Posted: 07 May 2021 Contributor: Jemma Owens
Big Data 2021: Top Five Future Data Trends Your Business Should Be Capitalizing On
As we all know, the year 2020 didn’t exactly turn out quite as planned. The unforeseen global pandemic threw the world into a state of chaos, impacting the majority of businesses everywhere in some shape or form. It’s no surprise then that IT departments throughout the world were faced with the brunt of much of the damage, as they scrambled to find solutions to handle unprecedented levels of upheaval. With workforces moving from the office to the home, video calls replacing board meetings, and cloud computing taking center stage – there was a lot to adapt to and deal with.
Amidst the madness though, there was a key player in the digital transformation of 2021, and that was trends in big data. But what exactly does that mean and how has big data been able to help businesses adapt to the “new normal”?
In a nutshell, big data is the accumulation of data that is giant in quantity (as the name would suggest). As well as its volume, big data also grows rapidly with time and complexity. For this reason, no traditional data management (DM) tools are capable of storing or processing it effectively. In light of the pandemic, big data has been largely utilized across diverse areas to resolve many complex business problems, able to totally transform processes and bring about key innovations at the same time. Big data’s three strategies of availability, speed, and trust are what allow this particular data to perform so well, and have proved to be instrumental in helping businesses navigate through tough times. Every industry from banking and telecommunications, to healthcare, government, and retail is harnessing the power of big data right now, making it one of technology’s hottest tickets.
But what can be expected this year in terms of big data? Here’s a run-through of what we at Aumcore believe will be the main data analytics trends of 2021, so you can keep an eye out.
What are the big data trends in 2021?1. Augmented analytics becoming more recognized
If you’re hopeful about the future of big data, you should probably get to know a little more about augmented analytics.
One of the main issues that have cropped up with the rise of big data use is dealing with the sheer volume of data that is now available to businesses – with evidence suggesting that an estimated 2.5 quintillion bytes of data will soon be generated on a daily basis. Projections also predict that in the next five years, businesses will be generating roughly 185 times more data than at present. That’s a lot by anyone’s standards! It’s no wonder then that with data sets this big, the prospect of interpreting them looks set to be a huge test.
That’s where augmented analytics comes into the picture for businesses. Through the use of ML and AI techniques to automate sharing, analysis, and initial preparation of data – augmented analytics will allow these vast data sets to be interpreted as smaller and more usable chunks. It’s this simplification of big data that will make this type of analytics undoubtedly more mainstream in 2021.
2. Increased focus on knowledge graphs
It’s been widely tipped that knowledge graphs will be one of the most prevalent emerging technology trends to close up the gap between humans and machines in 2021. That’s because with big data expanding at the rate it is, there needs to be an increasing amount of help to analyze and make sense of it all. This is where knowledge graphs will prove to be an absolutely essential tool for many businesses.
Knowledge graphs are a set of interlinked descriptions of events, objects, and concepts that give data much better context, through the use of linking and semantic metadata. This means easier analysis, integration, sharing, and unification of data.
According to Dataversity, the main benefits of using knowledge graphs include:
- Extensibility: The ability to accommodate diverse data and metadata that evolve over time.
- Introspection/Query Ability: Models that can be inspected to find what things are knowable and findable.
- Semantic: The meaning of the data is stored within the graph alongside the data to understand connections.
- Intelligence Enabling: The ability to infer dependencies and other relationships between objects.
From at-home working to autonomous trucking, edge computing is now expected to solve problems that the cloud simply can't, and 2021 is set to be its year. Essentially, edge computing brings data storage and computing much nearer to the devices where data is being gathered, as opposed to relying on a central location that can be hundreds, if not thousands, of miles away. With remote working still massively popular, the need for increased speed, productivity, and collaboration will undoubtedly see edge-based systems becoming more popular this year with many businesses.
This type of tech will also be pivotal to the likes of traffic management and autonomous driving, where low latency is certainly a plus, but not a must-have. While cloud platforms will likely try hard to compete with emerging trends, AI and 5G are set to accelerate use cases in edge computing – making it one to watch in 2021.4. The merging of big data and blockchain
So far in 2021, there’s been an uptake in interest when it comes to cryptocurrencies and blockchain technology. This is mostly down to the huge rise of Bitcoin and other competing cryptocurrency companies.
If this trend continues to grow in popularity, then big data definitely stands to benefit. That’s because big data is likely to ride the crest of the cryptocurrency wave, as ultimately the result will be the merging of large data sets and blockchain technology. This marriage is then sure to be leveraged by some of the world’s biggest brands.
In a nutshell, the merging of big data and blockchain will benefit businesses by providing:
- Improved online security
- Better privacy and transparency in tandem
- Superior data quality
- Automized processes
5. The big data health revolution
Although the world of health-based technology continues to learn and grow from the events of the COVID-19 pandemic, it’s clear that a huge push in health tech has never been more vital. Big data is being increasingly used to try to find solutions to health challenges, and we’re starting to see the results of these efforts now.
Due to big data’s propensity to store vast amounts of information, it’s no surprise that the medical world is now harnessing these data sets to analyze the vital patterns, trends, associations, and differences of patients. These data sets paint an insightful overall picture, that’s ultimately massively beneficial when it comes to understanding the spread and control of extremely contagious viruses, such as COVID-19. This big data can also be revisited when it comes to developing future preventive methods for certain illnesses.
Trust us when we say that the future is data – with big data is growing so fast that it’s pretty difficult to put it into context or words. The important thing to take away is that big data is certainly here to stay, so it’s a good idea to start adapting your business accordingly, based on some of the trends we’ve explored above. It’s not really a question of if you’ll have to start utilizing these data sets in your daily business routine, but more of a case of when you’ll be implementing them. By embracing big data, you’ll not only reap the rewards of improved all-around efficiency, but you’ll also find that adapting will provide valuable dividends for your business too.