The amount of data that we’re creating is unbelievable. With the growth of data, the need for analyzing and identifying patterns and trends in data becomes critical. Therefore, the need for big data analytics is more than ever. That brings us to the question ‘Where is the big data industry headed?’ While there are several predictions doing the rounds, I have the topmost 10 big data predictions that will dominate the future of the big data industry.
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1. Increased demand for data scientists
It is clear that as data is growing, the demand for 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 widening. It is for you to decide if you wish to hire offshore data scientists/data managers or hire an in-house team.
2. Businesses will prefer algorithms instead of software
Businesses prefer purchasing algorithms instead of creating their own. It gives them more customization options compared to a situation when they buy software. Software cannot be modified as per user requirements rather businesses have to adjust as per the software.
3. Businesses will invest more 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 but the spending will increase as a whole. It is predicted that the manufacturing industry will experience the maximum investment in big data, which will be followed by healthcare and financial industry.
Security and data privacy has been the biggest challenges in the Big Data and Internet of Things (IoT) industries. Since the volume of data in increasing exponentially, the privacy and security of data is becoming 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 security and data privacy concerns.
5. Machine Learning will become important for big data
Machine learning will be of paramount importance when we talk about big data. One of the most important reasons why machine learning will be important for big data is since it can help in predictive analysis and help to address future challenges.
6. Rise of predictive analytics
Simply put, predictive analytics will help to predict the future with the help of big data analytics. It is a highly sophisticated and effective way to gather market and customer information to determine the customer’s next action. Analytics provide a depth in the understanding of futuristic behavior.
7. Chief Data Officers will have a bigger role
As big data becomes important, the role of Chief Data Officers will become more important. They will be able to direct the functional departments with the power of deeply analysed data and in-depth study of trends.
8. Artificial Intelligence will become more accessible
I will not get into elucidating how Artificial Intelligence is become significantly important for every industry. Big Data is a major enabler of AI. Processing of 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 quick.
9. Surge in IoT networks
Smart devices are dominating our lives like never before. There will be an increase in the number of enterprises using IoT and that will give a rise in 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 quickly.
10. Chatbots will get smarter
You come across chat bots every day. But did you know that chat bots are turning more intelligent and capable of personalized interactions. With 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.
Do you think you have a business that is ready for big data analytics? Are you preparing your business for emerging technologies and wish to discuss how big data can play a role?
By: Katie Johns