Big Data is shaping up to be the most valuable commodity in the world.
You may have heard this term thrown around before. Basically, Big Data is large data sets that are collected from digital and traditional sources. This could be things like information collected from your smartwatch, your Google Maps route to work, your Netflix viewing history, etc.
Companies use information like this to improve what they know about customers’ spending habits.
Like oil, Big Data is a fuel. Businesses need data to innovate and to create new technology. Technologies need data to mature, scale and remain operational.
This is why Big Data will truly be the fuel that powers the Great American Reset.
Precision medicine, e-commerce, manufacturing, logistics and transportation are just a handful of the many industries that will get a boost from Big Data.
Big Data Must Be Refined
It is estimated that about 80% of all data is in a raw format. In the data world, this is known as unstructured data. Speech, image and social media data are all forms of unstructured data. This is different from structured data, like numeric cells in spreadsheets or names and addresses.
The International Data Corporation estimates that 90% of Big Data is unstructured. Over the next decade, nearly all of the data generated will be in this format:
The problem with Big Data is that it must be refined. Like oil, Big Data in itself comes in a crude form.
The refinement process is no easy task, which is why 95% of businesses cite the need to manage unstructured data as a problem for their business. Most businesses are unable to tackle this problem on their own and must utilize the third-party infrastructure.
Ian and I recommended a Big Data industry leader in Automatic Fortunes that is providing a solution to this problem.
With the data refinement process in check and usable data available, early stage technologies will reach their potential and new technologies will be born.
With Big Data serving as the fuel for the Great American Reset, it comes as no surprise that revenues from the industry are poised to grow exponentially over the next five years:
(Source: Markets and Markets.)
Ian and I realize the impact that Big Data will have on the world over the coming years, which is why it is an area of focus in our Automatic Fortunes service. In fact, we see the coming Big Data boom as a trillion-dollar opportunity.
We’ve recommended companies from multiple industries that are using Big Data to lead the way during the Great American Reset. And their biggest gains are still ahead of them. To learn how you can join Ian and me in Automatic Fortunes, click here.
Research Analyst, Automatic Fortunes