The amount of data generated from different domains also referred to as big data, encompasses data gathering, data analysis, and data implementation process. With the advancement in technology, big data analytics trends are transforming from a departmental to a business-driven data approach. Business enterprises must adopt the right data-driven big data analytics to compete in this ever-evolving technological world.
Regardless of the size of the businesses, all the large and small size business is deploying big data for intelligent business insights, and this has eventually led to an increase in the power of big data. The best example of this could be the growth of big data in the cloud which has even allowed the small organizations to utilize the latest technological advancements.
The fact cannot be denied that big data has offered tremendous opportunities for growth, but it can also be a challenge to dig out the most relevant information from a large data pool which is unstructured. Below mentioned are top seven data analytics that will remain prominent in the coming years ahead.
1. Fast growing IoT Networks
Internet of Things (IoT) is expected to grow $300 billion annually by 2020. As per the latest industry trends and research reports, the global IoT market will rise at a CAGR of 28.5%. Enterprises will rely on more data points to gather information for more detailed business insights.
2. Predictive Analytics
This type of analysis caters customized ideas that help organizations to generate responses or purchase and cross-sell opportunities. Predictive Analytics help businesses to attract, retain and grow their most profitable customers thereby enhancing customer loyalty. It also helps technology to integrate diverse domains like finance, healthcare, manufacturing, retail industry and many more.
3. Dark Data
Dark data in innovation is the digital information which is not currently used for any business analysis. The data is gathered through numerous computer network operations which are not utilized to derive insights for decision-making. Analytics and data have become a crucial aspect for today’s growth for any organization; therefore there is a need to understand that any data left unexplored is an opportunity lost which may lead to potential security risk in future.
4. CDOs in Demands
The designation of Chief Data Officer has gained prominence, and human resource personals are striving to find professionals who can fit into this job despite the fact the CDO is a new concept in many companies. However, organizations have realized that they need to hire a CDO for wide-data cleaning purposes, analysis, visualization and studying intelligent insights.
5. Quantum Computing
Tech firms like IBM, Google, and Intel are competing against each other in a bid to build the first quantum computer. Quantum Computing provides seamless data encryption, financial modeling, solves complex medical issues and real conversations to make organizations develop quantum computing components, algorithms, applications and software tools on qubit cloud services.
6. Open Source
The coming years will witness more free data and software tools to become available on the cloud. Small organizations and startups are believed to be benefitted from this data trend. Open source analytical languages like R, a GNU project associated with statistical computing and graphics have surfaced huge adoption credit to the open source wave.
7. Edge Computing
Edge computing has been in the technological space for quite a while now. Edge computing allows data produced by IoT devices to be processed closer to where it is created instead of sending it across long routes to the clouds or data centers.