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March 29, 2024

The future of big data and five major trends predicted by experts

The global data is growing exponentially for a decade through the internet, social networks, text messages, web search requests, and media files. More data is created by IoT devices and big data market growth has reached 49 billion dollars in size. There is a need for experts in big data consulting, who can harness data processing. We here analyze the trends and make a few five predictions on the future of big data.

1. Data volumes will increase and migrate to the cloud

The experts believe in the rapid growth and the Data Age 2025 report by IDC forecasts that the global data sphere will reach 175 zettabytes by 2025. The reasons are the increasing number of internet users prefer doing all things like business communications, shopping, and social networking online.

There is a digital revolution around the world and billions of connected devices and embedded systems create, collect as well as share IoT data analytics every day, globally. With the process of storing and analyzing huge volumes of data, pursued today, the enterprises will create and manage 60% of big data. The IDC report also estimated that 6 billion users will interact with online data daily by 2025. For the large datasets it is challenging to work through the manual configuration and troubleshooting, and migrating big data to the cloud will be elastic and simple.

Presently, the cloud infrastructure provides agility, scalability, and is easy to use and there is a transformation in the way of storing and processing big data. Moreover, there are Multi-cloud environments and some organizations address their business needs for storing data by using a combination of public and private clouds.

2. Machine learning will usher major changes

Machine learning technology will impact the future in a big way owing to its sophistication with time. Additionally, it is developing rapidly for augmenting everyday operations and business processes.  Today the AI and ML platforms provide affordable solutions that do not need a set of complex configurations.  With the arrival of advanced unsupervised algorithms, computers have the ability to learn from data. The machines are acquiring more intelligence and are capable to read emotions, and drive cars, besides exploring the space, and treating the patients. Intelligent robots have a promise to make life easier.

3. There will be a huge demand for Data scientists and CDOs

With the growth of data volumes, there is a big gap between the need and the availability of data professionals like the Data Scientists and Chief Data Officers. In a 2019 KPMG survey 3,600 CIOs and technology executives belonging to 108 countries, 67% stated that they struggled with skill shortages.

The jobs of data scientists, machine learning engineers, and big data engineers are growing at a rapid pace. There is an enhanced need for professionals who collect or analyze data with analytics and reporting tools and convert them into actionable insights.

The professionals require deep knowledge of Data platforms and tools and become thorough with the Programming languages and Machine learning algorithms and be familiar with the Data manipulation techniques, like building data pipelines, ETL processes, and preparing data for analysis. The future is bright for data scientists.  The CDO position will undergo many changes and restructuring in reference to their responsibilities based on the business needs of companies and the digital goals they pursue.

4. Privacy will remain a major issue

Data security and privacy will be a pressing issue, in view of the growing data volumes. There will be a need for protection from intrusions and cyber attacks. There is a Security skill gap, owing to few opportunities for education and training, and there is a projection that the gap will grow and reach 3.5 million vacant cybersecurity positions by 2021, as per the Cybercrime Magazine.

There is a gradual evolution of cyber attacks and the threats used by hackers evolve to become complex by the day. Furthermore, most organizations do not adhere to security standards and ignore them. There is a great need for companies to consider data privacy and data ethics, and for providing transparency and user-level control over data. A foolproof governance framework is necessary to provide an accurate description of the data, and foster democratization, besides effectively managing accessibility. 

5. Fast data and actionable data will get prominence

The fast data allows processing in real-time streams leading to data analysis promptly, in a matter of one millisecond. Organizations can make business decisions and take immediate action.

Fast data also facilitates real-time interactions and the users seek better customer experience, besides expecting access to data on the go and want it personalized. The IDC also predicted that 30% of the global data will be in real-time in the next five years.

The processing of data with the help of analytical platforms helps the organizations to make information accurate, and standardized, and the insights help the companies to make informed business decisions and improve their operations.

Conclusion

Big Data Analytics will change the way in which businesses work in finance, healthcare, and manufacturing industries. It will lead to new jobs as well as new regulatory structures and standards to work. Big data will emerge stronger and will be poised to make big strides in delivering clear, meaningful, and impacting insights.

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