5 Predictions about the future of Data Analytics
Blog: Indium Software - Big Data
Data is been a buzzword for a couple of decades now. However, Big data and Data science have become a hot topic more recently.
Big Data has become a part of every organization and clearly, it has taken the world by storm.
An interesting fact about data – By 2020, every human in the world will create about 7 MB of data every second.
We have created more data in the last couple of years than the entire history of mankind.
Data analytics is the process of examining large volumes of data to arrive at conclusions about the information they contain.
It doesn’t matter how much data you have, without analytics, raw data has no value. Analysed data, on the other hand, will help the organization to make primed business decision with the help of powerful insights.
Let us explore at some of the future trends that will be followed in Data Analytics services
Artificial Intelligence will be the next Big Thing
Is Artificial Intelligence the next best thing? The impact is felt from self-driving cars to chat bots.
There are infinite possibilities when it comes to the future of AI. Every single industry can be changed with Artificial Intelligence.
Industries such as Education, Transportation, Software testing and sports are already making wonders with the assistance of AI.
A sophisticated Artificial Intelligence program is undoubtedly capable of making decisions after carefully analysing the patterns in huge data sets.
Internet of Things (IoT) market will grow
According to a Markets and Markets report, the IoT market will be worth 561.04 billion USD by 2022.
The exponential growth in internet usage and technology advancement has paved way for ‘Internet of Things’.
As the entire world is drifting towards IoT, the amount of data that could be collected will be massive.
According to Gartner, there will be 20.4 billion IoT devices deployed by 2020, which gives us a picture on how much valuable results can be derived from the high volumes of data collected.
Augmented Reality is not just for gaming
Do you think you know more about augmented reality because you have played Pokemon? Then you are mistaken.
Augmented reality will be used across industries apart from games and social platforms.
AR will aid in better performances of organisations with the support of data. Industries such as Healthcare, Real Estate and Engineering will see a growth in AR in the upcoming years.
Machine Learning is the future
Machine learning will be a part of almost every software application in the near future. With Deep learning, one of the most powerful form of machine learning.
Deep learning, a powerful form of machine learning helps in building a complex mathematical structure known as neural network. This neural network is built on massive quantities of data.
It has the capacity to learn from a structure of data. It can make predictions and detect anomalies as well. They have the ability to learn continuously from unlabelled streaming data.
The role of Data Visualization
Data visualization has grown dramatically over the past decade. It is no longer seeing data in a graph of bar charts.
New methods to analyse data have been established. New tools centred on AI will be discovered. The already popular Data visualization tools like Qlikview, Tableau and Power BI will be high in demand.
These tools are helpful in breaking down useful insights from high volumes of data.
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The gaining popularity of Big Data every passing data has made it essential for organizations to stay updated on the latest trends.
The trends are changing every year and it is best to stay up-to-date. The future is uncertain, ongoing change is inevitable, and organizations must be well equipped to respond to the technological advancements.
These above mentioned predictions will help prepare CIOs and data analytics leaders to make the most of the opportunities.