The amount of data that created nowadays is incredible. The amount and importance of data is ever growing, and with that the need for analyzing and identifying patterns and trends in data becomes critical for businesses. Therefore, the need for big data analytics is higher than ever. That raises questions about the future of big data. ‘In which direction will the big data industry evolve?’ 'What are the dominant trends for big data in the future?' While there are several predictions doing the rounds, these are the top 10 big data predictions that will most likely dominate the (near) future of the big data industry:
1. An increased demand for data scientists
It is clear that with the growth of data, the demand for people capable of managing big data is also growing. Demand for data scientists, analysts and data management experts is on the rise. The gap between the demand and availability of people who are skilled in analyzing big data trends is big and keeps getting bigger. It is up to you to decide if you wish to hire offshore data scientists/data managersor hire an in-house team for your business.
2. Businesses will prefer algorithms over software
Businesses prefer purchasing existing algorithms over creating their own. It gives them more customization options compared to a situation where they buy software. Software cannot be modified as per user requirements, rather businesses have to adjust as per the software.
3. Businesses increase investments in big data
IDC analysts predict that the investment in big data and analytics will reach $187 billion in 2019. Even though the big data investment from one industry to the other will vary, spending as a whole will increase. It is predicted that the manufacturing industry will experience the highest investment in big data, followed by healthcare and the financial industry.
4. Data security and privacy will be a growing concern
Data security and privacy have been the biggest challenges in the big data and internet of things (IoT) industries. Since the volume of data started increasing exponentially, the privacy and security of data have become more complex and the need to maintain high-security standards is becoming extremely important. If there is something that will impede the growth of big data, it is data security and privacyconcerns.
5. Machine learning will be of more importance for big data
Machine learning will be of paramount importance regarding big data. One of the most important reasons why machine learning will be important for big data is that it can be of huge help in predictive analysis and addressing future challenges.
6. The rise of predictive analytics
Simply put, predictive analytics can predict the future more reliably with the help of big data analytics. It is a highly sophisticated and effective way to gather market and customer information to determine the next actions of both consumer and businesses. Analytics provide depth in the understanding of futuristic behaviour.
7. Chief Data Officers will have a more important role
As big data becomes important, the role of Chief Data Officers will increase. Chief Data Officers will be able to direct functional departments with the power of deeply analysed data and in-depth studies of trends.
8. Artificial Intelligence will become more accessible
Without going in detail about how Artificial Intelligence becomes significantly important for every industry, it is safe to say that big data is a major enabler of AI. Processing large amounts of data to derive trends for AI and machine learning is possible. With cloud-based data storage infrastructure, parallel processing of big data is possible. Big data will make AI more productive and more efficient.
9. A surge in IoT networks
Smart devices are dominating our lives like never before. There will be an increase in the use of IoT by businesses and that will only increase the amount of data that is being generated. In fact, the focus will be on introducing new devices that are capable of collecting and processing data as quickly as possible.
10. Chatbots will get smarter
Needless to say, chatbots come across a large part of daily online interaction. But chatbots are turning more and more intelligent and capable of personalized interactions. With the rise of AI, big data will enable tons of data to be processed and conversations can be analysed to draw a more streamlined strategy that is more customer-focused for chatbots to be smarter.
Is your business ready for the future of big data analytics? Keep the above predictions in mind when preparing your business for emerging technologies and think about how big data can play a role.