It seems like forever ago that big data analytics and the internet of things were introduced to society only to produce massive changes, but the truth of the matter is that these relatively new developments are only just getting started. While we’ve been hearing about big data analytics and the growth of the IoT for years now, these two concepts are only just beginning to achieve their full potential, and the immediate future carries with it robust growth opportunities with it comes to the continued employment of software and hardware in a wide variety of new commercial areas.
Here’s an exploration of how and why the big data marketplace is changing, and what forecasters expect the near-future to bring with it.
Opportunity is rife
There’s no denying that opportunity is rife where big data and the IoT are concerned; according to one extensive report from McKinsey, for instance, the number of companies relying on IoT technologies rapidly expanded from a mere 13 percent in 2014 to about 25 percent in 2019. Furthermore, the company’s analysts have argued that we can expect to see a threefold increase in the amount of IoT-connected devices around the world from 2018 to 2023.
It’s clear that commercial, academic, and governmental opportunities which were never before possible are now materializing thanks to the growth of the big data industry and the broader IoT. What’s less well understood is which companies will keep benefiting from the continued growth of these two critical sectors. Taking a look at the major analytics trends that are visible thus far in 2020, we can determine that automation in particular is going to take a more and more important role in various business processes sooner rather than later.
That’s because data scientists and the companies that vacuum up huge sums of information for a wide variety of commercial purposes have to spend excruciatingly long hours and tremendous sums of money “cleaning” their data, or rendering it applicable and useful to whatever specific project they’re working on at the moment. According to one report put forward by Forbes, so-called data preparation is one of the least beloved parts of the rapidly growing industries which rely upon data in the first place.
We can thus expect the need for software distribution tools, data preparing tools, and guides for how to use the both of them to continue proliferating in the near-future. Companies which foray into data analytics can expect to reap huge profits going forward, in no small part because data analytics can be made useful in virtually any industry. Big data processing software will thus become more and more crucial as time goes on, as many companies are already collecting information they may presently lack the tools to make use of.
Changes are coming to the big data marketplace, and they’re largely being driven by the continued adoption of complex software and the eager vacuuming up of consumer information which can be put to profitable uses later on.