The unprecedented growth of the big data industry in the last decade has certainly changed the way businesses operate in the present times. Enterprises have realized the importance of the revolutionary technology that possesses the capability of turning around the fate of a business in quick times.
The data is considered the new fuel in the current times across all industry verticals, and the emergence of big data analytics has already proven this “hard-hitting” and “in-your-face” fact to be absolutely true.
Firms globally are recognizing the potential of the said technology, and therefore, welcoming the positive changes it has brought about in the recent past in terms of revenue generation.
Big Data market size predictions, in terms of revenue-generation, during time period – 2011 to 2027 (in billion U.S.D.)
Big Data Professionals To Get Benefitted The Most
One thing is for sure, that the people currently pursuing, or planning to take up a big data certification soon, will reap the maximum benefits in the future. There is a heavy shortage of data analysts, data scientists, and data engineers, across the world at present. And whoever has a certification or qualification in data science to his name at the moment, is attracting the maximum remunerations across industries.
“As per a recent study conducted in the US, it was found that there is a severe shortage of data scientists and big data professionals, about 200,000 in number. Besides, US is missing more than 1.5 million managers in the same domain at the moment”
Here are the Top 6 Trends in the Big Data Analytics Domain That Will Rule 2020
Cloud-Storage Based DaaS (Data-as-a-Service)
By the end of 2020, about 90% of the biggest companies in the world would be generating revenue by providing Data-as-a-Service (DaaS). This recently developed technology will allow its subscribers to access online digital files.
Businesses who have been early adopters of Big Data Analytics for their decision-making process have already grown manifolds by leveraging it to their maximum benefit. Most of the new entrants are embracing the power of big data, however, there are very few who have truly recognized its power, and therefore, have invested heavily in it.
Marriage of Big Data and IoT
Big data and IoT (Internet-of-Things) are two such technologies that will make taking informed decisions much much easier. With more than 20 billion IoT devices across the world that are continuously tracking and storing people’s data based on the inputs provided by users themselves (e.g. smartphones), the much-crucial behavioral data collected would be huge.
And this smartly-collected data obtained, making use of the two prominent technologies of current times, gives an immense boost to businesses across industry verticals in terms of making sales, and collecting revenues.
As per the various studies conducted, around 75% of companies will find it difficult to exploit the benefits of Big Data because of the scarcity of certified big data professionals in 2020.
Data-Automation to Help Take Informed Business Decisions
Businesses across industry verticals are currently seeking improvement in their ROI, outputs from digital marketing campaigns, and enhanced sales, making use of data-automation.
It is estimated that by the end of 2020, 40 percent of data analytics tasks will get 100% automated empowering business moguls to take less-risky business decisions by precisely analyzing the related data available beforehand.
The Dominance of Augmented Analytics
A highly predictive trend to be picked up in Big Data Analytics in the year 2020 will be the crucial role that augmented analytics will play among industry players in industries such as aerospace, defense, and transportation. The said technology will help these industry players generate insights using customer data.
Incorporating smart computer-generated algorithms, augmented analytics will help create insights highly useful for future predictions in the market research domain. This eventually will somewhat minimize the role of big data professionals and data analytics scientists.
Data Security and Monitoring
With the enforcement of GDPR (General Data Protection Regulation) on May 25th, 2018, the way consumer data is now handled is completely different and is definitely monitored under the law. However, many firms are still not fully complying with the same.
Keeping that in mind, a new law has been introduced lately on January 1st, 2020 with the name – California Consumer Privacy Act. Companies active in the big data industry now need to comply with this act on top of the GDPR.
The said act majorly focuses upon making firms deal with consumers’ private data with utmost care and responsibility.
NLP (Natural language processing) Technology To Process Voice Commands
In 2020, the voice search will be heavily used for data-search. Making use of NLP tech, professionals in the related industry will be able to understand and process complex data combinations. NLP is computers understanding the language of humans, and basis the commands given in human languages, comfortably finding the results.
Data will define the fate of businesses across industry verticals in 2020, and those who will not value it will be left behind. Companies with a strong “big data analytics” team and strategy will stand out in terms of revenue generation and sales conversions.
Besides, 2020 will establish the dominance of big data professionals in every single industry domain you can think of. Companies that will churn data well, are going to do well, in general, this year.