Elite professionals from Taiwan’s high tech sector gathered at Taipei on November 4th for the Big Data conference. Attendants included leading IT pioneers from IBM, Teradata, and other multi-talented specialists hailing from Taiwan’s famous startups such as Victor Wu of Vpon, Joseph Lin of HyXen Technology, Dr. Albert Chen of Viscovery, and Sam Ding of VMFive.
Big Data analysis allows the processing of photograph properties when taking and uploading videos. This option provides an interesting opportunity for banks threatened by intense competition. A camera can be installed at the entranceway of a competing bank in order to recognize faces, cars, brands, and other elements that might lead them to discover the secrets of their opponents’ success. This idea was first proposed by Brian Chou, head of the Digital Banking Division of CTBC during this 2015 international conference for startups and Big Data applications. This 4-day conference was held in Taipei, with participants, including Dr. Shu-Ping Chang, a leading authority in the area of international stream computing of IBM and Yu-hua Kong, head of the Greater China Region Big Data business group of Teradata, jointly discussing about Big Data economics and how they would revolutionize business models around the world.
The conference was filled with Big Data business opportunities that include gold mining, identification of business opportunities, prospecting, and startup innovations. Big companies and small startups alike are marching towards this vast Blue Ocean market. However, controlling this vast ocean of data is no easy task. Many could only marvel at the challenges they face. “Videos and images are different compared to words. We must adopt a multi-modal approach to assess a portion of the contents, and that’s only the first step of the process. We need to analyze and identify values contained within a video. This is where Big Data analysis would provide a leading edge.” Albert Chen added.
85% of all Big Data are still unstructured. Technical restrictions meant that most small to medium enterprises are still incapable of discovering business opportunities hidden within these data. Yu-hua Kong, head of the data division business group of Teradata, pointed out that there are 2 types of companies in this world. The first of which would be Data Driven. Such companies are given life in response to needs of data analysis, and thus need to exert full control over data sources and often implement in-depth data mining of data contained within. The second type would be Data Assisted companies. Most companies would belong to this category. However, data would provide such companies with a vast gold mine of resources.
As academic theories become better established and matured over the years, a number of major corporations and even new startups are performing technical experiments in different areas, especially the video and music sector where Big Data makes up an absolute majority of all information available. For example, Baidu has recently improved its voice recognition accuracy from 95% to 97%. High tech Taiwan company, Viscovery, expanding markets in Singapore, China, and Japan, has also achieved great results. Leading scientist Dr. Albert Chen of Viscovery introduced a Video Discovery Service (VDS, a smart video recognition platform) that is capable of identifying faces, images, and logos. Expanded analytical dimensions of music and song contents, actions, subtitles, and interactions between people in the scene were available as well. Viscovery is also willing to share its research outcomes so that smart visual discovery capabilities can become an open source API. More partners would be able to use the VDS platform and acquire useful information from the videos, improving commercial benefits as well as the value of the acquired data.
These pioneering companies have already entered the Big Data sector as advancements were being achieved in terms of accuracy of AI-controlled algorithms. We predict that the Big Data Era would increase the availability of customized services catered towards individual requirements. These emerging and Innovative applications are destined to change how the world develops in the future.