Big Data and Analytics: Prospects, Challenges, and the Way Forward

Big Data and Analytics: Prospects, Challenges, and the Way Forward

Md. Toriqul Islam, Borhan Uddin Khan
Copyright: © 2025 |Pages: 30
DOI: 10.4018/978-1-6684-7366-5.ch048
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The advent of big data has brought a revolution in the way data is collected, stored, processed, and analyzed by individuals, businesses, and organizations. Big data analytics has emerged as a critical tool for decision making across diverse industries, leveraging advanced computational techniques to extract insights from voluminous data sets. This article provides an extensive overview of big data and analytics, exploring their definitions, usage, advantages, disadvantages, applications, potential prospects and associated challenges, the way forward, and future research directions to address encompassing challenges and promote further advancement in the field. In summary, this article serves as a roadmap for comprehending the significance of big data and analytics, including their potential applications, prospects, challenges, and the way forward for researchers and practitioners from a legal and regulatory perspective.
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2. Background, Focus And Research Method

The development trajectory of human civilization has witnessed radical transformation through several industrial revolutions. Throughout history, beginning with the discovery of steam engines, followed by the emergence of fossil fuel-based engines, and the evolution of integrated business models, human society has now entered the information age. In the evolving information age, a significant portion of world affairs relies on computing power and wider applications of Information and Communications Technology (ICT). Presently, approximately 40% of the global population is connected online, over 1.5 billion websites are operational, Google handles an average of more than 40,000 search queries per second, and nearly 650 million Tweets are posted on Twitter (Internet Live Stats, 2023; Bulao, 2023). These statistics undeniably highlight that we are living in a data-driven world that is constantly evolving, offering abundant opportunities but also posing substantial challenges.

Big data has immense potential for various industries by producing precise insights about diverse products and services. The utilization of data-driven technologies holds promising prospects for enhancing productivity, improving trade intelligence, addressing societal challenges, fostering research and innovation, reducing costs, and expediting performance across various fields. Big data opens up a new horizon for innovation, competition, and productivity (Manyika et al., 2011).

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