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While the term big data has been coined in recent years, the act of gathering and storing vast amounts of information for decision making is ages old. What is important is not about the data that is available, but how it is made utilizable. This is because data collected from any source can be analyzed for insights that help in planning strategic business moves and better decision making.

Big data when combined with high-powered analytics can help accomplish business fallouts such as discover the root cause of failures in near-real time and detect fraudulent behavior before it causes a damage to the organization. In addition, it also helps accomplish business-related tasks such as recalculate entire risk portfolio in no time and generate coupons at point of sale with insights from history of customer’s buying habits.

The big data market is at its all-time high in terms of growth and is expected to present immense growth opportunities for vendors in this space.