The world is swimming in data.
Smartphone-based computing had led to much more internet-based activity, and more opportunities to collect location data. The consumer stampede into social media means that the tastes, preferences, and frustrations of billions are shared online.
In a couple of recent reports from BI Intelligence, we take stock of how all this data is the bedrock for a new generation of business tactics and applications. We focus on dispelling hype around big data, and describe clearly what it is — and what it isn't.
Consider:
- Facebook ingests approximately 500 times more data each day than the New York Stock Exchange (NYSE). Twitter is storing at least 12 times more data each day than the NYSE.
CIBC, a Canadian bank, predicts that information-generation growth will increase 50 times over the next decade. IDC, a market research firm, similarly forecasts a 44-fold increase in data volumes between 2009 and 2020. Carry-everywhere devices are playing a large part in driving this explosion in data.
- Audience targeting and personalized predictive marketing using social data are expected to be some of the business areas that benefit the most from mining big data— 61% of data professionals say big data will overhaul marketing for the better, according to Booz & Company.
Yet:
- Most companies are underusing data: Seventy-one percent of chief marketing officers around the globe say their organization is unprepared to deal with the explosion of big data over the next few years, according to an IBM survey. They cited it as their top challenge, ahead of device fragmentation and shifting demographics.
The above data points and insights come from two BI Intelligence reports on Big Data.
Only BI Intelligence subscribers can download the reports in PDF form and download all the charts and datasets for their own research and presentations. Subscribers also gain full-access to all our ongoing charts and in-depth reports on the mobile and social industries.
Subscribe today to access, "Social Media's New Big Data Frontiers — Artificial Intelligence, Deep Learning, And Predictive Marketing," and "How Big Data Will Transform The Mobile Ecosystem."
- Define what big data is
- Look at the top business areas that will benefit from big data
- Examine mobile's and social's connections to big data
- Analyze big data potential, practical applications, and pitfalls on mobile devices
- Look at how big data is collected
- Answer some of the most frequently asked questions about big data and mobile
- Describe how advances in cutting-edge AI research are allowing marketers to classify and extract information from "unstructured" social big data— the billions of photos, videos, and messages uploaded and shared on social networks each day.
To access BI Intelligence's full reports on Big Data sign up for a free trial subscription here.
