Big Data: Rising Trends and bright Future
With the exponential rise in the use of devices and platforms that can share data like laptops, smartphones, tablets, etc. large amount of data is generated and stored on daily basis. This coupled with organizations relying more and more on data as a basis for strategizing their business plans called for Big Data analytics.
Emergence of Big data lakes
Traditionally, data sets are defined and designed before entering/inputting any data. This practice has been challenged recently with data sources being dumped into large data repositories, such a Hadoop, without any specific design to the data. Data structuring and analysis is a very organic and incremental process, and storing data in the form of lakes reduces re-work.
Use of cloud computing
A major technological advancement in the past decade has been in the space of cloud computing. Organizations are now identifying the synergistic benefits of combining Big Data analytics with cloud computing. Some examples of such services include Google Big Query data analytics and Amazon Redshift BI data warehouse.
Use of predictive analytics
Big Data comes not only with collecting and storing huge amount of data, but also with much more processing power which can be used for advanced analytics such as predictive analytics. While traditional analytics is more backward looking (Descriptive analytics), predictive analytics helps companies to gain behavioral insights and recognize patterns or trends in the data. Such information helps companies to take better decisions and strategize more effectively.
Deep learning is an evolving concept which aims at solving business problems using machine learning techniques based on neural networking. It is a set of algorithms which can work with high levels of data abstractions. Such a feature will be crucial as defining algorithms for large amounts of data will become difficult and less effective. Also, with big data analytics trying to analyze data that are non-numerical, unstructured text, an algorithm which develops and evolves over time will be crucial.
It will be a big challenge in the coming days. The breach of security will not only grow in volume but new ways and techniques of data theft, identity theft, hacking attacks, etc. is likely to be on rise. Given the increase in use of personal data being stored on cloud and other public storage system, breach of privacy is seen as a big threat. With the evolving new technologies like Big data, handling data securely and appropriately is key to success.
Trough of disillusionment
In the near future, Big Data might go through what is known as ‘Trough of Disillusionment’ in the Gartner Hype Cycle. With Big Data being the biggest technological breakthrough in recent data analytics developments, every company has been trying to transform their business using Big Data which is seen as enabler. Right processes needs to be in place for Big Data to allow for long term sustainable benefits.
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