With an expected growth of yet another $7.3 billion in 2018, the market size of big data will almost certainly break past the $40 billion mark in 2018.
As more and more industries understand the benefits that big data analytics provides, current strategies and programs will need to evolve and develop to support larger workloads.
With 2017 coming to a close, we reflect on the major developments behind us and anticipate the exciting advances that are yet to come. Here are some of the big ones to look out for.
More Specified Job Roles
Year after year, the demand for data scientists and people familiar with big data language and practices are needed in the workplace. IBM predicts that there will be more than 700,000 job openings for these types of specialized positions by 2020.
Businesses will need to plan ahead with their training procedures to account for innovations in this sector. Additionally, traditional job roles will inevitably evolve to incorporate new benefits and features of proper data implementation. Eventually, EVERYONE throughout and organization will need to be comfortable with data practices, not just the IT department.
With 62% of companies planning to implement machine learning and big data principles in the coming year, organizations must find the most effective tools to keep their team members organized with all the coming changes.
As we have seen in the past, industries and organizations that fail to adapt with the changes will soon fade away. Given that a great deal of business projects now involve big data, companies need to have bulletproof strategies in place for day-to-day operations.
Task management tools like Workzone are becoming incredibly popular for this reason. This resource has proven to be an influential factor for large organizations to provide a clearer structure for projects of all shapes and sizes, with cloud storage for remote use and document filing and sharing. Taking workflow changes into consideration, you can break down the workload to see which resources are over-allocated or under-allocated.
Thanks to the vast capabilities that this type of software provides, business organization structures will need to add more specifications to each job role. Implementing big data and AI capabilities can drastically boost efficiency, but only if workers are able to use the tools to their fullest potential.
Hyper-Focused Customer Journey
The customer journey is set to become even more specific and personalized with the power of analytics. E-commerce giants and startups now have access to information that can help create an ultra-personalized experience for each individual consumer with predictive analytics.
Big data analytics can help e-commerce businesses get to know their customers on a more personal level by tracking their past purchases and shopping habits. Shopify, one of the largest e-commerce platforms, is already bringing this sort of capability to their stores with customer account analytics. The system’s advanced metrics measure conversion funnel rates and order values, along with real-time customer habit tracking.
These types of personalization insights can lead to significant boosts in sales. Companies that have implemented strategies for purchase suggestions and unique offers have already experienced 10% increases in revenue. As 2018 rolls around, more businesses will see the necessity of offering even better personalization for improved results.
One of the leading customer issues with big data is trust, as 49% of Americans believe that their personal information may be at risk. With more data breaches occurring every year, cyber-security has become a growing priority for businesses and individuals as more financial and personal activities take place online.
In the coming years, major advances in cyber-security are not only expected; they are absolutely necessary. For this reason, blockchain advancement is set to be one of the most prevalent trends in 2018.
Blockchain helps to encrypt Bitcoin transactions and other big data transfers that carry private or sensitive information. But what makes blockchain virtually uncrackable is the fact that no transferred documentation is stored in one place. Instead, they are broken up and scattered throughout various locations for security purposes.
Industries that handle large data transfers, such as banks and healthcare providers, will be implementing more advanced blockchain practices into their organizations throughout 2018. IBM reports that 90% of government entities will pursue blockchain development for better cyber-security around the globe.
AI Takes a Mainstream Role
With Siri, Alexa, and Twitter bots dominating 2017, it is no surprise that AI is becoming less science fiction-like and more of a reality. As artificial intelligence advances daily, it is the end-user who stands to benefit the most from this fascinating combination of human-like qualities to man-made machinery.
Forrester predicts 2018 to be the year that most businesses will come to terms with the fact that AI is necessary – and complicated. As more companies begin to implement the power of AI into their daily operations, they will realize advantages of this technology.
Dell is planning to incorporate AI to the real world in a big way in the upcoming year. After years of intensive research and development, Del EMC is releasing their machine and deep learning capabilities to the mainstream enterprise.
With their high-performing computing technology bundles, businesses of any size can pick and choose features that meet their specific needs. Expect to see even more tech giants follow suit in 2018 and find inventive ways to bring the power of AI into everyday life.
No doubt about it, big data is pushing us towards a brighter, more optimized future. As an increasing number of industries are jumping onboard, 2018 is shaping up to be an eventful year. Here’s to another year of data-fueled innovations, inventions, and discovery!