Big Data is a technical term which refers to the huge size of data (structured and unstructured). This data is so massive or large in terms of volume that it becomes extremely complicated to process it using traditional database management apps or tools and other software techniques. Thus, its clear that this term actually refers to the volume of data. But it is not always used with the same meaning. Vendors may refer this term to technology used to handle huge size of data and storage utilities in an organisation.
(Source:- forbes)
Its commonly known in IT that
1 byte (B) = 8 bits
1 Kilobyte (KB) = 1024 bytes
1 Megabyte (MB) = 1024 KB
1 Gigabyte (GB) = 1024 MB
1 Terabyte (TB) = 1024 GB
So size we are talking here is about 1 Petabyte (which is 1024 TB) or 1 Exabyte (which is 1024 Petabytes) which includes trillions of records of trillions of people.This can serve as an instance for big data. In business analytics, big data serves as an major problems where the available tools are not enough to handle, manipulate or manage the data. Big data is also known as Enterprise Big Data.
(Source:- dataart)
According to Marketsandmarkets, the global big data market is estimated to be $14.87 billion in 2013 and expected to grow to $46.34 billion in 2018. This represents an estimated Compound Annual Growth Rate (CAGR) of 25.52 % from 2013 to 2018. The major forces driving in this market is the constant need among enterprises to upgrade their business processes and enhance performance with efficiency. For more information about the big data market, follow the link mentioned below:-
http://banmidow007.newsvine.com/_news/2014/03/24/23234088-big-data-market-worth-4634-billion-by-2018
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