No longer just another passing trend, big data has become an influential phenomenon with its market expected to be worth $103 billion in 2023.
We live and breathe data, and our speed of data production will not slow down any time soon. According to Forbes, the average person would produce roughly 1.7 megabytes of data every second by 2021.
Looking at how important big data is to the day-to-day productivity of both people and organisations, it is important to know what the top trends are and how data analytics services can help businesses leverage these trends to be the top players.
However, before we delve into the top big data trends, let’s first understand what big data really is and how it’s helpful for companies.
What is big data?
A collection of data in a large volume is known as big data. This data keeps increasing over time. It is a data of such immense scale and complexity that none of the conventional methods for data processing can store or process it effectively. Big data is data, too, except on a massive scale. For example:
- Approximately, 500+ terabytes of data is consumed daily by the social networking giant, Facebook’s databases, which includes photos, messages, comments and videos.
- It is estimated that a single jet engine creates over 10+ terabytes of flight time data within 30 minutes. With thousands of flights every day, this data increases to several Petabytes.
Big data typically exists in three different types:
Due to the large amounts of data being created every second, it’s crucial for businesses to always follow the latest advancements and trends of big data to ensure they stay up-to-date. In the next section, we will discuss some trends that businesses should follow in 2021 to leverage big data.
Top Big Data Trends for 2021
Digital transformation will play a massive role
Digital transformation is a medium of exchange that pushes technology around the globe. With the past accomplishments and what’s predicted for the future, there’s no doubt that digital transformation will lead to the creation of huge amounts of data.
[Text Wrapping Break]That being said, to provide efficient results, digital transformation needs to work together with the Internet of Things (IoT), Computer Analytics, Artificial Intelligence and Big Data.
With IoT embedded devices predicted to increase dramatically, it’s easy to see where the big data comes from.
Machine learning and AI tools will attempt to reel in huge data from large data centres operating systems to make sense of complex relationships, and to store and project knowledge beyond the limits of human understanding.
Augmented analytics will play a role in enhancing decision-making
The sheer volume of data now available is one of the big problems that have come with the growth of big data.
By using ML and AI strategies to simplify the planning, distribution, and interpretation of data, augmented analytics addresses this problem, effectively converting larger, seemingly unusable data into smaller, accessible datasets.
Without a doubt, augmented analytics will become more popular in 2021. Mordor Intelligence has already forecast that the Augmented Analytics Industry will have a 31.2 percent Compound Annual Growth Rate (CAGR) by 2025, and Gartner data reveals that in 2021, augmented analytics will become a leading driver in Business Intelligence (BI).
Big data to help climate change research
Climate change has regularly been ranked among the biggest challenges in the world, with the United Nations ranking it as the world’s number one threat in 2020.
Owing to the close connection between activities that affect climate change and the economic gains resulting by these actions, climate change appears to be a major problem.
Although some steps have been made in the past, a stronger emphasis on the use of data to tackle climate change is expected to happen in 2021.
Big data analytics can be used to gather real-time data to both understand the climate change response and the climate policy debates, making it easier to tackle climate change further.
Investors and customers often have relatively little knowledge about the goods they use which makes it impossible for a climate-conscious customer to consider how the industrial processes related to such products lead to climate change. With the help of relevant insights about the environmental impact caused by the products used, customers can make decisions that are based on data and choose to consume products that intersect with their values.
Building a synced future between blockchain & big data
Due to the latest advancements made in the technology used for bitcoin, cryptocurrencies have come on the forefront once again as some of the largest brands in the world are creating partnerships with big data for global exposure.
The partnership between big data and blockchain will ensure better security created by a network architecture that is difficult to change or hack into. Moreover, this partnership will also create better data structures that make it possible to analyse and derive insights from the data.
Basically, the partnership between blockchain and big data makes it easier to read and protect the data, ensuring that a lot of current data security challenges will be rendered obsolete.
Usher businesses to new areas of growth
For some time now, analytics in the form of business intelligence tools have been benefiting organisations. Although the figures have been spectacular so far, new and old clients should be able to reach new heights with the new generation of this technology.
The new trend that has emerged incorporates ads, supply chain management, support and social media management, among others, into all vital areas of business operations.
The vast amount of data involved may be from variations of landing page activity, consumer purchases, geographical sources, different store branch video streams, outcomes of customer surveys, and the like. These new analytical tools should be able to create observations and insights in real-time that may not have been possible in the past.
Though Netflix takes the lead among the early champions of the implementation of big data analytics, the future will broaden the list of those who make the most of this technology in terms of maximising gains.
With new analytical methodologies, retailers are now conscious of improved margins of up to 60%. Along with location-aware and located-based services, the inclusion of the above features should see the figures shoot up even further.
We foresee more advances in big data analytics space compared to where we are at present. In both the private and public sectors, a great deal of data usage can be controlled and tracked.
Big data will continue to evolve on the basis of business forecasts. This will change the way company intelligence is looked at by corporations and organisations. Companies should be keen to improve their products and services to match the market demand by leveraging data analytics. The larger goal is to help businesses thrive while improving their data centricity.
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