A Guide to Big Data in 2022

A Guide to Big Data in 2022

Big data is built on concepts that have been around for centuries. Trevor Barnes notes in ‘Big Data, Little History’ that some say that it took root in the 1600s during the first developments of statistical analysis. Some say the 1800s with the creation of the first tabulating machine. Others, on the other hand, consider Chris Anderson’s well known 2008 Wired Magazine editorial on big data to be the real start of its popularization.

In any case, big data has definitely revolutionized the way various businesses, industries, and organizations are run. In 2022, the field is still changing, and new technologies and approaches are constantly emerging.

How Big is Big Data Presently?

Big data has been quite the buzzword, but its popularity and impact can be proven in other ways as well. A Yahoo Finance big data market report claimed its value to be at $198.08 billion in 2020, projected to reach $684.12 billion by 2030. This signifies a compound annual growth rate (CAGR) of 13.5% from 2021 to 2030. Experts explain that its increased adoption throughout the years can be largely attributed to developments and needs in modern tech.

What is Big Data?

Modern technology generates an infinite amount of data. MongoDB’s guide to big data highlights that technically, big data is anything that is huge in volume, variety, and velocity. Furthermore, it can be derived from anything from the internet, social networks, personal electronics and applications, questionnaires, and product purchases. It is then stored in databases and analyzed by software designed to handle large and complicated data sets.

Where is Big Data Relevant Today?

Big data plays a part in data analysis to help turn data such as demographic, purchase history, and even measurements and events in history to determine whether a correlation exists. Businesses are some of the top big data users, relying on experts to turn this into actionable information. Giant companies like Meta (Facebook) rely on data from their large consumer base and place targeted ads for their users. This generates a lot of income.

There are also important uses for big data outside of businesses. For instance, students from the University of Chicago have developed an AI-based algorithm that can predict crimes up to a week in advance with up to 90% accuracy. Using data from the past, the AI will determine crimes that are statistically more likely to occur, where, and at what times. Big data is also commonly utilized in banking, healthcare, agriculture, and telecommunications.

Big Data Trends in 2022

The big data market size is often attributed to the growing demand for cloud-based big data analytics software among small and medium businesses. Forbes lists some of the big data trends, one of which is the data-driven customer experience, which involves improving chatbots and cutting down on the friction and hassle in e-commerce. Other trends to look out for are generative AI, synthetic data, convergence, and automated machine learning.

The Future of Big Data

Data will inevitably expand. AWS, Microsoft Azure, and Google Cloud might be the ruling cloud providers right now, but who knows how that will change next year? Moreover, big data and its respective industries have many improved aspects. Pressing issues in data privacy, security, and cyberattacks are some of the people’s main concerns. However, it also offers limitless uses and avenues for growth. So, the future of big data is indeed promising.