Big Data Analytics: Top Business Trends and Use Cases
In today’s age of digitization and technological advancements, data has become an invaluable asset that can provide significant advantages to a business or industry. Over recent years, the use cases of big data have multiplied and it has now become a crucial part of all major business strategies. At the same time, the big data analytics trends are changing rather quickly; embracing new technologies, innovative approaches and moving towards advanced-level analytics.
In today’s competitive environment, companies need to carefully assess their existing data sources and extract maximum value from this data. Big data indeed, has become an essential part of business management strategy. Thus, it is increasingly important for companies to keep pace with the latest technological advancements across different industries.
In this blog post, we highlight the top business use cases of big data analytics that are disrupting the worldwide market.
Internet of Things
IoT networks have already shown a rapid expansion over recent years, quickly becoming a quintessential part of our day-to-day lives. The technology is still growing tremendously and is expected to take over the global market in the coming years. According to FinleyUSA, the global IoT spend is expected to soar up to $1.1 trillion by 2023.
Predictive Analytics has been closely associated with big data and is being used by innumerable companies in different industries to strengthen customer relations, boost sales, and drive more conversions. It makes use of a series of statistical techniques to analyze the existing data sources of a company and make predictions for the future events. Over recent years, predictive analytics has been a major driving factor in data analytics and is likely to show a widespread adoption in the coming years as well.
Edge computing is being used in wireless networks and data networks for the past several years. It turns out that data analytics partly relies on the network bandwidth to save data close to the source. This is one of the main reasons why it is a perfect fit for data networks. Edge computing makes it possible to store data close to the end users while the processing takes place in the fog layer, edge data center or the device itself.
The Role of CDOs
You might not have heard about a job profile called Chief Data Officer or (CDO) but you would probably get used to it in the near future. Despite the availability of Data Engineers in all major fields, the demand for CDOs tend to rise in the coming years. A CDO is a Data Engineer who is responsible for managing enterprise-wide data analysis, assessment, visualization and studying intelligent business insights that would help in seamlessly running business operations.
Quantum computing remained a far-fetched reality for several decades. However, tech giants like IBM, Google, Intel and Microsoft are meticulously working on building a quantum computer that would possibly reshape the world of digital computing technologies. Such a computer will use the quantum states of subatomic particles to store data and information. Of course, IoT will play a crucial role in making this dream a reality.
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