety of companies ranging from small startups to companies like Facebook, Netflix,and Twitter. And at the same time it allows for completely new types of companies to be created.
Big Data is the grouping or relative technologies that have been around quite some time; it is only with the recent advancements in technology that developers have been able to combine and create Big Data Software. At its core, Big Data breaks down into three areas of technology
- NoSQL databases
Big Data has the ability to analyze extremely large (exabyte, zettabyte…etc) data sets ranging from simple website visits and clicks to complicated long-term analysis of web-trends. Companies can make predictions and business decisions based on information that is collected over time and often stored on a Cloud in a structureless state. Information stored can also include social media, web blogs, and any public information on the internet.
The most important benefits of noSQL is the fact that it is an Open Source technology. NoSQL provides Web-applications and websites the ability to store user information and extremely large date sets without the rigid structural requirements of regular databases.
Companies that use noSQL:
Apache Hadoop combines noSQL and real-time analytics into a uniquie framework. Hadoop’s framework implements and runs an application that structures data into many smaller fragments that can then be distributed on a noSQL database and then re-accessed from another location. It has the ability to analyze these large sets of seemingly unrelated and unorganized data and find patterns and trends. The practical applications of Hadoop are limitless!
The market for big data is $70 billion and growing 15% annually. Large enterprise companies are showing their fair share of interest, investing heavily in small starts-ups that provide Big Data products and services.
The best example of this is BloomReach. This past week BloomReach unveiled its product and went from stealth-mode to one of the hottest companies in technology. They provide a Big Data solution for SEO, and SMO in the form of “Website Relevance Engine” that can boost search traffic by 80%. Backed by $16 million from Bain Capital Ventures and Lightspeed Venture Partners, BloomReach is poised to become the first $10 billion enterprise marketing company.
Other stats in the Big Data Market
- Code42, a mobile online back-up company just finished a $52 million round of funding
- In 2011 IBM made $1 Billion in revenue on Big Data alone
- V.Cs invested $2.47 billion last year in Big Data compared t to $1.55 billion in 2010 and $1.1 billion in 2009.