Data Managment will continue to rise as the need to store Big Data continues to skyrocket. There are expected to be more than 40 billion internet-connected devices in the next 5 years, from smartphones and appliances to robots and vehicles. This means that most organizations will be “drowning” in data.
In fact, a recent IDC forecast shows that the Big Data technology and services market will grow at a 26.4% compound annual growth rate to $41.5 billion through 2018, or about six times the growth rate of the overall information technology market.
Data Management is the development and execution of architectures, policies, practices, and procedures in order to manage the information lifecycle needs of an enterprise in an effective manner.
Data management is the organization, administration, and governance of large volumes of both structured and unstructured data. Corporations, government agencies, and other organizations employ big data management strategies to help them contend with fast-growing pools of data, typically involving many terabytes or even petabytes of information and a variety of data types.
What is Data Lifecycle Management
Data lifecycle management (DLM) is a policy-based approach to managing the flow of an information system’s data throughout its lifecycle, from creation and initial storage to the time when it becomes obsolete and is deleted. DLM products automate the processes involved, typically organizing data into separate tiers according to specified policies, and automating data migration from one tier to another based on those criteria. As a rule, newer data, and data that must be accessed more frequently is stored on faster, but more expensive storage media, while less critical data is stored on cheaper, but slower media.
Several vendors offer DLM products but effective data management involves well-thought-out procedures and adherence to best practices as well as applications. The effective management of corporate data has grown in importance as businesses are subject to an increasing number of compliance regulations. Furthermore, the sheer volume of data that must be managed by organizations has increased so markedly, hence the name “Big Data”.