The concept of Big Data trends have been around for a while; however, it’s potential is still widely untapped. Big data can be used to describe volumes of data that are large and can be tough to manage. These volumes of data can be structured, semi-structured, or unstructured but are used to dictate the workings of business on a day-to-day level.
How organizations and companies use the information from big data is what matters. Owing to the ever-growing nature of this field, Big Data management, and its uses are bound to be a big thing in the coming years.
Understanding Big Data
Information that is large, rapidly growing, and complex to process using traditional methods would come under big data and its assessment to arrive at decisions and actionable insights are big data analytics.
The storage and assessment of huge volumes of information is not a new concept and has been around for a while. Yet, the technology seemed to gain momentum in the early 2000s. The concept became more defined and people began to understand the nuanced characteristics and the varied functional factors that drove the industry to shape it into what it is today.
5 Key Trends that are Shaping the World of Big Data
In recent times, the use of Big Data analytics services have expanded to several business sectors. Organizations have gradually begun to recognize the benefits that this sector can provide in terms of better decisions in the short and long term, enhancement of productivity in the business, and better customer service interaction. The adoption and inclusion of big data is constantly changing with the advent of newer technologies and approaches. Here are 5 important big data trends in recent times.
1. ‘Variety’ in Big Data – Gartner defines big data as the three Vs namely:
- High-volume,
- High-velocity, and,
- High variety information assets.
While all three Vs are growing exponentially, variety is becoming the single biggest driver of Big-data investments. This Big Data trend will continue to grow as firms seek to integrate more sources and focus on the wider platforms of big data. From schema-free JSON to nested types in other databases (relational and NoSQL), to non-flat data (Avro, Parquet, XML), data formats are multiplying and connectors are becoming crucial.
2. Predictive Analysis – As the name suggests, predictive analysis implies the mining and analysis of past and current data and information. This analysis can lead to knowledge that can eventually be leveraged to predict future events and trends to make business operations more intelligent.
Predictive analysis takes big data analytics a step forward by not only providing insights into the operations but also by suggesting a proper course of action based on the information. For example, retail industries are now using these analyses for personal recommendations to the customers by analyzing their browsing and buying patterns.
Companies investing in these services have noticed better opportunities for growth and a reduction in the cost of services. Another prime use of this Big Data Trend could be in marketing campaigns and finance industries wherein algorithms can be used to improve the overall flow of capital.
3. Blockchains for Data Security – With the plethora of important data and confidential information, it would be prudent to think about how to maintain optimal security. Blockchains are popularly used for online digital transactions with almost negligible effort. Without the need for any third-party systems, these transactions take place globally without much threat to security. How it works is that it permits the user to store data that is well encrypted on a secure and decentralized network platform.
One of the biggest users and Big Data businesses that leverage secure blockchains is the e-commerce sector. Other areas such as security and healthcare have also started to incorporate blockchains as a safety net for their data. The growth of the Internet-of-Things (IoT) has led to an increase in the volume of data. A security breach would then have devastating consequences. The use of blockchains provides a good and tamper-free solution along with anonymous identities for data sharing.
4. Artificial Intelligence – The fascination with AI and its related network has become huge in big data trends. As per a report – The big data analytics market is set to reach $103 billion by 2023. The benefits that this incorporation would lead to are vast. Here are a few ways in which artificial intelligence can help this ecosystem:
- Automated, and therefore, better decision making
- Accuracy in the analysis of data
- Efficient organization of large sets of data
- Faster decoding of patterns leading to helpful insights
Several areas have already begun to use different features of AI in their daily functioning. Finance, healthcare, marketing, sports, etc are some sectors that have welcomed the use of AI with open arms. The growth that they have witnessed in terms of their increased efficiency and profitability along with reduced costs have inspired other industries such as the automobile industry to launch them too. Self-driving cars are one of the biggest use cases of AI.
5. Internet-of-Things – Given the rapid expansion of the devices that are connected to the internet, analytics in a Big Data world would virtually be unstoppable. IoT can be understood as the network of certain physical objects or things that are linked to the internet. These objects/things have a wide range – from clothes to home appliances to car accessories/equipment, etc.
This boom in IoT will lead to an even bigger expansion in the volume of data. Analyzing and interpreting this data would then require streaming analytics. This would mean the monitoring and deciphering of the data in real-time.
A major advantage of this feature would be that users would recognize and be able to take action against any malfunction or issue before it becomes critical. IoT and streaming analytics are said to be big boosters of Big Data trends and are predicted to offer massive opportunities for growth.
6. Cloud migration – Looking at the advanced technological aspects and growth, it is natural that the data analytics industry trends are also set to grow by leaps and bounds. Business intelligence software programs need to be adopted – this would mean the shift to a virtual cloud system. Factors like higher scalability, growing popularity, need for improved agility, etc are already facilitating this shift.
The cloud offers a faster and better way to solve issues that can save precious time and resources. For giants in the industrial sector, this benefit cannot be underrated. It also creates a platform for a more collaborative environment that can be used by mobile workers. This is owing to the increased accessibility that a cloud-based system offers.
7. Leveraging Dark Data – A lot of information is collected as part of the regular processes in business activities. However, a major chunk of it is neglected in favor of those critical data points that are prioritized. This ocean of neglected data is a goldmine of historical data, product cycles, etc. that must be leveraged for future business planning.
Flexibility and the adoption of Big Data trends are crucial for the growth of any business. These trends will prove to be the landscape for change in the big data sector and are only projected to grow further. To have a competitive edge over their peers, the faster the businesses adopt these technologies, the better.
To take full advantage and maximize value from the humongous data being gathered each day, learn about Techwave’s Big Data Offering or get in touch with us.