Big data has been an emerging trend in the business world for the last few years, and as more devices are getting connected to the web, big data will only continue to grow both in influence and in size. With that in mind, Ciklum’s Big Data Engineering team has made 10 predictions for big data over the next year.
1 Do you have Сhief Data Officer? If not you may within the next few years! As data becomes bigger and departments expand, a CDO will be needed by every large and many smaller companies. Check here if you already need a Chief Data Officer.
2 The IoT will only continue to expand data. Self-driving cars, smart homes and even more smartphones and tablets will be flooding the marketplace, creating even more data than before. Further, according to the IDC, by 2018, half of consumers will interact with services based on AI on a regularly basis!
“IoT will continue to grow, and we even can’t imagine now the volume of its growth in the future”, confirms Igor Lushchyk, Big Data Engineer in the Ciklum’s Lviv team.
BIO: Igor Lushchyk is a Big Data Engineer with 6+ years of experience in helping Ciklum’s customers convert masses of technical data into business information by designing the Machine Learning algorithms and advanced analytical models.
3 With SalesForce and Microsoft launching visual tools, you will no longer need to be a data scientist or a computer whiz to extract knowledge from big data.
4 The market for algorithms will continue to grow. In the same way that you now buy software or WordPress templates off the web, you are now able to buy algorithm’s that perform tasks you need through AI in order to deal with the amount of data being processed.
“Many stock-exchanges are always looking for the new algorithms and the new machine learning approach, which they can use in the prediction system. The marketplace of working algorithms designed to slot directly into your new services is going to develop even faster. Especially, after Google has patented the word2vec algorithm in 2015 and the race for algorithms was started. The research world is now legitimately concerned that giants will control the AI market”, says Ciklum’s Big Data Engineer.
5 According to the International Data Corporation, visual data discovery tools will grow at 2.5 the rate of the business intelligence (BI) market.
6 Analytics will be added to basic software. As data continues to grow and everything becomes measurable, even simple and basic software like word processors will have an analytics section.
7 Data will be processed in real time. As fast data becomes commonplace, data will begin being crunched in real-time, providing immediate feedback to sales, marketing, and production.
Igor Lushchyk: “Everybody needs real-time or close to real-time analytics. This will help business to make correct decisions based on data. But at the moment such analytics will be widely used only in the business sphere, where there is enough data to build such systems”
8 The 4K boom is coming. Everyone is buying 4K TVs, but there is very little 4K content as the format is gigantic in size. As internet speeds increase and 4K can be processed, the amount of content and the data it creates will become enormous.
9 Machine learning as a part of life. With data being analyzed in real time and AI learning more about our routines, machine learning will take the data being created, process it, and help us become more productive.
“Machine learning has already got in our life. Smart house, smart retail, self driving cars, smart fitness gadgets – all of these we are already using and it’s only the beginning. Soon your fridge, wash machine and even shoes will use machine learning algorithms or will interact with the remote server using AI”, adds Igor Lushchyk.
10 Data Centers as big business. Server farms are already popping up left and right. Those who control the data (or the storage of it) are in for big profits.
“Data centers are already the huge bussiness. Just right on a spot I can name a few huge data centers providers: AWS, Rackspace, Microsoft Azure, Google cloud computing, OVH, Digital Ocean, Linode and many others. But this business is still growing and will keep growing for a couple of years more.”, resumes Ciklum’s Big Data Engineer.
For more information on how big data will change the future of business, feel free to contact Ciklum!