28 December 2021

New Era of Big Data

New Era of Big Data

Businesses in almost every industry all over the world are now starting to realize the potential impact of big data on their organizations. The statistics show that revenue generated from big data is growing significantly, taking account for USD 122B of profits in 2015 and expected to reach USD 274.3B in 2022. Furthermore, companies that have utilized big data’s full power could increase their operating margins by up to 60%. Understanding how big data can make differences in the future, looking at the trend of big data in this new era is highly significant to help your organization place the right strategy, improve your operations and gain a competitive edge from big data management.

The amount of generated data will be growing exponentially in the future

The increasing number of internet users doing everything online has made the amount of generated data grow exponentially in the future. In 2019, the majority of people in the world used mobile phones (67%), engaging in the internet (57%), and actively participated in social media (45%). This trend has shown no signs of slowing down. It is estimated that 6 billion users or 75% of the world’s population will be interacting with online data every day by 2025.  With this kind of behavior, IDC forecasts that the global datasphere will reach 175 zettabytes by 2025. This massive amount of datasets will require companies to invest in big data analytics in order to make a data-driven decision and ensure that they gain a competitive edge from big data.

Data scientists and data professionals will be among the top fastest-growing jobs in the future

Big data is useless without analysis. But surprisingly, 99.5% of collected data never gets used or analyzed. As data volumes continue to grow, the gap between the need and the availability of data professionals are already larger. Therefore, it is very important for companies to invest in the resources to collect and analyze data with the help of analytics and reporting tools, and turning it into actionable insights. It is no wonder that data scientists are among the top fastest-growing jobs today, along with machine learning engineers and big data engineers. And since 2012, big data has created more than 14 million jobs worldwide.

Combining big data with machine learning is expected to impact our future drastically

Playing a crucial role in big data, machine learning is another technology expected to impact our future drastically. Ovum predicts that machine learning will be a necessary element for data preparation and predictive analysis in business moving forward. As machine learning advances, more and more information about your customers’ interests and searches are collected and analyzed, allowing you to recognize patterns and anomalies, which lead to business improvement in the area of cost reduction, increased productivity, better product development and innovation, and most importantly advanced decision making.

Most experts agree that big data will mean big value for business. It is now more important than ever to invest in big data, allowing your organization to shift from being data-generating to data-powered, making use of actionable data and business insights. Big data allows your company to better understand the constantly changing market condition and stay ahead from your competitors

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