Value of Big Data

Big data is so valuable as it contributes to business globally. Businesses use big data to aid in their decision making and ultimately shapes the future of their business. It gives them insight into their customers and so big data can be used to make predictions. If businesses know insightful information they can tailor their products/services to suit customers or they can show targeted adverts to specific groups of people to increase profits. Data can also be sold to other companies who seek information about customers (even though illegal sometimes). Companies which hold a large amount of big data on their website users are therefore more valuable companies, for example Facebook's net worth is £105 billion pounds despite only having £5 billion pound yearly profit. This shows that big data is valuable even though it is intangible. Due to the increase of accessibility to internet it is likely that more big data will be produced globally and so this will increase the value of big data as it will become even more informative. The big data market value is predicted to increase to $118.52 billion by 2022 - a 5x increase from 2015.