Big Data Analytics Predictions and its Role in Future
Worldwide revenue for big data and analytics is expected to grow from $130.1 billion in 2016 to a staggering $203 billion by 2020 at a compound annual growth rate of 11.7%
A survey by Gartner found that 48% of the companies invested in big data in 2016, and nearly three-quarters of those surveyed had already invested, or were planning to invest in data analytics. Big data is helping companies in different sectors, from marketing to pharmaceutical companies to third sector organizations. By 2020, it is predicted that the amount of data that is worthy of being analyzed, will surprisingly double.
According to Forrester, companies will make an attempt to sell their data. Therefore, one thing is sure, almost all companies in the world, across numerous industries, offering a variety of products and services, are in the business of data. So how long is big data analytics going to be a game changer in the dynamically evolving market place? Let's find out.
Why Do Companies Need Big Data Analytics?
Without analytics, data is of no use. Data at your disposal can be used to increase profitability if it is analyzed optimally. Acting on the insights derived from analyzed data can help you take your business to the next level. Let's explore the reasons why a company may require data analytics services.
- Most companies are using big data to analyze the huge amount of data, and to channelize it to make their businesses more profitable. Through analytics, companies are analyzing data patterns, carrying out scientific analysis, and leveraging technological tools so that they can do their job to the best of their abilities
- Big data analytics also helps companies to reduce their expenses resulting in cost reduction. It identifies efficient ways of doing business and brings significant cost advantages when it comes to storing large amounts of data
- Analytics is required to process the existing data and derive meaningful information from it, which will help in making faster, well-informed, and better decisions. Hence, big data analytics not only helps in increasing profitability and predicting future scenarios, but it also helps in finding and sorting information by clearly understanding data at hand
- Big data analytics does it all - eases the workload, increases efficiency, and makes business processes quick and cost-friendly. It predicts information much more accurately, and almost always helps in making correct business decisions
- With analytics, businesses can track customer's preferences and needs, and give them exactly what they want. This develops a better bond between the customers and the company
7 Big Data Analytics Predictions for 2018
With an exponential growth in big data analytics, this technology is finding new applications across various industry sectors. However, considering the latest trends in big data analytics, the following big data trends in 2018 can to be looked out for -
- Data is going to grow, and grow, and grow. There is no stopping! The yearly demand for new roles like data developers, data scientists, and data engineers may increase to almost 700,000 job opportunities by the year 2020
- There will be a huge demand for analytical skills to work on big data projects. As per IBM, the demand for advanced analysts and data scientists will grow by 28% by the year 2020
- According to McKinsey projects, in the US alone, there could be a deficit of close to 190,000 big data professionals by 2018
- New ways to analyze data will be found. New tools will be discovered, if not invented. Data visualization tools such as Qlikview and Tableau will be in demand.
- Real-time insights will be in demand and more companies will opt machine learning for predictive analysis
- Privacy of data will be in question and autonomous agents could be in the limelight
- As big data will be immensely supported by cognitive technology, the lookout for data-as-a-service models will be on the rise
Future of Big Data Analytics
As big data analytics is gaining popularity with every passing day, it is essential for businesses to be aware of the big data analytics predictions and stay abreast with all the latest trends. The scene is constantly changing and businesses have to be on the toes to know what the future trends in big data analytics are.
- The volume of data is only increasing by the year. Considering that people's preferences and needs change every few months, it would be safe to say that there will be a surge in the usage and applications of big data analytics by companies to gauge the patterns and trends in the market
- Once more and more companies start realizing how efficient and profitable data analytics is, and how well it benefits them, more companies will leverage it, and the market will continue to grow
- Different industries need to wake up to the importance of data at its disposal. Companies in the retail industry must analyze customer buying data to predict what their customers will buy next and understand which products they are interested in. Similarly, companies in the engineering and manufacturing sectors must analyze the data of their machinery available to them, to predict which machine may breakdown in the future
- As more companies adopt big data analytics, more technologies will be developed to provide more accurate predictions. This is like a chain where one factor affects the other, and if all the factors are only increasing and joining hands and helping the market, big data analytics is only going to grow and come up with more variations
- Though the big data is expected to grow, it is still a raw unstructured field to a certain extent. Of course, it is helping a lot of companies and is helping the market too, but one still needs to understand how to leverage big data analytics more effectively
Big Data and Analytics Services are Here to Stay
Seeing and analyzing the applications of big data analytics, and the huge support that it provides to companies, it is clear that it is here to stay. It is efficient and predicts most of the data right and saves time and cost. Therefore, for every area touched by big data analytics the word "better" can be added in front of it, that is, better security, better training, better education, better business, etc. That is the potential of this technology. However, here are a few lessons for the leaders -
- Businesses will compete using proprietary algorithms and advanced analytics
- Cloud platforms will offer robust analytics capabilities, thereby making cloud as one of the most viable options for production and exploratory work
- Team collaboration will be essential for successful data science initiatives
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