The amount of data we produce every day is truly astounding. There are 2.5 quintillion bytes of data created each day at current rates and that pace is only accelerating with the rapid advancement of technology. The future of big data is illuminated with promising trends set to take over businesses and, in turn, our lives this 2019.
We are fast approaching a new era of the Data Age – if we aren’t in it already. From autonomous cars to humanoid robots and from intelligent personal assistants to smart home devices, the world around us is undergoing fundamental changes – transforming the way we live, work, and play. Big data is the lifeblood of our rapidly growing digital existence. Without analytics, data is of no use.
What the next decade will bring using the power of data is virtually limitless. Big data has taken the world by storm and there are no signs of slowing down. You’re probably thinking, “Where will big data go from here?”
Read on to find out what the future of big data may look like come 2019.
Internet of Things (IoT) – the next big thing
In what might be the most obvious prediction of the decade, IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction is where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research, for example, has predicted that IoT will become “the backbone” of customer value as it continues to grow.
It is no surprise that retail companies are at the forefront of this – hoping to harness the power of IoT to connect with customers, grow their brands, and improve consumer journeys in deeply personal ways. However, keep in mind that industries like healthcare and supply are not far behind.
Internet of Things (IoT) will be the trend that will generate more than $300 billion annually by 2020. According to the latest industry trends and research reports, the global IoT market will grow at a rate of 28.5%.
The future of big data sees CDOs in Demand
You might be familiar with corporate designations like Chief Executive Officers (CEO), Chief Marketing Officers (CMO), and Chief Information Officers (CIO) but have you ever heard of Chief Data Officers (CDO)? If you’re actively involved in data analytics like we are, you probably have. But if you’re new to this space, this is something you’ll hear a lot more about. CDOs are still a relatively new designation to many companies – in fact, many are only just incorporating this role.
According to Forrester, we will see the emergence of CDOs as a new and urgent position that needs to be filled. Although the appointment of a CDO solely depends on the type of business and its data needs, the wider adoption of big data technologies across industries will make hiring one the norm very soon.
According to the International Data Corporation, 90% of unstructured data is never analysed. Such data is known as dark data. Dark data is a subset of big data, which constitutes the biggest portion of the total volume of big data collected by organisations in a year. Dark data is not usually analysed or processed because of various reasons by companies but that does not lessen its importance in the context of business value.
With the industry finally realising the importance of dark data, we have seen massive strides in trying to collate and decipher the unstructured data available. Instead of leaving that untapped potential just sitting there, unlocking and allowing AI systems to learn from this data could help organisations reveal new insights and knowledge that might yield a greater competitive advantage.
Big data keeps growing by the minute. The exponential growth in the number of connected devices fuels the demand for faster handling of large volumes of structured and unstructured data from these devices. The future of big data and analytics are supported by complex data analytics software providers that allow organisations across industries to instantly mine these data stores for machine learning and other real-time applications.
For more information on the ever-changing landscape of data analytics and how it will change the very fabric of our everyday operations, visit Selerity.