Data is flowing into every corner of the global economy today; companies large and small produce massive volumes of transactional data and capture information about their customers, suppliers, and operations while millions of networked sensors embedded in devices such as energy meters, automobiles, and industrial machines sense, create, and communicate data in the age of the Internet of Things. Social media sites, smartphones, PCs and laptops have allowed billions of individuals around the world to contribute to the amount of data available. Additionally, the growing volume of multimedia content has played a major role in the exponential growth of data volumes.
Researchers have gathered strong evidence that these massive volumes of data can play a significant economic role to the benefit not only of private commerce but also of national economies and their citizens. Hence, the ability to capture, store, aggregate, and combine data and then use the results to perform deep analyses has become ever more essential for businesses and governments as cloud computing continue to lower the cost of storing data and the capabilities of sophisticated analytics software increase by the day.