From the moment we wake up in the morning till we go back to sleep, our lives run on data. It is almost like we are living deep inside the matrix and have no idea how to get out. Big data has enabled us to accelerate growth and development and reach a new phase for humanity. Things that would have been unimaginable a few centuries ago are now well within our grasp. There is no telling what the future of big data technology holds.
Ironically, there is a plethora of information out there, and it can be hard to filter through and understand the potential of Big Data online. In this blog, we will explore the future of big data in business, its applications, and the technologies that will drive its evolution.
What is Big Data?
Big data refers to large amounts of data. It includes vast and complex structured, semi-structured, and unstructured data that cannot be processed using traditional data processing methods.
The differentiation between data and big data becomes clear once we look at the methods of analyzing them. When it comes to normal data sets, you would probably use Excel formulas for most of your analysis. At the most, you might use some visualization tools to make it easier.
But this is when you have a normal-sized data set. What about when the data set is so large one Excel spreadsheet does not even come close to accommodating it?
We generate massive amounts of data every single day. According to the latest estimates, there are 44 zettabytes of data worldwide. In perspective, one zettabyte in gigabyte form translates to about 1, followed by 12 zeros.
To analyze big data, we require sophisticated software and dedicated databases. It involves extracting valuable insights from these massive datasets to gain a competitive advantage. Once we manage to harness it correctly, the future of big data is undeniable.
Key Technologies Driving the Future of Big Data
Whether we can realize the future scope of big data depends on the technologies we use. It is like a mighty beast, after all. We need to tame it before we can leverage it properly. Alongside this, Big Data Analytics certification will help you learn practical applications with case studies and drive the future of big data. Let us take a look at the key technologies that are currently driving the future of big data:
1. Artificial Intelligence (AI) and Machine Learning (ML)
AI and ML are at the forefront of big data advancements. And with good reason, of course. These technologies can automate almost any repetitive task you don't want to do.
For instance, if you run an e-commerce business, you can use AI and ML to analyze the user data generated from your customers and automate the identification of trends and patterns. You can automate the sharing of personalized recommendations. You can even automate the entire order fulfillment process.
2. Cloud Computing
The main reason why cloud storage and computing have become so popular is the sheer convenience that accompanies it. It bundles scalability and cost-effectiveness in one impossible-to-refuse package.
Your business's needs are ever-evolving, as are your data computation requirements. You need a system that can support you as you grow. It costs much less than buying proper server space is an added advantage.
3. Predictive Analytics
Predictive analytics plays a huge role in the future of big data. As the name suggests, it utilizes historical data to make predictions.
For example, you can use predictive analytics on your big data sets to determine when your product will spike in demand. Knowing this in advance or even having an approximation can allow you to plan appropriately.
The future of big data will witness more and more predictive analytics used for decision-making.
4. Internet of Things (IoT)
The popularity of IoT devices will generate a massive amount of data. These devices collect and store data in real time. Not only that, but they also analyze that data and provide insights and personalized recommendations. IoT devices will play a significant role in shaping the future of big data.
Future of Big Data in Business Strategies
Big data is the future. There is no use fighting the inevitable. Nor should you. Instead, let's focus on what you should remember before harnessing the future applications of big data.
1. Start with Business Initiatives
It's always best to start at the very beginning. Think about how big data fits into your overall business objectives. Look for specific problems that you can solve through data analysis.
2. Identify and Validate Supporting Use Cases
It's not enough to identify the potential use cases for the future of big data in business. You also need to validate these hypotheses through rigorous testing. After all, you want to avoid landing up with a half-cooked plan and an expensive mistake.
3. Stronger Reliance on Cloud Storage
As the sheer volume of data grows, more and more businesses will start opting for cloud storage solutions like OneDrive, iCloud, Dropbox, etc. They provide scalability enough to meet your business requirements, irrespective of the scale. Secondly, more often than not, these solutions are cost-effective compared to other on-premises storage solutions.
Despite having all the necessary data in a cloud, you'll be able to access it from anywhere without any hindrance.
4. Brainstorm and Prioritize Data Sources
You need to determine which data sources are most relevant to your business. This may include internal data sources like customer or sales data and external sources like social media and third-party data.
The second step is to prioritize these data sources so that you can focus your efforts correctly.
5. AI/ML-Powered Automation
Once you start automating processes within your business, there is no going back. And AI-powered algorithms are the best at this. They can sift through vast amounts of data and generate insights at a speed and accuracy that humans cannot hope to match.
6. SQL-based Technologies
SQL is the most prominent programming language used to work with relational databases (where data is stored in rows and columns). For big data clusters (clusters so big that an Excel sheet won’t do), the SQL server offers a specially designed file system called HDFS. It helps in scaling standard data technologies and operations while maintaining accuracy. Clearly, SQL widens the future scope for big data.
7. Predictive Analytics
Predictive analytics is one of the most “hyped” categories in the analysis domain. After all, if you can estimate the future based on historical data and past trends, there is very little that you cannot do with big data.
8. Detecting Financial Fraud
Fraud detection comes down to how well you can analyze patterns in data. There is a bright future of big data jobs that require you to help in detecting financial fraud. You can identify suspicious patterns and fraudulent activities.
9. Determine the Economic Value of Your Data
As data becomes a valuable asset, you need to understand its economic value. By assessing the impact of data analytics on revenue, cost savings and customer satisfaction, you can make informed decisions regarding data collection, storage, and analysis.
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Future Applications of Big Data
If you have doubts about the future of big data and whether it actually makes sense, you can lay them to rest here. After all, big data applications are immense and can convince all the naysayers.
1. Healthcare
The timely and accurate analysis of medical data can save countless lives. Big data analysis has the potential to revolutionize the healthcare industry. It can change the way we do things. From predictive devices to enhanced diagnostic accuracy, from real-time imaging data to optimized treatment plans — you can have it all at the time of your fingers. By generating an ever-increasing volume of big data future opportunities are bound to rise.
2. Automobile Development
Cars are becoming increasingly more intelligent, day by day. They generate vast amounts of data on driving patterns, accidents and their cause, and route optimization. Manufacturers can use these data points to find patterns and correlations among different factors. They can study how traffic conditions affect the routes or how driving speed increases the likelihood of an accident. Using this analysis, they can come up with optimized solutions.
3. Smart Assistant Development
Virtual assistants like Siri, Alexa, and Google Assistant are the rage nowadays. And it's all possible because of big data. These assistants are trained on massive volumes of big data accumulated over a long period of time. This data helps to train machine learning models based on natural language processing and generate an output accordingly.
4. Industrial Automation Systems
Industrial automation is the secret to scaling up your business.
No matter how efficient you are, you cannot be everywhere simultaneously. You will need to delegate tasks. This is where industrial automation systems can help. These systems have been trained on vast amounts of data, like sensor data, equipment malfunctions, maintenance records, etc. By analyzing and learning from this data, you can identify inefficiencies in the process and evaluate performance. Think of yourself as the puppet master. You can move pieces and change strategies to streamline operations.
Big Data and the Future
The big data future scope is bright, to say the least. This is the tip of the iceberg. We are just starting to realize the sheer potential and the applications are endless. You can use big data analysis strategically to gain a competitive edge over your peers. This is a trump card that no human can ever match up to. KnowledgeHut Big Data online will help you work on real-life projects with actual datasets and learn the most in-demand skills from top-notch instructors.
