Major organizations all over the world are heavily investing in Big Data now, and it is being touted as the “definitive source of competitive advantage” across industries. The concept of big data has been around for years; most organizations now understand that if they capture all the data that streams into their businesses, they can apply analytics and get significant value from the data. Big data is recognized as one of the most important areas of future technology and is fast gaining the attention of many industries, since it can provide high value to companies.
It all starts with the explosion in the amount of data we have generated since the dawn of the digital age. This is largely due to the rise of computers, the Internet and technology capable of capturing data from the world we live in. By 2025, the volume of all data created will top 163ZB (zettabytes). Enterprises will experience a 50-fold increase in data they must manage. Now that data and analytics are vital to business and deeply entrenched, the question is whether the technology will grow and mature in 2019, be replaced by something else, or continue to reshape businesses in new and interesting ways.
Over the years, big data analytics trends are changing, from a departmental approach to business-driven data approach, embracing agile technologies and an increased focus on advanced analytics. Reporting, dashboards, advanced visualization end-user “self-service” and data warehousing are the top five technologies and initiatives strategic to business intelligence.
Edge Computing- The concept of edge computing among other big data trends did not just evolve yesterday. Network performance streaming makes use of edge computing pretty regularly even today. To save data on the local server close to the data source, we depend on the network bandwidth.
Predictive Analytics- To effectively predict what will occur in future and consumer behavior, predictive analytics plays the main role in analyzing information. This enables organizations to generate new user responses /purchases and even promote cross-sell opportunities. It helps in determining the action plans they can take to know customer’s next action before they do.
Fast Growing IoT Networks- Internet of Things (IoT) will be the trend, which will generate more than $300 billion annually by 2020. According to the latest industry trends and research reports, the global IoT market will grow at a CAGR of 28.5%. Business houses will rely on more data points to collect information for more detailed business insights.
Final Thoughts- Organizations currently have to deal with the massive changes in the way they function, deal with their cients and conducting their business model, since they are overrun by a data-driven revolution in management. This revolution is due to the wide availability of big data and the fast evolution of big data technologies.