Data is a very valuable asset in the world today. The economics of data are based on the idea that data value can be extracted through the use of analytics. Through Big data and analytics are still in their initial growth stage, their importance cannot be undervalued. As big data starts to expand and grow, Importance of big data analytics will continue to grow in everyday lives, both personal and business. In addition, the size and volume of data is increasing every single day, making it important to address the manner in which big data is addressed every day. A huge repository of terabytes of data is generated every day from modern information systems and digital technologies such as Internet of Things and cloud computing. Analysis of these massive data requires a lot of efforts at multiple levels to extract knowledge for decision making. Therefore, big data analysis is a current area of research and development. The basic objective of this paper is to explore the potential impact of big data technologies and challenges associated with it. This paper provides a platform to explore big data at numerous stages. Additionally, it opens a new horizon for researchers to develop the solution, based on the challenges and open research issues.