Of course size matters, but after meeting the challenges in capturing, storing, searching and sharing are met, the challenge lies in the analysis, visualization and taking action on the insights.
Let’s take a look at the growing market size in the digital space:
• YouTube users upload 48 hours of new video every minute
• 600 new websites are created every minute
• The New York Times processes 4 Terabytes of images daily
• 100 Terabytes of data uploaded daily to Facebook
The digital media space is up to the challenge. Heck, we are handling nearly 500 billion programmatic trading transactions a day.
One of the newest areas growing in big data is CAMS (Cloud, Analytics, Mobile, and Social). Let’s start from the top to explain why.
Despite the recent photo hacking scandal, cloud services continue to grow exponentially. Most consumers find the promise of storing content on all their devices in one place appealing. Ease of use and peace of mind create a value exchange of our data, personalization and targeted advertising.
Analytics, insights, and infographics can assist in making better business or marketing decisions based on big data. In fact, McKinsey predicts a shortage of 200K of data scientists by 2018. In order to meet the demand, the industry will see more partnerships than ever before from academia and start-ups, as well as traditional measurement companies.
The next few years will highlight the fact there is more to mobile than a tablet on the nightstand and a phone in your pocket. Mobile will be considered all the devices we interact with on a daily basis that are connected to the Internet. It should be no surprise that programmatic spending is shifting toward mobile, at over triple digit growth.
Some of the most valuable marketing big data involves earned and owned media in social. There are still plenty of concerns about social media, but big data and programmatic are not areas marketers now stress about. Programmatic advertising is moving out of the minor leagues with huge marketing efforts on Facebook and Twitter.
The second act in big data is to bring data-driven marketing into the programmatic environment. In order to make big data work, a strong correlation between relevance and response is needed. This is simplistically called “branded response.” As the cost of using the data and the time it takes to make decisions goes down, marketers start to see attribution more clearly and in real time.
Big data from CAMS and IoT is causing an explosion of investment and innovation. With this explosion, data-driven marketing is finding a better way to target based on what is found in the cloud, discovered socially, or indicated by our mobile devices. If we are creating a new Google’s worth of data every four days today, imagine the possibilities when we are creating a Google every hour. The paradox of “size matters” is that the more data we have, the harder it can be to manage. However, we have learned that it takes large amounts of data to provide the best results.