Dominant Trends in the Global Big Data Market
Big data technology deals with a large volume of data with computing tools to find patterns, insights and help in taking concise actions. The concept of big data has been around for years. However, it has recently gained popularity in large and small businesses in decision-making and the smooth functioning of varied business operations. Inkwood research estimates that the big data market will grow at a CAGR of 18.68% from 2019 to 2027.
Organizations of all sectors worldwide are concerned with the management and understanding data retention, dark data, integration for proper analytics, and others. Also, with a surge in internet penetration, the use of mobile devices & apps has increased, along with a switch from analog to digital technologies, thus, propelling the adoption of big data.
Major Big Data Trends helping Organizations meet Data Challenges:
1. Augmented Analytics
Today human specialists have to study the whole data manually, find a pattern, and then draw conclusions based on their experience. However, with the development of augmented analytics, there would be less human participation as we would be able to create systems that can make predictions and provide insights. The technology will also result in low expenses, and the benefits can be enjoyed even by the small business that cannot access the services due to high costs.
2. Collection of the Dark Data
It includes information gathered by sensors and telematics, which are generally not useful. In some cases, the organization might not be aware that this data is collected. Useful data can become dark if not processed immediately, leading to an increase in energy costs. Advanced computer systems possess a higher chance of harnessing dark data. However, with the right processing tools and the timing, this data can be proved important. Therefore, no data should be left unexplored.
3. Increasing Growth of IOTs
The growing adoption of IOTs is helping the manufacturers in integrating several devices and machines to increase their efficiency by analyzing the results. The application of IOT has also eased storing data, patient monitoring in the healthcare industry and help reap better ROI, reshape the E-health system, aid the manufacturing companies, and raise self-service analysis.
4. Advanced Machine Learning
Machine learning focuses on allowing computers to learn new things and without being explicitly programmed. It analyses large data and concludes based on its learning. The computer understands, learns, predicts, adapts, and potentially operates automatically. The implementation of machine learning technology will help in managing big data efficiently by reducing the chances of any error. It will further speed up the operational process as the machine, with its ability to learn, can create algorithms for better understanding.
5. Edge Computing
The growing popularity of connected devices and IOTs has led to the development in edge computing. It saves time and costs of storing the data in the cloud and analyzing it before taking any actions. It reduces the flow of data in and out of the network, also reducing the cost. Furthermore, it deletes unnecessary data and saves infrastructural and storage costs.
6. Smarter Chatbots
Chatbots help gathers relevant information and creates algorithms. People today are more comfortable conversing over a chat. It identifies the client’s problems and records them as real-time data. It helps the organizations to know the issues faced by the customers and direct their actions accordingly.
7. Cloud Computing
Cloud technologies hold the highest demand in the data market. According to CISCO, in its study of the global cloud index stated that by the end of 2018, More than 78% of the workloads across the world are processed by the cloud data centers and the remaining 22% by traditional centers. With cloud computing, big data services are available at low costs without any compromises in the quality of services. Therefore, both public and private institutions are readily investing in cloud technology.
The global big data market is dynamic, and its future is anticipated to leap more technologically and digitally. With the growing need for data and providing customized services, the BD market will witness remarkable developments in the coming future.