From one-person business to multinationals, big data is changing the way companies operate for the better. With the increase in the amount of data originating from different sources due to the advancement of technology, companies are now deploying different innovative approaches for analyzing and extracting different useful data sets. The ability of businesses to access valuable and organized data offers them an edge and ensures long term returns. It makes it easy to make decisions which would otherwise be hard using conventional methods.

The digital universe is highly dynamic and changing quickly. After 2010, we entered a new era where social networks, mobile devices and wearable technologies entered into the equation. These are just a few sources that generate large amounts of data. By 2025 there will be hundreds of zettabytes of data. As massive amounts of data continue to be generated, big data technologies are taking shape. There are technologies, tools and data processing methods that aid in the extraction of all kinds of digital insights. The ability to collect, analyze and extract insight from big data sets has implications to all sectors of business. For example, big data can help companies protect their customers from buying items that are not up to the standard. With this in mind, what differences can big data bring to real estate market?

Going by what we keep hearing about big data, professionals and evangelists of this technology make it feel simple as if businesses can just take off as soon as they implement it. However, the truth is actually the opposite. Big data may not show results as soon as you implement it. Rather, it demands patience since it may take some time and perseverance for the data to be collected and used in what the initial intention was. It takes time to separate the useful information from data, prioritize, visualize and extract insights needed to make business decisions.