Trends in Big Data is big news around the globe and it will have an increasing effect on the way we understand and analyse behaviour and global movements. You might be asking what is Big Data? Well, it’s ultimately the collection of information on emerging trends, ranging from buying behaviours, health statistics, lifestyle trends to just about anything you can imagine and more. Big Data provides incredibly valuable insights for companies to better cater to the needs of the people and this is gold to the industry.
Big Data needs to be mined, analysed and then this information has to be strategically repurposed, which is creating a massive demand for new skills, careers and advancements in AI, to help companies sort through and work with the mammoth volumes of data
Here’s an interesting statistic: The amount of digital data created worldwide is expected to more than quadruple to 175 zettabytes by 2025 from 40 zettabytes last year. This is fuelled in part by the exploding number of data-generating edge devices and sensors, according to market researcher IDC. The challenge of managing these kinds of volumes is what will be driving the trends in Big Data.
Let’s take a look at the top 5 trends in Big Data 2020
1. Data Science
Data Science is where complex quantitative algorithms are built to analyse large amounts of data sets collected through a variety of channels. The results of the analysed data are used to determine strategies and make decisions for an organisation’s future by forecasting future market trends, behaviour and the impact of certain events.
There are now expert individuals, called Data Scientists that analyse, extract and interpret the data that these algorithms churn out.
2. Business Intelligence
Business Intelligence is a method used to analyse data. The analysed data is turned into information that is then used to help organisations make strategic business decisions and determine whether a business or organisation is doing well. BI allows people to examine the data and gain an understanding of trends and an insight into the best tactical and strategic practices for the business’ future.
BI Consultants use the Business Intelligence method to make sense of the data. Companies consult with a BI Consultant to analyse the collected data and determine market and business trends to increase profits and the efficiency of the business.
3. Data Engineering
Data Engineers develop, test and maintain the infrastructure which drives analysis and processing of data. They also develop processes for data modelling and mining.
One of their highly sought-after skills is the ability to design, build, and maintain data warehouses. A data warehouse is a place where raw data is transformed and stored. Similar to a retail warehouse where consumable goods are packaged and sold.
4. The Internet of Things (IoT)
The Internet of Things (IoT) is the concept of connecting any device with an on and off switch to the Internet and to each other. This means that IoT has the capacity to connect devices such as cellphones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of.
IoT devices have already invaded many aspects of our lives. Smart homes, smartwatches, smart cities and Industrial IoT have become the latest buzzwords in the technology sector.
5. Augmented Analytics
Augmented analytics is the ability to transform Big Data into smaller, more usable, datasets.
Data analytics software with augmented analytics makes use of machine learning and NLP to understand and interact with data. Just like on a human scale but much larger.
Due to the automation of this process, preparation and analysis of gathered data are needed so that insight may be extracted and shared with the organisation so that action can be taken.
The ultimate goal of augmented analytics is to completely replace the data science teams with AI. This will take care of the entire analysis process from data collection through to business recommendations and decision-makers.
Get in touch with us today for more information on how these might impact your business in the future.