In today’s business world, the impact of big data technology is growing rapidly, as it helps companies of all sizes increase efficiency, facilitate data-based decision-making, and contribute to sustainable growth. As a result, more and more businesses are leveraging big data trends to discover novel business prospects and refine their operating models to remain competitive. This article delves into the latest future trends in big data analytics that have the potential to revolutionize the industry. Let’s get started!
Rapid Adoption of ML and AI
Companies from all industries are turning more and more to big data tools, as they help them to optimize their BI and analytics operations and have greater visibility into customer behavior, business processes, and overall operations.
The continuous rise of super-powerful ML and AI systems will be game-changing for businesses, as such tools include complex recognition systems for pictures, videos, and text data, NLP-based chatbots, personalization features in websites and CRMs, as well as analytics systems that find unique solutions to day-to-day business challenges.
These big data tools will be able to collect and analyze vast amounts of info about customer behavior, especially when combined with data lakes, so companies will continue investing in them.
Further Development of Edge Computing
With the increased generation of data, its sources are extending beyond business sheets: cloud systems, web apps, video streaming platforms, and various IoT devices are coming in the first place.
The non-database sources will continue to be the main drivers of data in 2023, leading to an upsurge in big data management needs across different industries. Businesses will have to rethink their data processing strategies, moving away from traditional data warehouses to manage the overwhelming amount of data.
Further developments in processing power enable devices to manage and structure generated data on their own without centralizing it, which is known as edge computing. This approach offers enhanced optimization of storage and performance, speeds up data analysis, provides quicker feedback to users, and reduces computing and processing expenses.
Accurate Predictive Analytics
AI-based predictive analytics is a growing trend in big data, allowing organizations to understand customer reactions to a specific event, product, or service, and predict future trends. Examples of its use include identifying credit card fraud and predicting loan defaults.
As big data continues to develop, pre-defined dashboards that meet the needs of all employees will be a sure thing. Moreover, employees will have the ability to build and interact with data as they see fit, using user-friendly tools to design their own dashboards and examine relevant data.
Total Shifting to Cloud
Migration to the cloud is one of the main trends of the last 5 years, and it will last in 2023 and beyond, as it benefits organizations by cutting costs, improving efficiency, and addressing security concerns. As technology advances, cloud data collection methods will continue to diversify, including IoT sensors, generative AI tools, multiple social media sources, and other smart devices.
While the increase in data may pose challenges, effectively managing it will help businesses better serve clients and improve their model, making it a prominent big data trend for years to come.
New Ways of Data Storage
Enterprises will be also moving from centralized data warehouses that require complex and time-intensive extract towards new data architecture approaches, such as data lakes. They will be able to store all types of data in one place and allow end-users to take responsibility for data transformation and preparation, while also providing shared services for data analysis and processing.
Another new form of data storage that will appear is data fabric – a framework that standardizes best practices for managing big data and makes it possible to share data across different platforms and tools without no third-party apps needed for that.
Data Stewardship and the Rise of DataOps
Data breaches all over the world are increasing at an alarming rate, with as much as 15 million reported in Q3 of 2022 alone, up 167% from the previous quarter as per Statista. This trend shows no signs of slowing down, making it imperative for organizations to invest heavily in security measures.
Thus, in 2023 COOs will be especially focused on data security, so new tools will emerge to help organizations manage their data more effectively. For example, companies will start adopting DataOps, a methodology that streamlines the data lifecycle from generation to archiving.
DataOps will emphasize agile and iterative approaches for managing data throughout its entire lifecycle within an organization. Instead of managing data in separate stages from generation to management and further storage, DataOps methodologies address the entirety of the data lifecycle from creation to archiving, fulfilling organizational needs.
Data Quality Concerns
With the increasing dependence of businesses on data for informed decision-making, it is imperative that they will prioritize the quality of the data they use. Low-quality data can lead to subpar business decisions, inadequate insights, and a hindrance in understanding clients.
While ensuring data quality can be a difficult task, there are various strategies that businesses can employ to reap the benefits of high-quality data. The success of big data in the future hinges on how well organizations can evaluate the quality of their data.
Drawing the Line
Big data has taken on a significant role in the technological realm. In today’s world, businesses of all sizes and industries manage extensive datasets that they can use to create innovative processes and products. The impact of these trends makes working in the big data industry a perfect opportunity both in 2023 and beyond. With the advent of AI, big data is now more accessible than ever before, which emphasizes the importance of keeping up with these trends in big data analytics.
The post 7 Big Data Trends You Must Follow in 2023 appeared first on Datafloq.
