Today we have a world where technology is taking giant leaps in big data. We have sophisticated tools that can derive valuable insights into buying patterns and emotional attributes of customers. Techniques that will decode all the possible aspects of the information that can be deployed into businesses to achieve more success. The era of big data is gaining serious momentum!
Statistics Big Data
According to an IBM report, business all around the world generates nearly 2.5 quintillion bytes of data. Do you know how massive it sounds? It’s a billion times billion! And believe me, almost 90 percent of these data is produced in the last three years. Today big data has taken almost every industry by a serious storm that cannot be ignored anymore!
According to Forbes, the big data adoption level which stood at 15 % in 2015 recorded a significant growth to 53 % in 2017 among various industries primarily lead by telecom and financial services. In 2018 statistics shows revenues touching $42 Billion. By 2027, the global big data market revenues for software and services are poised to grow to a whopping $103 Billion!!
Big data today is a dominant force that determines the success of organizations and enterprises across the world. On the sidelines of such huge importance of the future of big data, let’s crosscheck what exactly does the term mean and how it is going to inundate and trigger the modern day business in taking better decisions and strategic business actions.
What is Big Data?
Even though the terminology “Big Data” is relatively new, the method of collecting and storing a large amount of information dates back to decades. The term came into inception as the method of collecting data in a technology-driven world. As the business evolved with modern technology, they needed to handle a more complex level of data which traditional data processing couldn’t manage to succeed.
Over the past few years, we have been churning the three V’s of big data – Volume, Velocity, and Variety. But in the big data trends, we have seen Value and Veracity joining the terminology of big data. Besides finding the data, business today needs to discover the value and accuracy of each of them. While keeping this evolving concept in mind, let’s cross-check the big data trends that are about to happen this year.
Big Data Trends 2019
- Managing & Analysing Data – The core objective of big data analytics will remain the same – to secure and analyze data to find out interesting patterns and hidden insights within it. More machine learning models will gain spotlight in automating the data analytics. Service providers will come out with a credible and secure system to execute the automated process.
- The proliferation of Data Silos – Every organization has different units which work towards achieving different goals. Every goal needs independent facets of data for achieving the target intentions. When targeting specific goals, data needs to be parted and analyzed isolated by different groups. When this happens a large number of data silos will keep proliferating.
- Real-time analytics – As the competition is getting tough, business needs to rely on faster and real-time analytics of the data populated. Streaming analytics will gain spotlight in the big data industry. Matured data analytic teams will play a crucial role in businesses with the support of modern technology to make streaming analytics more accurate.
- GDPR, Data governance – Data is valuable. And whatever valuable has threats. The European Union has enacted the General Data Protection Regulation (GDPR) due to various financial consequences they suffered due to poor data governance. More and more data breaches will steal the headlines, forging more and more regulations to come up soon.
- Skill Set – No matter what all technological advancements mankind innovate, human resources with the right skill set will have their upper hand in big data. However, as technology evolves, the skill set needs to shift the gear along with technology. More than having expertise in coding or statistics, this scenario will demand more knowledge about business and understanding data.
- Tech evolved skill sets – As more nations will enact data governance regulations, the demand for expert data analysts will see robust growth. Those who are expert with the core tools will find more opportunities to grow. The demand for machine learning engineers will considerably surge as businesses are switching more into automated peripherals.
- Deep Learning – Business will broaden their canvas from the mere computer vision and the Natural Language Processing used to train chatbots for performing automated tasks to something bigger. Deep learning frameworks like Tensorflow, Caffe, The Microsoft Cognitive Toolkit/CNTK, PyTorch will seek new experiments to monetize data sets.
- The Rise of Kubernetes – The revolution of Kubernetes is underlying the fact that technology, architecture, and economics of big data has evidently changed. These new era apps ensures that most modern applications are deployed without catches and efficiently ran on cloud. Kubernetes has glued both multi-cloud and hybrid deployments to achieve its intentions.
Big Data Trends in Marketing
The facelift of marketing perspectives is driven by digital excellence with the spread of technology. The process gathering, and implementing data has changed. By understanding how data and analytics advancements have changed the paradigms of marketing will help businesses in rightly implementing data-driven marketing strategies to solidify the business.
- The spread of IoT Networks– The splurge of IoT has enabled marketers to bridge the digital and physical world in most personalized manners. It paved the way to create a strong customer facing component in terms of marketing, which gathered detailed insights on customer expectations and feedbacks to use data in a more effective way.
- Accessible AI – Artificial Intelligence has grown significantly. It is penetrating all the walks of life. From the Internet of Things to Machine Learning, the adoption level of AI is increased today. Small and large scale businesses are wisely investing in AI to automate the process and seamlessly improve business efficiency.
- Predictive Analysis – The ongoing disruption of big data has given rise to various kinds of predictive analytics tools to understand deeply about market demand and audience engagement. This will extract millions of information that will be handy in determining the upcoming patterns, predicting future outcomes and trends in the market.
- Dark Data – Dark data comprise of large volumes of data that primarily has less importance in the business context. However, it doesn’t mean that the significance of dark data is not crucial. In critical market repercussions, these undiscovered parcels of data can provide the much-needed impetus to thrive a brand image or value.
- The Rise of CDO – To drive the oil of the 21st century, there are new designated roles emerging around the corporate world. From here onwards, Chief Data Officers (CDO) (popularly monikered as Data Scientists) will be involved in all the key business initiatives of an organization. Since big data is poised to grow, the future of big data professionals is more optimistic than we imagine.
- Smarter Chatbots – More sophisticated chatbots will optimize various administrative operations in an organization, allowing the sales force to completely focus on revenue generation. These chatbots will ensure no business leads are missed even in any intervening nights. Leveraging chatbots to your business will deliver real-time and personalized service for clients.
- Open Source – More and more open source big data tools like Apache Hadoop, Spark, Storm, Cassandra etc will increase the capabilities of huge scale data processing with low hardware costs, highly configurable models, real-time memory data processing, and add more layers of versatility to big data operations.
Only time can reveal where these predictions will take humanity. But summing up with an important takeaway, big data is evidently going to stay here. There is no road back from a culture where we seek instant gratification in all verticals. Businesses need to adapt to the evolving changes to stay updated and informed for tapping the future business markets.