We consume data. A lot of it. Naturally, it’s tough to estimate the exact amount. However, one recent estimate said around 18 zettabytes of data had been created as of 2018, and that number would increase to 175 zettabytes by 2025. One zettabyte is equal to one billion terabytes; that is big data in a nutshell.
And in a transaction-rich environment such as the financial markets, big data has the potential to change the way people operate. Although the financial industry has been slow to adopt it, big data can help analyze and interpret trends and other pieces of information that couldn’t be quantified before.
Big data can be used in conjunction with machine learning and predictive analytics to make predictions that were unrealistic or impossible in the past. Although it still requires human interaction, big data can help inform trading decisions in all-new ways. (Biberdorf, 2021)
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