What is Big Data and How is it Used?

Text mining analytics

Analyzing data is crucial to safety, economics, and even the basic day-to-day functionality of life in the modern world. Matching of names, big data analysis, concept extraction, and other forms of big data text analytics are always at work behind the scenes in our interconnected digital world.

What is Big Data?

Every moment of every day, more and more data are being generated worldwide. The International Data Corporation (IDC) estimates that the digital universe will be as large as 40 ZB by the year 2020. That is the equivalent of creating 1.7 MB of new info every second of every day for every person on Earth. Facebook alone produces almost incredible amounts of new data every second, as people update their status and add pictures and reviews. With nearly two billion active monthly users, Facebook is one of the greatest generators of data there are. All this information, or data, lie around in sets so enormous that no traditional data processing applications are appropriate for trying to deal with it.

What is Big Data Analysis?

Software and other tools that allow companies and governments to process these enormous sets of data allow for big data analysis. From the matching of names to opinion mining, these software offerings are designed to make understanding big data cost-efficient and all allow for better time management as well as important insights. Different types of software can do different things. Some deal with structured data and some with unstructured data. Some specialize in rapidly changing data sets. There are name recognition tools and the matching of names, social media data analysis, text extraction, and much more.

Why Use Big Data Analysis?

The IDC estimates that less than 1% of the data generated in our world is ever actually analyzed. Text mining, for example, can help a business by providing better customer engagement, provide valuable insight into what customers are thinking about products and issues, allow for accurate risk, compliance, and threat detection, and allow for insights to be gathered across a wide range of sources. For governments, text analytics can help with issues like border security. Dangers near the border and at screening can be more easily identified. It’s also possible to identify some potential dangers, forecast future issues, and use the matching of names to assist with visa screenings or border processing.

What is the Future of Big Data?

Currently, the value of the market for text analytics alone is approximately $3 billion. That amount is set to double by the year 2020. Our ability to analyze vast sets of data and apply it strategically improves every year, and the amount of data to be analyzed is growing as well.

The main value of data is not the raw data itself, but the process of analyzing it and the application of insights gained from that analysis. These insights have led to great changes among businesses, healthcare providers, governments, and educational entities. The key is having the right software and the right personnel to enable you to make the best of all the information at your disposal.

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