Big data, a term that describes the large volume of data—structured and unstructured—that inundates a business on a daily basis, is taking the digital world by storm. With that in mind, one may be wondering where the big data industry is heading. In this article, we'll examine six major predictions.
1. Machine learning as the next big thing
Machine learning is one of the most trending technologies, not just in terms of business, but ML has its impact on the daily life of human beings too. According to an Ovum study, machine learning may be at the forefront of the big data boom in the future, as it will help the modern-day business prepare its data and conduct predictive analysis to overcome challenges it may face.
2. Privacy is a great challenge
Whether it's big data or Internet of things, the major challenge in emerging technologies has always been privacy and security of data. The data volume is increasing day by day, and a business needs to take better care of it as the stakes on it may be much higher. As per a Gartner study, more than half of existing global businesses operate in a data-linked way. With this, data privacy and security could be their primary concerns and also the biggest hurdle for businesses to overcome.
3. The position of a Chief Data Officer
We've heard about a CEO (Chief Executive Officer), a CTO (Chief Technology Officer), a CMO (Chief Marketing Officer), and a CIO (Chief Information Officer). What we're seeing more of lately is companies hiring a CDO—Chief Data Officer—and the emergence of the CDO as a key position in organizations. With industry-wide adoption of big data technologies, and as data is considered the most valuable asset of business enterprises, it will become standard for companies to hire a CDO to ensure appropriate data management practices.
4. Increasing demand for data scientists
If you're a recent graduate who is good with numbers and analytics, and are confused about choosing an appropriate career path, then the time is right to think about entering into a data science career. As noted above, the data volume is growing exponentially, and big data also is growing, so there's increasing demand for data management specialists and data scientists who can derive insightful business inputs based on data. Today's data scientists and analysts draw handsome salaries.
5. Businesses may start buying algorithms instead of buying software applications
When it comes to ERPs and software applications to run businesses, we envision a major shift in this approach. As of now, more businesses are looking forward to purchasing the most appropriate algorithm for their industry or their specific product/service than trying to create their own software application. After getting the algorithm, enterprises can customize it with the help of providers like RemoteDBA and then add their data into it. This is an opportunity for better customization and is also much more cost-effective than buying the software. The major reason why algorithms are more acceptable is that it's not possible to tweak the software you buy based on your needs, and instead, your business needs to get adjusted to the system. This mechanism will soon come to an end as the business algorithms may take center stage.
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6. More and more developers will get involved in big data
There are nearly six million developers into big data analytics, and that total is growing. As salaries and other financial benefits in the field of data analytics and big data increase, more and more developers will get attracted to this platform and try to gain expertise in it.
So, in every possibility, we can assume that the days are gone when businesses had to search for consultants to prepare dedicated software applications for them. An all-in-one big data platform could take care of the end-to-end business administration, and the data generated along the way could be the fuel for the business to propel forward by knowing the exact market behavior and consumer preferences. All business intelligence applications are following this trend, and there's no such new-age business application now without the analytical capabilities for effective business decision making.
About the author
Karen Anthony is a Business Tech Analyst. She loves to share her knowledge and experience with her friends and colleagues.