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What Big Data Might Bring in 2020: Experts Predictions!
With more and more digital platforms, humans are generating a substantial amount of information every minute. In fact, the total amount of data in the world is likely to reach 44 zettabytes this year. Many companies are leveraging data with AI algorithms and analytics to identify growth and customer needs.
Big Data is the new face of this enormous amount of data that is helping businesses in multiple ways. It is said that Big Data 2020 will soon transform the world, primarily the business world.
Some opinions given by experts on “what Big Data might bring in 2020.”
1. 2020: Smart Supply Chain Will Remain in Trend
Luka Arezina Editor In Chief at DataProt
There will be the continuous rise of smart supply chains, leveraging the Internet of Things and big data management. It will help them reduce costs by improving their operational efficiency. By using AI systems and robotics, these supply chains are virtually automated, making their data a potential target for hackers. So although smart supply chains will continue to trend in 2020, it would be wise to beef up your cybersecurity when upgrading to an automated supply chain.
Unauthorized access to data on these systems could wreak havoc on the supply chain, which could lead to thousands of dollars in losses. For this reason, it’s important to always have a robust cybersecurity solution in place as big data in smart supply chains becomes a more popular target for hackers.
2. The Revolutionary Combination of Big Data & Machine Learning
Norhanie Pangulima, Content Marketing Executive at Indoor Champ
Big data is described as data sets that are too large and complex for traditional data processing and data management applications. And by the looks of it, big data has taken the internet world by storm, and there are no signs of it slowing down. And in the context of all things internet where transactions, inventory, and even IT infrastructure can exist in a purely virtual state.
Machine learning will be the next big thing in big data. Machine learning will be the leading technology in the big data revolution. It will help businesses in preparing big data to conduct predictive analysis. Another thing that will happen is investments in big data technologies will hit the roof. Although the business investments in big data might vary from industry to industry. But the increase in big data spending will always remain fluid overall.
Lastly, self-driving cars need to use big data to see. Self-driving cars rely heavily on big data as they receive through GPS, radar and sensor technology, and internet valuable information that they process through cameras. The information that self-driving cars receive through these sources will help them make safe driving decisions and safe driving conditions.
“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.” – Geoffrey Moore
3. Big Data will Start Bringing Clear Results in 2020
Will Ellis, Founder of Privacy Australia
We will see big data 2020 starting to produce some real and tangible results. We have seen some massive improvements in the realm of data warehousing, which can now assist in the acquisition of real-time insight. This will allow various members of companies to more easily access data (still safely) as well as give them the opportunity to display who would be best to analyze the data.
This will give companies the opportunity to make better decisions in terms of their data as well as more accurately allocate data-related tasks to specific individuals. These procedures will, as a result, not only improve employee efficiency but provide excellent results for the company itself, as managing data more efficiently will inevitably mean good things for the company, should the correct results or solutions to results be formulated.
4. Big Data is Expected to be a Big Trend in Business Intelligence
The huge shift within the business world is from periodic reporting—usually in the form of spreadsheets—to real-time data.
As a CMO, there was a time when some of the metrics I get measured on only came in weekly or monthly, which meant I had to wait to see how we were doing before I could make any changes or improvements.
Today, the vast majority of my data is available in real-time. It helps us be much, much faster, and is a much better way to do our work. Big data is driving this change, since you simply couldn’t do this kind of reporting in real time a few years ago. I expect this to be one of the major trends in business intelligence over the next few years.
5. Big Data can Make Research Work Easier and Quicker
Jinan George, Founder of Patent Forecasting Platform, Magic Number
Intellectual Property Attorney JiNan George held an event in D.C. that revealed little known market trends in Cryptocurrency and Edge Computing. Understanding the realities of where the market is going based on little known patent data demonstrates who the real players are and the plans to dominate the market in the next 10 years.
There is a lot of never revealed data and statistically charged research exposing contradictions and little-known trends in cryptocurrency, edge computing, and more, including shedding light on banks that publicly advise against the acquisition of cryptocurrency yet are covertly investing heavily in the industry. JiNan is capable of deep diving into powerful research of patent trend forecasting with her award-winning Magic Number technology. It exposes the new race to control the future of the global cryptocurrency marketplace.
Patent registration data breaks through the speculation and offers core facts on where the market is going; patent filings are the leading little-known source for future market activity, providing competitive insights and valuable information.
6. A World of Small Data Sprawl
In 2020, we’ll see a shift from “big data” to “small data sprawl.” With new technologies like IoT and edge computing becoming widespread, data will be everywhere, effectively changing how we think about data analytics. Companies have long known how to control and analyze “big data,” which has historically lived in the data center.
However, with the small data sprawl, companies will now need to take their dispersed, real-time data and combine it with centralized historical data to achieve maximum insights. While this certainly increases the value associated with data, it comes with greater risk as companies address the challenge in ensuring their data is secured across remote locations and adheres to privacy and compliance policies. 2020 will be the year in which companies and regulatory bodies look to prepare for a world of small data sprawl.
7. Sensitive Data will be Encrypted
Big data and privacy, particularly in the treatment of personally identifiable information (PII), will clash in 2020 as more privacy laws are enabled and as the enforcement of existing ones reaches record levels. According to Gartner, only 10% of the people in the world are currently covered by data privacy laws, but that will rise to 65% by 2023.
Companies are bending over backward to understand where this newly toxic data is stored and to figure out what they should do to make it less toxic. Major new initiatives will take a backseat as companies rework existing data lakes. Where possible, birthdays will be replaced with age ranges, home addresses will be replaced with region identifiers, and more sensitive data will be encrypted.
8. 90% of Fall in the Price of Big Data
EDGE computing is now delivering massive BIG DATA performance enhancements. These speed differences are over 1 million times the speed of Oracle and over 1,000 the speed of the fastest Hadoop processors.
EDGE tech stacks now process data at 200 million transactions per second. What does this mean for the BIG DATA app? It means massive data, even real-time data, can deliver in a sub-second time.
We regularly take big data apps that take 10 hours to process across a massive $80 million data center, and process that data in 11 seconds on a Raspberry Pi you can hold in your hand.
This is possible from new tech stacks that do NOT USE conventional technology, thus the speed enhancements. The price of BIG DATA compute now falls 90%.
9. Data Governance will be More Important Than Data
As people become more aware of the value of their personal data, and governments in democracies reflect on this; the risk becomes that instead of more big data in 2020, we end up with less. GDPR in the EU is already leading to companies deleting data – and not just personal data. It costs money and time to readily identify which personal data should be deleted, and since most companies don’t want to find themselves on the wrong side of the law, or a public relations scandal, many companies in the EU are taking a stricter approach to data deletion than mandated by GDPR. Cybersecurity concerns only add to this; if you don’t have it, you can’t lose it to a hacker.
My prediction is then that Data Governance will become more important than ever, and more important than much of the data itself. Instead of thinking about how to use the data, companies will be thinking about how to safeguard it, and more importantly, what parts of it to delete.
10. Precision Marketing with the Highest Target Achievement
Big Data is getting bigger every second. Social media users and website visitors all over the world are leaving unlimited quantities of data, which is creating big data for digital marketers. Digital marketers should pay maximum attention to analyzing every online activity to characterize their target audience precisely. The more data you will analyze, the sharper will be the illustration of the target audience.
When properly analyzed, this gigantic pile of data will produce the audience profile with nearly 100% precision. This precision will help the marketers to create a marketing strategy that will hit the target audience with almost 100% accuracy. When you precisely create an audience profile, it will directly show the problems of the audience. It further shows that they want to solve those problems. The marketing strategy created upon this accurate audience knowledge will be able to reach the highest level of specific marketing targets. A company that will invest in Big Data for its marketing drive is supposed to be the topper in the trade in the long run.
11. Big Data will Give a 360° View of a Business
Big Data will bring the ability to understand how to measure a business on its merit instead of the assets it has to liquidate in case everything goes wrong. At the moment, lenders can approve only 28% of small businesses and 60% of commercial businesses. The work is mainly manual, highly regulated, and expensive. The models are archaic, built for a time when every business had a building, equipment, or something else they could use as collateral for a loan.
Now with COVID-19, the world has gone digital overnight, and we’ve been working to keep up with lenders’ questions on how to manage a sudden increase in applications by 10 times. Slowing the curve has meant stopping the economy. So the applications coming in will have a higher chance of decline unless big data is able to get lenders comfortable with approving applications. A 360° view into the sales, operations, management, customer service, and payments in a business, in addition to the financial information, is the big data that will keep the flow of funds moving.
12. Create More Technology-Related Jobs
Kas Andz, Founder at Kas Andz Marketing
Different organizations have different volumes of data that require experts to act on. On the same note, fields like machine learning, blockchain, etc., are also embracing the use of big data to analyze data. Looking at the current demand for data science intellectuals, one can easily predict that more job opportunities will accompany 2020.
13. It will Help Online Service Providers to Enhance User Experience
Right now, with everyone being online at home and away from the office more than ever, expect BIG DATA to multiply and have more stats and numbers on users than ever before.
HUGE companies like Facebook and Amazon will have more buying data on their clients than ever before in their history. This will allow them to make the using and buying experience better than ever, which will increase their user experience and boost their numbers.
14. Small Businesses will Also Use Big Data to Grow
Bridgette Norris, Marketing Director atEcoSecretariat
With the use of big data, combining a variety of processes and relevant tools manages vast amounts of data. The use of big data has grown exponentially. I think this is due to the fact that you can discern patterns from how people engage. This allows businesses to guide to similar items, providing customers value. I believe that small businesses start utilizing big data so that their company can expand.
I conclude this post with the understanding that big data offers to businesses of all sizes. So, the advantage lies in the appropriate utilization of it. From smart supply chains to business analyses, big data is likely to transform most businesses for better outcomes. Tools like big data analytics are helping companies to enhance marketing strategies that lead to business growth.
A majority of companies expect to invest in big data, data privacy will remain a big concern for many. Especially for those that store confidential and sensitive information of their customers, such as banks, healthcare, insurance businesses, etc. Since cyberattacks are a significant threat to your customers’ data. It allows you to store all your information in the cloud efficiently. However, are you taking precautionary measures to prevent data breach or theft?
If you’re not sure, get in touch with Cogneesol, we can resolve your queries related to data security. We have been providing data management solutions to thousands of businesses across the globe for more than a decade now.
Call us at +1 646-688-2821 or email us at [email protected]. Call us today to get a free consultation.
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