Worldwide revenue for business analytics and big data is estimated to grow from $130.1 billion in 2016 to $203 billion by the end of 2020, at a CAGR rate of 11.7%.
Data analytics has brought a quantum change right from the way in which corporate strategies are made to the way in which people carry out their routine activities, such as banking, shopping, etc. Besides, the speed and size of the data being generated by numerous sources, such as mobile apps, machine logs, social media, etc. are outpacing the ability of existing systems to comprehend, derive insights, and act upon these insights. This makes it essential for businesses to come up with data analytics solutions that successfully leverage existing data.
With the mushrooming of Big Data, the data analytics is poised to become one of the most important trends that businesses should watch out. Therefore, businesses are now looking out for new ways to analyze and interpret digital data to draw immediate insights which help in driving important business decisions. For this reason, many organizations are now actively adopting deep learning, natural language processing, and machine learning to make the most out of their data.
What Does the Next Century Hold for Data Analytics?
With analytics gaining ground like never before, a question that bothers every business is "what is the future of data analytics". Well, with the amount of data being generated increasing day by day, future of data analysis might witness the following developments -
Analytics Will Be Everywhere
Analytics works best only when it is a natural part of the people's workflow. Therefore, analytics is soon expected to become persuasive and boost every possible business process. Right from addressing customers to processing claims, analytics will be required everywhere.
Analytics Architecture Will Evolve
Organizations will soon be looking for complementary analytics solutions that are workload specific to gain deep insight from the data pool and act upon them. However, this requires different types of analytics architecture, such as cloud, on-premises data, business intelligence and as well as artificial intelligence to coexist and interoperate.
Need for the Speed
From high-speed Internet to high-speed trading, speed is an important element for businesses worldwide. This is because while customers demand prompt and immediate gratification, organizations require real-time insights from fresh sets of data to deliver the right business values. Technology executives will soon be building analytics pipeline to simultaneously accommodate, evaluate, interpret, and then ultimately act upon the insights derived. This ensures fresh and timely insights, which helps to capitalize on fast-moving business opportunities.
GPUs to Address Computer Bottleneck
Although Central Processing Units (CPUs) have been the pillar of various business applications over the past decades, the volume, velocity, and diversification of Big Data demands businesses to tap other technologies to overcome computer bottleneck. Graphics Processing Units (GPUs) will be the "go to" alternative for processing complex data. GPU chips come with thousands of processing cores as against CPU chips, which have mere 16 to 32 processing cores. Therefore, many organizations are already investigating GPU-based analytics technologies to deliver flexibility, ease-of-use, and performance.
Pervasive Availability of Analytics
Analytics will soon be available to everyone. Hence, more members within the organization's hierarchy can access it irrespective of their roles and technical skills. This ensures maximum business value, as everyone can have fast and easy access to analytics and will be able to make decisions that are driven by data insights. Besides, analytics technologies will soon be progressing in analytics without compromising on the security, availability, and scalability.
IoT to Transform the Way Businesses Do Analytics
With numerous devices and enormous data being available, Internet of things (IoT) will have a huge impact on every line of business. Organizations will evolve their analytics architecture to ingest data generated through IoT, so that data can be comprehended and interpreted to maximize business values. Analytics solutions which deliver flexibility and exponential scale to cost-effectively manage the data from IoT will be developed.
Superior Algorithm-based Solutions
Analytics is now rapidly gaining popularity as it helps in identifying new effective ways to do business. Therefore, latest, algorithm-based approaches can be implemented to get superior results that are otherwise not easily conceivable today. Analytics is expected to grow and outpace organizations' capabilities to leverage it, forcing them to continuously invest in technology stack upgrades, which prevent them from falling behind.
Extensive Usage of Sophisticated Analytics Tools
One of the questions bothering most of the businesses is "how data analytics will be future of everything". Right from making key strategic business initiatives to establishing better customer relationships, analytics is almost everywhere. With data volumes bound to explode, new and sophisticated data analytics tools, such as Apache Spark, will be extensively used.
Non-coders to Develop Data Viewing Apps
With Salesforce and Microsoft MSFT +0.68% launching features that let non-coders develop apps for viewing business data, more analysis tools are expected to make their way into the market which do not require coders and analysts. Besides, according to predictions by IDC, year 2020 will witness half of the business analytics software integrated with intelligence, where required.
Spark and Kafka for Real-time Decision Making
Programs like Spark and Kafka will be extensively leveraged by the users to use data for making real-time decisions. Furthermore, moving forward, Machine Learning is also expected to become an essential element for predictive analysis and data preparation in business.
Autonomous Elements - The Next Big Trend
Businesses are already leveraging numerous tools and automated elements to cut through the competition. Therefore, autonomous elements and agents, such as smart advisers, virtual personal assistants, autonomous vehicles, robots, etc. are expected to become a huge trend over the next couple of decades.
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Flatworld Solutions is a global outsourcing company offering a variety of data entry services to clients across the world. We provide a comprehensive range of services including data conversion, data processing, specialized data entry, etc. Being in the industry for 16 years now, we understand the importance of data in making critical business moves. Therefore, we have updated ourselves with all the latest developments in data analytics and can help you to become future-ready. Our team of highly experienced professionals is trained to ensure complete data security, without compromising on the quality. We provide all our services within a quick turnaround time at cost-effective rates.
Therefore, if you want to make the most out of your data, then please feel free to reach us. We can provide you with consultations on successfully leveraging data analytics.