What is Big Data?
Big data can be thought of as a combination of structured, semistructured, and unstructured data that is collected by organizations. This data may be mined for information purposes and used in machine learning processes, predictive modeling, and analytical applications. The systems that are used to process and store big data have become an important part of data management.
The 3 V’s used to characterize big data are the large volume of data, the variety of data, and the velocity at which the data is collected and processed. Computers help organize a large amount of data and help to reduce the cost of data collection, storage, and information sharing. Over the years, data collection and processing have become simpler due to the advancement in technology. Data today is collected much more swiftly and is no longer collected through the traditional sampling method.
The Current Digital Scenario in Pakistan
Pakistan has undergone a huge wave of digitization in the past few years. It has quickly adapted to a post-covid world, both private and government organizations have introduced digital solutions to keep up with the post-covid scenario. Amidst the new normal Pakistan has seen a surge in the use of digital banking, teleconferencing, remote working, e-commerce businesses, and e-learning. Amidst all the inflow of investments in the country is looking better than ever.
Read more here: Pakistani Startups Funding Cross $300 Billion in 2021 – Bloomberg
Regardless of the digital revolution in Pakistan. The big data journey in Pakistan has been rather slow. There are multiple reasons why Pakistan has not seen big data implementation in organizations at a desirable pace.
Why is Big Data Implementation a Challenge in Pakistan?
The first and foremost reason for not being able to implement big data in Pakistan is the lack of understanding from major stakeholders. Moreover, the lack of government participation has also slowed down the implementation of big data. The trends around the world show that there is a fast transition towards big data and is being used by the top market leaders. According to a report of MarketsandMarkets, the global Big Data market size will grow from $138.9 billion in 2020 to $229.4 billion by 2025 at a compound annual growth rate (CAGR) of 10.6%.
Read more here: Pakistan’s IT Sector to Redouble to $7 billion – Secretary BoI
Countries around the world are using big data to make improvements in different sectors such as poverty alleviation, improving government-public interaction, enforcing the law, healthcare, agriculture, etc. Having relevant data helps to understand trends and make better decisions which can further help in making improvements to the government and private infrastructure.
Big data has numerous benefits. But it is fact that data collection on every individual will leverage certain organizations (public or private) to peep into privacy tantamount to abuse of human rights. Moreover, the governance of big data remains a challenge. The recent hacking incident of the FBR site reminds us to fill gaps and ensure the security and integrity of collected data.
Read more here: Pakistan’s First AI Policy Underway – MoITT
What is CxO Global Forum?
The CxO Global Forum Network is an emerging knowledge-sharing platform of Global Thought Leaders for all C-Level The forum is to get global exposure especially in digital transformation & innovation around the globe. It is the largest Corporate Outreach Forum and has currently 400+ members globally.