Big data analytics trends for 2018
What is going on in the data world right now? Let’s have a look at what will happen to big data in next 12 months.
Data has become the key player in our lives. Big data is no longer considered a big or large set of data. Almost all business domains have adopted big data for business and market analysis purpose. According to one research, big data market will be worth $46.43 billion by the end of 2018. IDC estimates that the global revenue from big data will reach $203 billion by 2020. Big data will definitely encounter some changes worth mentioning in the year ahead.
For some companies data analytics is becoming difficult process as a huge amount of data is gathered from various sources. So it becomes difficult to figure out that which data is really useful for business and which is not. A wide range of software, technologies, and strategies are available to solve issues related to big data. Organizations that are flexible enough to manage and transform the data into useful Business Intelligence; will be able to gain competitive advantage. Because data analytics provides up-to-date information needed for the organization. Gradually data and analytics have become the center of gravity for many organizations.
According to an IDC (International Data Corporation) Digital Universe Study, by the year 2020 about 1.7 megabytes of new information will be created every second for every human being on the planet. Moreover, India is among the top 10 big data analytics markets.
Let’s have a look at the big data trends to watch out for in the year 2018:
1 Artificial Intelligence (AI)
Artificial Intelligence research is currently focused on developing algorithms which allow human & technology to communicate more naturally with each other. The goal is to answer complicated questions in natural human language. Developing AI functionalities is no more a game of the giant conglomerates because nowadays artificial intelligence applications are already in extensive demand and use. Artificial Intelligence will dig deeper into the security domain. AI will become the most robust tool for safeguarding data and the top defense mechanism. Expect AI to become heavily involved with Cyber Security in 2018. In future, every application and service will incorporate some level of artificial intelligence in it. Amazon uses artificial intelligence to predict a customer’s interests.
2 Machine Learning
Machine Learning or ML technology is growing at lightning pace. Machine learning learns from a huge amount of structured data & unstructured data. Machine learning will be transforming businesses by performing endless tasks like real-time ads, fraud detection, pattern recognition, data analysis etc. Machine learning will become faster and more accurate to help enterprises make more appropriate predictions. Integrating machine learning with data analytics enables organizations to access more accurate insights so that right decisions can be taken. Pinterest uses machine learning to enhance content discovery. Machine learning ensures analyzing the huge volume of complex data in an efficient manner. With machine learning, the processes will be streamlined like never before.
3 Predictive analytics
For any data project, data quality is a very important concern. Many businesses have used historical big data research to support predictions of future behavior. By using historical patterns to predict future data quality outcomes, business can dynamically detect anomalies that might have gone unnoticed or might only have been found much later through manual intervention. Predictive analytics help to improve data quality.
Basically, Predictive Analytics is a sub-field of data analytics and business intelligence, which deals with an in-depth analysis of past events and forecasts of future events. Predictive analytics is used to detect fraud, optimize marketing programs, lowering operational costs and reducing risks.
4 Internet of Things (IoT)
Internet of Things will become the backbone of future customer value. The Internet of Things market is expected to grow from USD 170.57 billion in 2017 to USD 561.04 billion by 2022. With the increased use of smartphones and smartwatch, Internet of Things helps in gathering information for an analytical purpose. Internet of Things is anticipated to contribute 15 trillion dollars to global GDP by 2030. Internet of things also gathers information and allow businesses to market their products more efficiently to prospective customers. Big data trends with internet of things will play a major role in improving and reshaping human life.
5 Data governance strategies
Many big companies are aware of regulations that have been crafted by European Union which came into effect on 25th May 2018. They are referred as GDPR – General Data Protection Regulation. To enforce GDPR properly requires C-suits be informed, prepared and communicative with all features of their organizations. Organizations will need a better handle on the overall governance of their data assets. Seeking a mere consent will no longer work because now legal measure is required. Otherwise, companies have to be ready to pay massive fines. Even the administrative fines can be up to 20 million Euros or 4% of annual global turnover whichever is highest. Some companies have not compiled the regulations, but are assessing the rules to see how they will impact them.
6 Cognitive Technology
Cognitive technologies are evolving like never before. Therefore, big data will try to implement this technology on a huge scale. Cognitive technology will automate the tasks that require human perceptual skills. For example face recognition, strategizing, reasoning and writing recognition. Cognitive systems such as - Google’s deep mind, IBM Watson, and Stanford’s Deep dive enable companies to make sense of unstructured data through NLP - natural language processing. Previously, systems were only capable of capturing data but now systems will be able to understand what data means.
7 Hadoop – Open source
Experts say that in 2018 most of the organizations will expand the use of big data frameworks like Hadoop. Hadoop is important for the company as it reduces the cost of data. Hadoop has enormous potential that is only beginning to be tapped. It is on its way to becoming mainstream. According to statista, the Hadoop market was valued at 6 billion U.S. dollar worldwide. Many companies are using Hadoop ecosystem technologies to analyze that data. Hadoop running in the cloud has become increasingly popular. Big data and Hadoop is in a constant mode of evolution. Moreover, it also opens up the new horizon of growth area for IT professionals with higher pay scale & demand. According to Forrester, Hadoop usage is increasing 32.9% per year.
8 Visualization Model
Data discovery has expanded to include, not just the understanding of data analysis and relationship but also ways of presenting data to reveal deeper business insights. That is why visualization models are becoming more popular to translate the data into usable insights. A survey of 2800 experienced BI professionals in 2017 predicted that data discovery and data visualization would become a significant trend. Compelling and captivating visualization models will become the choice for processing big data sets making it one of the most significant big data trends in 2018. You can use tools such as – Microsoft Power BI, Chartio, and Zoho report etc.
9 Dark data challenge
Data volume is increasing day by day in business. But there is one undeniable truth that databases across the globe remain in analog form, un-digitized. In 2018, data which is stored in form of paper files, historical records or any other non-digital data recording formats will be digitized. This year organizations will develop big data solutions that will allow them to move data easily in Hadoop or any other frameworks.
Big data market will grow in next ten years. Therefore, it is very essential to pace up with the big data skill sets to establish yourself as a future big data professional. Because 2018 will see a convergence between big data and other technologies. These are just some of the big data trends that industry experts have predicted. These trends are constantly evolving so expect some surprises too. Besides companies will become more data-driven in 2018. 2018 is going to be an eventful year for big data industry. Enjoy the year with innovative trends.