Big Data Trends To Expect In 2022
As digitization transforms business at different verticals, big data gives the industry leaders an unprecedented opportunity to lead the business to digital success. Data-driven decisions across the digital landscape are vital to enhancing your business’s operational efficiency and productivity.
According to PCMag, the global big data market and business analytics revenue will skyrocket by 2022, expected to reach USD 274 billion dramatically.
Another research report by Fortune Business Insights says that the global BDaaS (Big Data as a Service) market size is anticipated to grow at a CAGR of 28.2% from 2021-2028 and reach up to $93.52b in 2028.
Source: Fortune Business Insights
Since big data enters the tech scene, it projects significant changes in our world in several ways, even outside the business regime. For example:
- Improved healthcare
- Crime prevention
- Disaster prediction and control
Google Cloud and Salesforce specialize in enterprise-scale data modeling, which helps automate data analysis with interactive visualizations and reports. Both companies ascertained the lucrative power of big data by acquiring Looker (in $2.6 billion by Google Cloud) and Tableau (in $15.7 billion by Salesforce). These facts and figures affirm the rising demand for big data as a service and data analytics as a crucial resource for private and public enterprises nowadays.
Given that the big data market is projected to become a more scalable and profitable field in the coming years, how should you conduct and move your business forward? If you are looking to harness the lucrative power of big data and analytics for profitable business success, here are the current trends impacting the digital landscape and what can be expected in the future.
Digital transformation moves forward
Digitization is a global currency moving the technology forward in all domains and leaving the trails of the enormous volume of data. Digital transformation will try to rein in the form of IaaS, AI, and IoT solutions fed by big data.
IoT connected devices, AI and machine learning tools, and optimized use of enterprise data stored corporations’ data servers go hand in hand.
Statista 2021 report suggests the expected reach of IoT-connected devices alone to 25.44 billion devices in 2030. Thus, it denotes the primary source of big data.
There is a lot to learn and comprehend out of all that data. However, AI and machine/deep learning seem to be the best bets enterprises should address.
Big data reinforcing climate change research
Big data plays a significant role in climate change research. Only real-time and accurate data analytics can put the raging debate on climatic changes to rest. All the nations have to join hands and take quick actions to save the planet from constantly growing environmental issues.
Besides telling what’s going on with our climate, data we receive from earth sciences, meteorological research centers, ocean exploration, research, and even nuclear research facilities shows many other fascinating insights about global warming.
The devastating changes in the populations and lands are making the industry leaders worry about climate change. A slight drop in temperature could affect agriculture – directly impacting human lives and health. Likewise, the drastic climate changes in our ecosystems can impact the global population and businesses with drained resources.
Where would businesses go in the face of that? They should invest in human welfare and make this planet a better place for today and future generations.
Clinical trials and novel medical cures
Big data and analytics are not only used in the form of business intelligence solutions to help companies; healthcare is also adopting to search and build novel medical cures. In addition, corporations show great interest in human welfare because they need a healthy population for a healthy workforce – reducing health-induced absences, financial loss, and other work-related issues.
Healthcare expense in the USA alone is an alarming piece of data, accounting for 17.7% of the country’s GDP, with national health expenditures projected to hit USD 6.2 trillion by 2028 (with an average annual growth rate of 5.4% from 2019-28 (CMS, 2019).
The clinical trials remained relatively untouched by digital innovations, unlike the other areas of the healthcare industry. Thanks to big data that could now help researchers improve the efficiency and success rate of clinical trials. With these trials turning digital, medical scientists can use clinical records from healthcare facilities to speed up finding medical cures and reduce drug development costs.
Data-as-a-service (DaaS) in retail sector
DaaS (data-as-a-service) is not something revolutionary but significantly crucial for businesses. Many enterprises and eCommerce businesses are bringing it into action and generating massive, recurring revenue. Aldo, Groupon, and Office Depot Europe are pretty good examples of big data utilization in retail.
Statista 2021 report projects the revenue growth of DaaS market to reach $10.7 billion in 2023.
You might have encountered it in the form of purchased images, videos, music, etc., from different online platforms such as Netflix. Although not a new trend, it will keep bringing a whole new lot of information from map data providers and product vendors, transforming the concept of big data.
The SaaS software solutions based on big data residing in the cloud will simplify data access by customers using any device. You can quickly and easily update your data when placed in a single and secure location like a cloud environment. You can also outsource your data for improved management and presentation at a minimal cost.
Natural language processing will gain traction
AI, machine learning, and IoT solutions supported by big data applications are pushing the interactive boundaries of humans and technologies. NLP (natural language processing) gives these technologies a human face and further adoption to help people engage and interact with intelligent systems in human language. In addition, NLP is becoming more innovative to reduce the nuances of language in use, allowing even the most casual users to interact with intelligent tools and systems.
With the increased adoption of NLP in business operations, users can easily access the quality information and prompt the system to provide them with much-needed insights to move forward. They can get the content in a human voice. Moreover, NLP benefits businesses with sentiment analysis which allows them to understand the consumer interest in their products/services at a much deeper level. They can use this information for optimized business processes to improve customer experience.
Big data shines the way forward for business empowerment. People today use data in different ways that were not even imaginable a few years back. It revolutionizes almost every industry, allowing companies to predict user intent and customer behavior to an incredibly accurate degree. As a result, big data helps companies improve their business efficiencies, enhance productivity, save time and reduce cost.
Expect more revolutionary changes in the current business regime, focusing more on big data trends in the upcoming year. Fingers Crossed!
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