Big Data: Future Prospects in the Changing Technology

The importance of Big Data is steadily increasing and is reflected in the growing investment willingness of hedge funds. One of the top-rated players in this field is Teradata Corporation, but how does it differ from other giants in the sector? A look back shows that the need to manage large datasets has existed since the 1960s and 1970s. However, it was not until 2005 that open-source frameworks allowed for the storage and analysis of these massive amounts of data. With the advent of the Internet of Things (IoT), even more data was generated, providing detailed insights into both product performance and customer usage behavior. Currently, the proliferation of generative artificial intelligence and corporate use of cloud computing is driving the growth of Big Data relentlessly forward. According to a study by Research and Markets, the Big Data market is expected to grow from $220.2 billion in 2023 to an impressive $401.2 billion by 2028, representing an annual growth rate of 12.7%. While North America holds the largest market position due to early adoption and mature IT infrastructure, the Asia-Pacific region is the fastest-growing segment. This is facilitated by rapid digitalization, governmental support for technology developments, and increasing internet connectivity. The application areas of Big Data are as diverse as the benefits it offers. From improving forecasting capabilities and strategic decision-making to more personalized customer experiences and higher operational efficiencies—Big Data is revolutionizing industries from retail and e-commerce to healthcare and financial services to manufacturing and public service. For instance, Amazon uses collected data to fine-tune its recommendation algorithm, targeting customers more precisely and promoting impulse purchases. AstraZeneca relies on data- and AI-driven approaches for the discovery and development of new drugs, with the company having extensive data from clinical trials and collaborations with external partners.