Big Data Analytics in Electronic Markets

In the past, the main challenge that businesses faced had to do with operating under conditions of data scarcity. Decision-making was subject to incomplete, insufficient, and time-lapsed data. However, such challenge no longer exists, given the current exponential growth of data available to businesses. Instead, the challenge that businesses now face has to do with the sheer abundance of data. Up until 2003, only 5 exabytes (1018 bytes) of data were available, whereas nowadays the same amount of data can be created within two days (Sagiroglu and Sinanc 2013).