Even though there is an overwhelming amount of information created every day that is valuable for the growth of the businesses, it can be a challenging task to extract actionable insights from all the data. To cope up with such situation, huge enterprises and small companies rely on big data to stay ahead in the competition with business-driven data approach. 2018, the significant year of data is coming to an end. Research says Big Data Market will be worth $46.34 billion by the end of 2018. So, what does the coming year hold for Big Data Analytics?
As new advancement and technologies are being used by Big Data Services Companies, better analytics will be on high demand. Let’s explore the top trends that are most likely to impact the market of big data!
IoT and Digital Twins
One of the fast-growing trends is IoT, which will create more than $300 billion by 2020. Not just smartphones, smart devices like Google Home and Alexa are also used to automate specific tasks at home, controlling home appliances. Similarly, businesses have started to rely on IoT networks & collect information from many data points for better insights.
Rise of Dark Data
Any business data that are not used for analysis or decision making is termed as dark data, which means there is a vast amount of data that is untouched. As analytics is becoming the main aspect of the organization, these analog databases can be transformed into digital form & migrated to cloud for analysis. This will avoid any opportunity lost and any potential security risk from the unexplored data.
To effectively predict what will occur in future and consumer behavior, predictive analytics plays the main role in analyzing information. This enables organizations to generate new user responses /purchases and even promote cross-sell opportunities. It helps in determining the action plans they can take to know customer’s next action before they do.
Open Source Solutions
In 2019, there will be more free software and data tools available easily on the cloud, which will help in making advance improvements to speed up data processing. Another good thing is that open source software is relatively cheaper than licensed ones, helping businesses reduce operational costs. This latest data trend will help startups and small organizations to gain immense benefits.
Analyzing & interpreting a huge amount of data can be a challenging and time-taking task if we use only the current technology. Quantum computing is the solution that will reduce processing time & help companies to make timely decisions for more desired results. Big brands like IBM, Google, etc. are in competition to build the first quantum computer that will enable seamless data encryption, complex problem solving, real conversations & much more.
Though it is hard to predict how fast these big data trends will manifest themselves in our lives, we believe that Big Data will play a huge role in 2019 to extract valuable insights from businesses & attain desirable growth. Advancements of Big Data technologies and trends will help in building a better data-driven world through smarter decisions. However, Big Data Consulting Firms need to fully understand how these trends are used to get benefits from them. Let’s get ready for the era of big data in 2019 and make your business flourish with the new trends.