Big Data
is a buzz word we all are familiar with now. But behind
the buzz, there have been rapid developments which has changed business models
and brought big data to the strategic foreground. 2016 has been a pretty
eventful year for BigData and the future indicates promising. Let’s take a look at the top
trends that will follow in the upcoming year:
1) CUSTOMER DIGITAL ASSISTANTS
One
of the surprising trends we saw this year was the growing interests in Digital
Assistants. The logic had been simple: If we could gather and process data to
generate meaningful results, why do we need humans to convey them to
customers? The most devoted users are
perhaps the gamers, who have fully accepted this technology in the likes of XBox One and Sony PS4. With advanced
NLP and audio-recognition, mobile digital assistants like Cortana, Siri and Google Now are almost the must-haves today, and
all signs indicate that digital assistants will play an even more
important role in the upcoming year.
2) SIMPLER DATA ANALYSIS
Like
many past years, data saw an unprecedented growth in volume and veracity. With
this rate, the current data analysis techniques would soon be obsolete.
However, the upcoming trend in 2017 might focus on simplifying the data
analysis process, to an extent where even non-coders could easily analyze huge
datasets. Giants like Microsoft and
Salesforce are working upon it, while complementary tools to SQL like Spark will continue to make
storage and access of data easier.
3) MACHINE LEARNING IS THE FUTURE
Not
far ago, machine learning was considered purely a research field. For the
benefit of all, this perception soon changed and today, machine learning has
dedicated departments in numerous companies. For business purposes, the idea of
machine learning is to serve as an extension to predictive analytics, thereby
minimizing the work and maximizing the profits. This trend will continue to be
one of the top business strategies in the future.
4) DATA-AS-A-SERVICE
Although
it took a long, long time; but today, companies realize the importance of their
data. This, in turn, is giving rise to an entire new business model of data-as-a-service (DaaS). With IBm's
acquisition of The Weather Channel,
more tech giants might realize that their data can, in fact, be converted into
a profitable service.
5) THE TRANSITION OF BIG DATA to “ACTIONABLE
DATA”
Big
data will continue to face its existing challenges- the most prominent being
the required manpower to handle the ever-increasing volume. Privacy
concerns will also continue to haunt the general perception regarding the
increased use of Big Data.
Amidst all that is the new question: Why to worry about big data when most
companies only use a fraction of it anyway? The answer to this question is
giving rise to a new trend of
"actionable data", data that is relevant to the business. It is
entirely possible that big data may be replaced by actionable data in upcoming
years.
6) INTERNET-OF-THINGS
One of the most
revolutionary digital concepts of this century, IoT
still fascinates
masses, even if its application continues to face hurdles. But the rise and
success of IoT
is inevitable. With the rapid rate with which devices are becoming integral
parts of our lives, IoT
can provide us with unmeasured potential. While the initial cost of converting
every device as a node in a vast, digital world is pretty high, it is estimated that IoT will grow by 30%
in next 5 years, creating an economic value of $4-11 trillion by 2025.
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