Big data is an old concept in the world of virtual marketing. Business telecoms have been using strategies that include gathering of salient data for present and future business reference. Marketers in business telecommunications and other industries know the practices of database marketing and data mining. The method helps you determine and target customers based on gender, industry, country, and other salient factors
The term big data generally refers to the quantity of information that is generated and stored per second on a global level. These are terabytes of information available in the virtual world. However, it is imperative to note that this huge source of data is useless if you don’t have a plausible way to navigate the available information. There are four salient factors that affect Big Data, known as the four Vs:
This refers to the scale of data presented and gathered. According to reports, most companies located in the United States have at least 100,000 gigabytes or 100 terabytes of data stored. 6 billion people out of the 7 billion world population own cell phones, which are also huge sources of information. An estimate of 2.5 quintillion bytes of data is produced per day while 40 zettabytes or 43 trillion gigabytes of data is predicted to increase 300 times from 2005. The same amount is expected to be created by the year 2020.
Big Data also depends on its velocity or the analysis of streaming data. The New York Stock Exchange for instance captures an approximate of 1 TB of trade information per trading session. Contemporary cars have 100 sensors which track items such as tire pressure and fuel level. A projected 18.9 billion of network connection by the year 2016 states that each person on earth will have almost 2.5 connections.
There are different forms of data available in today’s digital world. There are 30 billion pieces of online contents being shared on social networking giant Facebook in a monthly basis. The global healthcare industry is known to have recorded 161 billion gigabytes of data as of 2011. There are 200 million active Twitter users per month that send 400 million tweets per day. YouTube documented more than 4 billion hours of video viewings each month.
The uncertainty of the data also plays an important role in classifying Big Data. According to reports, $3.1 trillion is lost in the economy of the U.S. due to poor data quality. A survey shows that 27% of the total respondents state that they are unsure of the accuracy of the data they receive online. One in three business leaders on the other hand do not trust their data when making important decisions.