In 2023 the digital era has come full circle. We’re now living in the age of AI and machine learning, with big data taking over the market and defining current trends. Indeed, big data is essential for business today, something that is now part and parcel of every business decision, big and small. As big data exponentially expands, every business is searching for new and better ways to optimize and take full advantage of every benefit it offers. That’s why big data service providers are becoming more and more popular.
Big data played (and still is playing) a vital role in controlling the recent pandemic. You can see its effect on every sector of the marketplace, from e-commerce to communication, energy, construction, healthcare, and information technology, to name just a few. The numbers point to the big data market increasing to $200 Billion in the next three years. To get a closer look at the forces that will drive this increase, read on to discover the top trends in big data for 2023.
Data as a Service (DaaS)
While not a new technology, Data as a Service (DaaS) is one of 2023’s growing data trends, and for a good reason. DaaS empowers companies to use their growing reams of data more efficiently, improves their ability to search their data, and also improves their ability to create reports using their data. For a business with massive amounts of data (think banking, retail, pharmaceuticals, etc.) DaaS can be an essential tool to take advantage of that data, maintain it and manage it. DaaS makes all of this more cost-effective and simplifies updating and monitoring data.
Big Data Fabric
Big data fabric was one of the top trends of 2021 and will continue to trend in 2023. According to a recent Forrester report, big data fabric will improve business insights by “automating ingestion, curation, discovery, preparation, and integration from data silos,” In layperson’s terms, big data fabric provides a single, unified environment that connects multiple sources and types of data from multiple locations. It then allows a user to process, manage, and store that data, access it, and share it for various uses. The benefits of big data fabric include data compliance, optimization of supply chains, improved engagement with customers, and several others.
Predictive Analytics
Businesses big and small have always looked for patterns in the market to base their decisions for future products, growth, new markets, etc. That’s especially true in the banking and insurance industry, as well as pharmaceuticals, retail, financial services, and several others. Predictive analytics empowers these industries by better predicting future outcomes. It does this using a combination of historical data along with machine learning, data mining, and statistical modeling. Using predictive analytics, an organization can, for example, solve difficult problems, optimize market campaigns, detect fraud, improve operations and reduce risk.
Cloud Migration
Cloud migration is nothing new but is experiencing explosive growth, a trend that will continue in 2023. At its core, cloud migration is the process of transferring (migrating) data, applications, IT resources, workloads, and other assets to a cloud computing domain. The benefits of cloud migration, both for industries and individuals, are numerous. Improved performance, for example, as well as increased processing speeds, enhanced scalability, and more robust security. Several different classes of cloud migration are now available and also growing in popularity, including cloud-to-cloud migration and cloud repatriation.
Natural Language Processing
If you’ve used Siri, the voice-activated assistant on Apple’s many devices, you’ve experienced natural language processing (NLP). NLP is a branch of artificial intelligence (AI) involved in producing computers with the ability to understand spoken words and text. More importantly, it allows the computer to respond in much the same way as a human would respond, something previously possible only in science fiction programs like Star Trek. NLP is already involved in a wide variety of products, from Siri’s digital assistant to GPS systems, chatbots, and speech-to-text software. However, today it’s also being used to simplify business operations and processes, improve worker productivity and provide prompt answers utilizing big data.
Final Thoughts
As we’ve seen today, there is a continuing and massive shift towards digitalization in today’s world, both in the business and private sectors. Big data is and will continue to be, at the very heart of this push, influencing business decisions and pushing the envelope of technology ever outward. As a business owner, your job is to decide which of these emerging trends provides the most benefit to your particular company and set about applying them.
Here’s a fact; big data can provide the answer to whatever the challenge your business faces. Big data is already revolutionizing many industries and will continue to do so in the future. The goal of every business is to implement the best big data trends that fit their goals, provide real-world answers and keep them ahead of the competition. No matter the industry, big data offers an amazing array of benefits if used and embraced correctly.
