In a recent report, Kaggle competitions have attracted the attention of one and all, as it was told that the used car defect prediction contest has got the well deserving response this time. With so much of data floating, it is believed that a lot more is in store for identifying the potential of mathematicians and statisticians.

There is no doubt that competitions make things a lot more interesting with people from varied background come together to test their mettle in complex problems. "You get people looking at stuff they'd never look at otherwise”, said Jeremy Howard, who is Kaggle's President and Chief Scientist. He was earlier one of the participants in multiple competitions and after winning many contests, he managed to get into the San Francisco online startup Kaggle itself.

The company as of now is eyeing to solve weightier scientific problems. Looking at the response, Kaggle founder Anthony Goldbloom claimed that there is need for those who exceed in the field of data problems to be paid heavily as they are the ones who are actually as good as professional athletes are.

In order to do the same, he is trying everything possible to turn data-mining into a crowd sourced contest, which would change the future course of the company too. "We want to see the best data scientists earning more than Tiger Woods”, added Goldbloom, who started the company in Australia but later he tested waters in San Francisco.

If reports are to be referred to, data storage has become quite expensive and that’s reflected in a 2011 McKinsey and Co. report too, which claimed that a disk drive which has the capacity to store all the world's music would be priced at about $600.

With Kaggle competitions trying to create and test formulas which can help sort out contents of giant datasets, it is believed that dynamics in the market are changing swiftly.