Big Data will make it big in this very year. Several studies revealed that there were 40 times more bytes of data in the world than there were stars in the observable universe, according to fintechnews.org. Billions of individuals leave their data footprint from their online activities day by day. At the same time, the analytics which process and make sense of their data are also getting better. Big data has scaled up business insight and strategic decision making processes, making them more effective and efficient in real time.
According to a joint forecast conducted by Wikibon, Frost and Sullivan, MarketsandMarkets and Statista Big Data, the global big data market size will reach US$70 billion by 2021. Meanwhile, according to yet another forecast conducted by MarketsAndMarkets, Adroit Market Research Big Data global market size forecast will reach US$250 billion by 2025.
Whether you haven’t adopted big data into your business operations or already have, it always helps to keep track with the latest developments of big data trends to make sure that you are utilizing the technology efficiently, in the best way possible.
The third quarter of 2021 will see more emphasis on “actionable data”, meaning analytics which will provide insights on direct actions. To make sure one’s data is actionable, it needs to stay current, with adequate data integration read in the context of business intelligence, customer experience and analytics vendors. Data collection, governance, visualization and analytical modeling helped by IoT and cloud systems will also allow users to analyze and process data the moment they are produced to guarantee maximum actionability.
Cloud Migration and Automation
Moving data to the cloud will also offer space and processing agility, flexibility and efficiency. It will be even better if the cloud storage is also automated, thus allowing users to create, modify and tear down resources on the cloud automatically, in the words of the hybrid cloud provider Netapp. There is also a term called hyperautomation which refers to the automation of the data analytics process, from sourcing to visualization. Of course, we can enlist the help of artificial intelligence and machine learning to automate the process for a faster and more accurate result.
Buying and selling data to provide insight will also be a big business in the third quarter of 2021, along with insights offering immersive experiences through virtual reality and augmented reality technologies. Then, there is also possible application of the big data in the blockchain system. Blockchain has been a new thing recently, allowing people to make transactions and manage supply chains in a peer-to-peer, decentralized system in a much more effective manner.
So, in the third quarter of 2021, it will be great if you consider applying some of these new advances in your business’ use of big data to elevate your business competitive edge and to keep up with the pace of the race!
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Big data will gain more traction in 2021. According to a survey launched by the IDC Future Enterprise in early 2021, more than 43 percent of Indonesian companies listed investment on data optimization on top of their investment priority list for the year.
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