Big data market is expanding immensely and new big data technologies are coming up rapidly. According to Wikibon, “Worldwide Big Data market revenues for software and services are projected to increase from $42B in 2018 to $103B in 2027, attaining a Compound Annual Growth Rate (CAGR) of 10.48%”. Analyzing colossal quantities of data, one can extract meaningful insights and use them effectively to improve products, services, and customer experience. “Information is the oil of the 21st century, and analytics is the combustion engine” said Peter Sondergaard, Senior Vice President, Gartner.Experts believe artificial intelligence, predictive analytics, IoT and cloud computing to have a tremendous significance on big data projects in the future.The following trends are evidently shaping up the technology-centric society so keep an eye on them to stay on track.
- Maneuvering to cloud
In the contemporary world, as the volume of data is increasing day by day, cloud-based data centers have turned out to be extremely vital. Businesses are transforming to cloud management from traditional practices by realizing the benefits yielded and awe-inspiring revenues generated. Enterprise development can be hiked by almost 5 times by adopting the relevant cloud valuing model. ‘ It is anticipated that by 2020 the public cloud solution will sense huge 44% growth and cloud computing technology will cross the mark of $270 billion.’ (source: www.updatedreviews.in)
- Associating IoT Data in Big Data
Advancement in the use of smartphones, tablets and laptops, smart devices and automation, the modern generation is figuring out new ways to analyze data through the interconnectivity of devices. IoT has been the greatest discovery in the time of innovation and soon will turn into the crux of data analysis. Utilizing IoT would directly increase security, dependability and stronger connectivity leaving a beneficial effect for big data development.
- Machine Learning
Machine Learning is trending at a tremendous speed as machines have become an essential part of our lives now and have immense learning potential. Digitization can be accomplished by training different ML models, applying modified algorithms and modernized hardware to make better, precise and informed decisions. Businesses that can cater accurate information out of complicated chunks of structured and unstructured data without any misinterpretation mark greater profits.
- Data guarantee and privacy
Along with advancement in technology, machines will soon have the capability to understand human psychology precisely and be able to accumulate data that are incorporated into cognitive technologies. Endorsing Artificial Intelligence would mean delving into the security space and delivering an incredible cyber security shield committing to keep sensitive information confidential from hackers and other malignant systems without any human management/intervention.
- Enhancement in analytics and cognitive technologies
Just like human perceptual abilities, systems will now have the potential of understanding each captured and stored data with a comprehensive methodology. Big data experts are vigorously trying to implement cognitive technology in the solution so that strategizing and analyzing processes become easier. Optimizing the data with predictive and descriptive analysis will aid to strengthen decision and analysis qualities, and increase the proficiency of the solution.