Companies often make strategic business decisions by analysing large volumes of data and these data sets are called big data. While the name given to it emphasises the volume of data, it isn’t the size of the data that is important but what companies do with it.
The main uses of big data include recalculating risk portfolios within a short time, strategies implemented at the point of sale depending on the customer’s buying habits, and determining the root causes of failures and issues. Since more and more companies are realising the importance of big data, digital transformation services have begun relying on big data to improve business operations and enhance value delivered to customers.
As a developing field, however, it is important to keep in mind that the potential of big data is yet to be tapped. For this reason, there is so much more growth to be expected in the future, although big data also presents its own challenges.
Data as a Service (DaaS) is built on the concept that regardless of geographical or organisational divisions a data product can be provided to a user on demand. With high-speed cloud service providers in the rise, the availability of DaaS to a larger user base will also increase, and the future of big data shows that the majority of large organisations will be engaged in revenue generation from DaaS.
Anything as a Service (XaaS), which is the concept that anything can be delivered as a service to a user, may also take a step forward, boosting outsourced services. Thus, in 2020, we will see the outsourcing of anything from big data mining services to data management services.
Master Data Management (MDM) will be adapted for cloud so that data distribution across multiple types of networks can take place without a hassle. In addition to this, edge computing, AR, machine learning, and other advanced tech will enhance customer experience across sectors.
The future of big data also sees changes in dark data as well as data privacy. When companies collect data for analytics, there is data that isn’t made use of. Since cloud services have improved over the years, companies have the space to store this unused data. Known as dark data, this kind of data will be also being made use of when analysing data in 2020. As for data privacy, 2020 will see the implementation of more regulations that will focus on data security.
Looking at the growth of big data in 2020, it is expected that big data analytics will continue to be a growing market. This will boost big data mining services as well as data management services. In addition to this, it is predicted that Chief Data Officers (CDO) will move forward in companies, with them playing more prominent roles in any organisation.
Companies will also look beyond keywords and metadata filtering and will instead look at quick and efficient solutions, which will aid data transformation services. There will also be higher productivity and democracy among data user community due to automation.
While there is a lot of focus on the future of big data and the growth of the field, it is important, especially for big data mining services, that the challenges 2020 poses are also looked at closely.
One
of the main challenges in big data is regarding volume. With such a
large quantity of data, companies need to be quick with analytics and
storage. Additionally, the field will also be challenged with generating
insights in a timely way. This is where dark data comes in, as big data
cannot be left to gather dust in storage.
It will also be a challenge to combine the broad array of data sources
and tighten the gap between the need and availability of skilled
professionals and reputed data management services.
While the future of big data sees added emphasis on data privacy and security, ensuring these will be a challenge the field faces in 2020. There are thus a number of challenges big data will face in 2020. However, these challenges, if dealt with properly, will not have a negative impact on the growth and future of big data.