In 2019, we saw businesses leverage web data to conduct sentiment analysis, trend prediction and brand monitoring, which drove faster responses to the fluctuation in the market. In 2020, the innovation of big data will continue to expand and achieve an epic level of the 21st century. Here are 5 big data trends in 2020:
Rich, who is a product manager at OneLogin, predicts that “Decentralization will become the new buzzword in 2020. We are centralized now with large tech companies having control over a lot of the data. This next year we’ll see companies begin to position themselves as decentralized in one way or another. The control of data will begin to shift back to the consumer and end-user. People will stop becoming the product.”
By 2020, the hype around edge computing will become reality. Just in case you haven’t been aware it is a distributed computing into various end-user devices. Simply put, instead of processing and storing data in the centralized cloud, the computing capability will be implemented into various IoT devices. Imagine your coffee machine will record your selections every time you brew coffee, and send collected data to the cloud storage where all the data can be seen as per need.
Artificial Intelligence (AI) and Machine Learning (ML) get greater attention
AI and Ml accelerate the pace of their application among data-driven organizations. Gartner predicts that by 2022, 75% of new end-user solutions will adopt AI and ML techniques in commercial platforms.
However, the biggest challenge at the moment would still be data volume and quality. According to Ben Dickson, “Machine learning systems are data-hungry. The more quality data they have, the more accurate they become.” The accurate model stands for a smarter AI. And a smarter AI means more customized content to a wider audience, which improves their adherence to the business and makes more profit.
Digital transformation dominated era
We’ve been talking about digital transformation without really knowing what it means. It is a broad concept involves the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML) and big data.
In 2020, we will see more and more businesses start to realize that it is really about the adoption of the data-driven approach to keep up with the ever-changing environment. That is to say, it is a must for a business of every aspect to investing in data platforms. Not only can it create new opportunities of which plenty of start-ups are now after, but it also gives you the ability to adapt to the changes.
Data Extraction will be a critical key to unlock data strategic execution
The volume and quality of the data impact the overall performance of a business. It’s like you wouldn’t start a business without CRM. In 2020, we expect more and more enterprises will adopt real-time data extraction to drive customized marketing operation.
That said, data extraction technology will continue its glory in acquiring real-time data at scale. You are probably aware that the information appearing on a website constantly changes on a periodical basis. It is a survival instinct for today’s business to sort out accurate information and stay alert.
Take TripAdvisor as an example. There is a huge chunk of information for accommodation and flights, and they always change. Therefore, TripAdvisor needs to monitor other hospitality and flight websites simultaneously so as to keep their website updated. This is how data extraction comes into play. It identifies and extracts changed information to stay alert on the issues and new opportunities.
Gartner defines dark data as “the information assets organizations collect, process and store during regular business activities, but generally fail to use for other purposes.”
Companies generate a huge amount of data every day for compliance purposes. They are accumulated into a huge pile and become old files and documents that never get the chance to be monetized. We don’t know when they might become useful. However, these data won’t offer any values to business only if they can be analyzed effectively. According to IBM, by 2020, there are over 93% of data will fall under the Dark Data category. It will be not a surprise to see more emphasis placed on utilizing dark data to gain a competitive edge.
These big data trends are based on my research and readings. Some may prove to be off the mark as technology is agile in itself. But you get the idea that it is imperative for today’s companies to prepare the ammo and combat with agility.