Codelantic
Why Big Data Is Growing So FastJuly 26, 2020
Several businesses use big data mining services to analyse, assess, and convert big data into actionable information. Big data may be structured or unstructured and may be collected from multiple sources. Due to this, they may include multiple formats.
Big data is defined as a large and diverse set of information that grows rapidly. The data can be collected from mobile applications, social networks, websites, questionnaires, and product purchases.
There are many uses of big data and they can be utilised by various departments of a company, whether it is marketing and sales or human resources. Big data can also be used to ensure products reach the market at faster speeds, reducing the time and resources required for market adoption and customer satisfaction.
Due to these uses of big data, it has not only become popular among businesses and gained traction but we are also seeing the rapid growth of big data.
Predictions and trends
Predictions and trends relating to big data paint an accurate picture of the potential of growth big data holds. Big data mining services predict that this year as well as the ones that follow will see a lot of development and innovation in big data.
One of the trends is the expansion of big data to other types of data, for instance fast data and smart data. As mentioned above, big data is a large and diverse set of information. This information is meaningless unless properly analysed and converted into actionable insights using algorithms. Thus data itself is of value when they make sense and big data is of benefit to businesses when they are smart data.
With the technological advancements that we see, many functions and procedures are expected to happen instantly. This applies to decision-making too, where businesses are required to make decision in real time or as a situation unfolds so that they find solutions to issues before any damage is caused to the business. Thus data must not only be smart but should also be fast.
Fast data is information that is collected and analysed as they are created and enable real-time decision-making. This can put a company ahead of a problem and ensure that they can monitor and react to a situation as it takes place.
It is also predicted that software development companies will focus their big data mining on fragmented and widely distributed data structures created by inconsistent data or data silos. This type of data is called wide data and widens the scope of big data.
These trends and predictions point to the growth of big data, which will be enhanced by the additional uses of data. Fast, smart, and wide data can be of great use to businesses and a software development company like CodeLantic will no doubt expand their big data mining services to cover these changes.
Rapid growth
High performance data analytics or HPDA is the merging of big data, big compute, and the Internet of Things (IoT). This is at the core of big data analytics and allows big data mining services by software development services like CodeLantic to study and analyse large amounts of data at a faster rate.
When looking at the growth of big data, the role played by IoT cannot be ignored. Many believe that IoT is one of the key initiatives behind the implementation and development of big data and IoT is a base of investment in big data services and computing. Given the role played by IoT in big data, the growth we are seeing and will continue to see will be facilitated by IoT.
Some of the key drivers in the growth of big data include huge volumes of data and futuristic technology space. In addition to this, software development services like CodeLantic are expected to continue to innovate and develop unorganised data. These big data mining services will ensure big data analytics will have a significant outcome even though most data collected today is not structured.
These factors will play a significant role in the rapid growth of big data and businesses can benefit greatly from big data mining services like those offered by CodeLantic.
Growth of big data
When talking about the growth of big data, there are several factors to consider. Predictions about the industry all point to significant growth, which stakeholders must take advantage of.
Regarding the growth of big data, the Global Tech Council in 2020 wrote that vendors were expected to earn more than $76 billion in 2020, with a compound annual growth rate (CAGR) of 10 percent. “In two years, the revenues will surpass $210 billion at a CAGR of 11.9 percent. This means that the big data market will grow to become a $123.2 billion market by 2025,” the Global Tech Council wrote.
They added that the International Data Corporation (IDC) states analytics alone was expected to generate $203 billion in 2020. “The shift has been possible due to a data-driven mindset. There is a demand for big data training, analytics technology, and services,” Global Tech Council explained.
In addition to this, global IT spending was expected to reach $2.7 Trillion in 2020, with big data analytics amounting to 7.5 percent of it.
Projections on the growth of big data vary but they all show significant growth in the coming years. According to Expert Market Research, the big data industry includes analytics, big data application, data centre infrastructure, and storage infrastructure as well as discovery tools, services, security, and networking.
They add that the global big data market was $208 billion in 2020 and projections show a steady 10% growth annually. This would expand the market to $450 billion by 2026. “The years ahead are going to be the golden period for the big data industry. The maturation of big data means a change in the industry and the way businesses perceive it,” Expert Market Research says.
While the big data industry is expected to grow globally, countries like India, Australia and South Korea are expected to increase their investments in big data, while predictions show that China will be the fastest-growing country in terms of big data.
Challenges
The growth of big data comes with its own challenges, which the industry must prepare for. One of the biggest challenges companies will face is the volume of data that they will require space for. This will be especially challenging given the volume of unstructured data a company will be in possession of.
Data security is another challenge, given the rise in cyber threats and attacks. Companies that deal with big data will be required to setup the necessary protections and infrastructure to safeguard systems from data breaches. Changes in regulations and policy can also be expected with the growth of big data.
As mentioned above, big data is not simply the collection of large amounts of data. This data must be organised and analysed in order to generate timely insights that will help companies make better decisions and improve operations. However, companies that do not invest in the proper infrastructure and resources may find themselves unable to generate timely and valuable insights from data.
This could partly be due to a lack of skilled experts and professionals. As the growth of big data takes place as an industry, so must training and skill development. The demand for big data professionals must be met with sufficient supply as the industry would otherwise find it challenging to make the most of the growth of big data.
Big data trends in 2022
What does the year 2022 look like in terms of the growth of big data? This is a question that the industry has, especially as we approach a new year. In 2022, a rise in predictive analytics is expected. This is a branch of advanced analytics that companies use to find patterns in data in order to identify risks and opportunities.
Predictive analytics is extremely important for business growth and success and plays a key role in the decision-making process. The technology makes predictions about future outcomes using historical data, statistical modelling, machine learning and data mining techniques.
With the growth of big data, the use of predictive analytics will also increase and 2022 is bound to see a significant amount of work in this area. Industry studies show that the global predictive analytics market is projected to reach $22 billion by the end of 2026.
Cloud-based analytics will also play a key role in 2022 and more and more companies will make the shift to cloud-based solutions. This is important if companies want to benefit from the growth of big data expected in the coming years.
Companies must also take into account the challenges posed by the COVID-19 pandemic, which the world will continue to live with in 2022. Working remotely became a requirement, especially given sudden closures and travel restrictions. Companies were forced to adjust to remote teams, which also helped companies reduce costs.
However, remote work requires the setting up of necessary infrastructure to support employees working from home and ensure productivity and efficiency are not negatively affected. Cloud-based solutions are extremely useful in this regard and are among the main reasons cloud-based analytics are included in the predictions made for 2022, especially considering the growth of big data.
The adoption of business intelligence (BI) will also be seen across industries in 2022. Business intelligence follows four key steps to help companies analyse historical and current data in order to generate actionable insights. This is key in the decision-making process.
The four main steps of business intelligence are collecting and transforming data from multiple sources, uncovering trends and inconsistencies, using data visualisation to present findings, and taking real-time action on insights.
Business intelligence uses large datasets from multiple sources and the growth of big data will push more industries to adopt BI in order make strategic decisions to increase efficiency and productivity. Business intelligence also provides timely insights into customer behaviour and purchasing patterns, accurate tracking of sales and marketing performance, and instant alerts on customer issues and data anomalies.
Given how business intelligence can benefit companies, it is a given that increased adoption of BI is another industry trend predicted for 2022.
Taking a closer look at business intelligence and its growth next year, Beroe, Inc. states that the BI market is estimated to grow to $30.9 billion globally by 2022. However, studies show that 60% of companies say company culture is their biggest obstacle to the successful adoption of business intelligence.
A company that plans on adapting to the growth of big data and use business intelligence practices and tools to gain better insights will thus also make an effort to cultivate a company culture that is willing to adapt to these changes and technologies.
In addition to business intelligence, the increased use of artificial intelligence (AI) has also been predicted for 2022. However, the big data industry also acknowledges that humans will continue to play a crucial role in business processes and operations.
This is mainly due to the fact that AI is a developing technology and the use of artificial intelligence across industries still requires human intervention as well.