Major advisory firms across the world predict that the global market for big data will grow from $ 1.7 billion in 2016 to a staggering figure of $9.4 billion by the year 2020. This type of exponential growth will result in considerable changes in the big data market. The major changes in the industry will be pertaining to skill requirements, enterprise challenges, and due to changes in vendor landscape.
Companies need to understand the rate at which the industry processes are changing, and why its needed to stay updated with the new trends. It is important that companies tweak their processes as per the latest trends in big data and future big data predictions, to be able to provide their customers with a great experience. 2018, and the coming years promise to be busy for the big data industry. In this article, we have listed some of the latest big data trends for 2018 and beyond.
The big data analytics industry is well on its course to be the next trillion-dollar market in the coming years. The International Data Corporation (IDC) has predicted that the big data analytics market is growing at rate of 23% annually and will reach a staggering $48.6 billion by the end of 2019. With newer disciplines, such as cognitive computing and data science, big data analytics domain is expanding with each passing day. The amount of revenue companies generate by monetizing the data they have; soon big data industry will be part of the elite trillion-dollar club.
In the future, big data analytics will be embedded almost everywhere. Computing will soon become micro-services based where each and everything will be connected using an API. By 2020, more than half of the business analytics software will consist of prescriptive analysis built with the help of cognitive computing functionality.
The proliferation of different kinds of devices has resulted in a large amount of data available with us. Businesses no longer face the problem of inadequate data, but want to know how to deal with humongous data. This large amount of data comes from different devices and sources which need to be carefully analyzed to make the best use of the available data. Here we have listed some of the latest big data predictions for 2018 which will dominate in the coming years -
It is predicted that large amount of data will be stored locally in the coming years. The main driving factor to this is the increase in various privacy laws. Countries like Russia and China have already passed their own data localization laws and most of the other countries are expected to follow the suit.
Businesses will have many opportunities to monetize the data available to them but this will be difficult to implement. It is predicted that businesses will struggle to create any kind of meaningful products. Companies need to follow a strict IT strategy which includes relevant data acquisition, transformation, storage, analytics, security, access control, etc.
With excess amount of data available today, marketers can track the entire journey of a client and analyze their specific requirements. The 'data lakes' are not only going to get bigger but also smarter. Marketers need to carefully analyze these large amounts of data and convert them into meaningful business decisions.
New innovations in the cloud platforms domain such as Amazon Athena is helping companies easily convert large amounts of data into meaningful and actionable analytics without having to invest in new infrastructure and analytics tools. More and more companies are now shifting towards faster databases such as MemSQL, Kudu, Exasol, etc., and this trend is here to stay
The IoT market is expected to reach a staggering $1.46 trillion by the year 2020. This growth will increase the demand for skilled IoT specialists. The growth in the IoT market will see a corresponding increase in IoT operational design and edge computing in 2018. The value of software architects who can design both, central and distributed analytics for IoT will be high.
Event processing and analyzing data on the move has been around for a long time now. Real-time streaming is slowly being converted from being a niche technology to one which is broadly appealing. IoT will continue to increase interest in streaming applications which will be capable of sensing, analyzing and responding in real-time.
Machine Learning will be of great help for companies as it will be used to detect any kind of inconsistencies in client behavior and predict if they will be any major problem in the future. Companies will look to combine machine learning with micro-services which will, in turn, help new services take advantage of the large amounts of historical data and understand the newer streaming data.
Outsource2india has been providing effective big data analytics services and a range of other data analytics services to clients around the world. We take big data analytics to a whole new level by offering services across industries including travel, finance and banking, telecom, retail, insurance, manufacturing, healthcare, etc. We adopt a variety of efficient techniques and unique methods to extract most useful information from the humongous amount of data. Our team of big data analysts has access to some of the best infrastructure and can handle any volume of data and churning out results within a quick turnaround time. Our cost-effective services have benefited our clients immensely over the years and they have trusted our services by coming back to us on several occasions.
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