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.
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.
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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