Industries and businesses are warming up to Big Data as this technology heaps on more milestones. Thanks to Big Data's real-time insights, businesses, and even governments are realizing a major portion of benefits this technology has to offer. As data continues to grow in succession, the focus will shift towards harnessing them for the greater good. From search results on Google to every minute spent by shoppers on e-commerce sites produce invaluable data that is collected and analyzed at regular intervals by analytics frameworks like Hadoop and Spark.
Swapping regular wearables with smart ones such as glasses, watches, and even fashionable clothes have allowed technology to harvest up-to-the-minute behavioral data to provide users an elevated level of convenience. But if this technology is as good as it sounds what are the growth and challenges of Big Data industry? Read further to know the answers.
The potential of this technology is only partially imbibed due to people's half-baked knowledge of its capabilities. This write up on Big Data in 2020 is all about information gathered from the latest research to ripen your knowledge on the future of Big Data. Without further ado, let's dive into the market predictions on Big Data for 2020 -
Rapidly accumulating data volume will reach another new milestone in the future. An independent report predicts that size of Big Data will grow to a mind-boggling 44 trillion gigabytes or 44 Zettabytes. The proliferation of smart wearables will fuel the growth even further by turning behavioral data into meaningful information that streamlines the quality of interaction at touch points.
End-to-end data warehousing process will be automated to allow decision makers to see over the horizon. Tools like Spark and Hadoop will process and store large data sets. Automating processes behind these frameworks will become a core part of Big Data in 2020. Expect to see the emergence of more automated tools in future.
Prescriptive analytics focuses on what the future holds and prescribes the course of action possible against risks, and outcome of decisions taken based on past predictions. An integral part of prescriptive analytics will include simulation, optimization, decision analysis, and game theory. By 2020, a major portion of market predictions on Big Data will come from Prescriptive analytics.
In Big Data industry there is a strong need to capture and utilize data in real-time before it becomes obsolete. The high rate of data flow will result in fast accumulation (which is good) but managing gargantuan data can pose a significant challenge that would be nearly impossible to overcome through manual approach. Streaming data allows set of transformations to occur in business rules. The result is a system that can honor service level agreements (SLA) along with the ability to handle the huge volume of data.
Machine learning isn't new. However, it impacts the decision-making process because this technology in conjunction with data analytics can create predictive models to forecast the future more accurately than humans. It helps decision makers to think of an action plan before the problem arises. Most conventional tools allow organizations to set aside expenses and plan the path towards a goal. However, when powered by AI, runaway cost can be contained. Even a small portion of savings from machine learning can translate to millions of dollars annually. Machine learning can derive values from dissimilar data independent of human intervention.
According to Big Data statistics and predictions, when General Data Protection Regulation (GDPR) comes into effect in April 2018, businesses will be forced to discard data that do not comply with the new regulation. In the initial quarter, expect to see some organizations flouting the rules, out of which 50% violations will involve user's personal information.
In a not so distant future, the role of CDO will become prominent due to the increase in demand for dedicated data management. The CDO's role will become indispensable for taking leadership of strategy development along with decisions on client's digital assets and its ethical use. An independent report says, by 2019, 90% of enterprises will have dedicated Chief Data Officer. Under the leadership of CDO, the base strategy of organizations will be data-first policy.
Predictions about future of Big Data are incomplete without Automation. Automation is evident in all ranks of the industry from personal assistants and driverless cars, to robotic automation. In 2020, automation is expected to relieve humans from performing hazardous tasks. Automation can cut the running costs and are easy to implement. Thus, making them a coveted part of Big Data landscape.
Accelerated growth of Big Data and high dependency on analytics will pave way for more new roles to be filled by not just analysts and scientists, but also data management experts and architects. As the scope of industry broadens it will make room for more talented professionals who can carry this technology and its real-time application to the furthest. More companies will invest in retraining their staff so that they become future-ready. Creation of new jobs and meeting fresh talent are among the top predictions about future of Big Data.
Large organizations with multiple departments may face great difficulty when it comes to data sharing. For example, department A may hold monetizable data required by department B. But due to the gap in communication, all efforts to derive better value may go in vain. The pressing need to access data streams in real-time can be solved by using Data-as-a-Service (DaaS).
In the past, businesses spent time, money, and resources to develop algorithms from the ground up so that they fulfill every intended purpose. But that's not the same as we step into the future. Sourcing algorithms seem to have greater benefits than developing them in-house. Apparently, the algorithm market is flourishing at an astounding pace as more organizations are becoming aware of how to save big by purchasing algorithms.
Cognitive technologies are becoming omnipresent across every industry segment. From automotive to banking and insurance industries, cognitive technologies are finding an increased number of applications. The big 5 technologies (Big Data analytics, process automation, AI, machine learning, and language processing) are growth catalysts of Big Data industry. 85% of the procurement experts believe that this technology will change the face of the industry in the next few years. Availability of data streams and analytics will further revolutionize the inner workings of business making them smarter and user-friendly.
Big Data today is not just a simple extension of the past. All commercial enterprises have one thing in focus - Data. Moving ahead, more companies will base their operations on data mining and personalization of experience based on historical transactions and other past information to lower the churn rate and maximize business conversion. Enterprises have ramped up the groundwork towards this vision and are going an extra mile in search of the right data. According to a research, by 2020, businesses are expected to make gains of $430 billion by taking a data-driven approach.
Our predictions about the future of Big Data serve as a reference to understand what the future holds in store for businesses. We are optimistic that most of the predictions will become mainstay due to swift developments in the field of Big Data.
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