Big Dates in Big Data
Big data has been more than a buzzword for just over three years now, with the availability of information increasingly driving better business decisions.
The BBVA Innovation Centre has compiled a forecast infographic that considers the possible impact of big data on our daily lives in the next 5 years – but is it applicable to your business?
Our Immediate Future
According to the visualisation, there are two major data developments that lie ahead for 2017.
The first is alternate data sources, as unstructured data starts to play a role in service output.
This is coupled with uniform architecture that aligns management information, search technology and data analysis.
Integrating these architectural constructs with functions means that the output from data source to useful insight is almost immediate, which fuels massive expansion from 2018 onwards.
2018: The Data Divide Appears
As Artificial Intelligence becomes commonplace – roughly 50% of people are expected to deal with AI by next year –the need for expert skills in the field of data and information science will grow.
However, as this is still a new industry, there will be a global shortage of expert knowledge, meaning established names will be positioned to monopolise several global market sectors.
This dominance will be solidified in 2019, when 100% of companies will be buying and exploring data in search of tangible insights that can be translated into opportunity.
This spike will be accompanied by a 60% increase in the number of decision management platforms on offer.
The Roaring 20’s
As we enter the 2020s the volume of data available is set to grow 40% by 2020 (that’s up to 100.2 zettabytes).
This expansion will be accompanied by a tech boom in the hardware sector as businesses scramble to equip themselves to process massive data volumes – which will see the hardware sector value grow to an estimated $220 billion before the decade is out.
It is only in 2021 that people will embrace predictive analytics as a tool to measure enterprise viability, a decision bolstered by the drastic drop in Sensor pricing and sharp uptake in machine learning that, “allows (business) to analyse personal habits and relationships between data, speech and image recognition and the customized market”.
Deep learning will drive and inform mass personalisation, allowing brands to present products and solutions on an almost individual basis.
Big Data in 2023
We will be leaving in an era of augmented humanity, where smart data applications are used to revolutionise every sector from manufacturing and transport to storage.
This shift will be matched by marketing priorities, which will see personalisation outstrip both big data itself and social media as the approach du jour for digital operators.
The convergence of industries will also see smart cities pop up across the globe, and a new way of existing will be born.
What About Today?
The imminent arrival and dominance of data-driven approaches to business has seen several industry players enter the space, but it is the smaller start-ups that remain in pole position thanks to forward thinking and unmatched agility.
As global business mechanics improve, collaborating with experts – will be the forward-thinking choice.