There’s no doubt that big data is having a big impact on business. But, is it here to stay? And, if so, what can we expect of big data over the next 10 or 20 years? Here, we take a look at some predictions.
1. There’ll be more and more of it
As big data software, such as BOARD, continues to advance, there’ll be more and more opportunities to collect more and more data in more and more areas. However, business won’t necessarily have the resources – or desire – to analyse it all. So, there’ll be an increased call for intelligent decision-making around which data is most relevant.
2. A possible shortage of big data experts
Not only will volumes of data increase, so, too, will the number of companies using it. That means there could well be hot competition for staff – in terms of both experts in data itself and experts in big data software. It’s likely that many businesses will decide to employ data officers.
Of course, the flipside of this is that, as software becomes increasingly sophisticated, there’ll be some areas in which humans will be rendered obsolete by automation.
3. Businesses will have to be careful about privacy
With every new revelation of the misuse of data, new laws come into place, protecting the privacy of consumers. Businesses that aren’t knowledgeable about – or respectful of – privacy laws will run the risk of law suits and reputational damage.
4. Global revenue from big data will boom
In 2016, big data and business analytics generated $103.1 billion in revenue, according to the International Data Corporation (IDC), which publishes the Worldwide Semiannual Big Data and Analytics Spending Guide. According to the IDC, this will grow to more than $203 billion by 2020. That represents 11.7% growth annually .
5. Companies will make more and more money out of data
Companies won’t only continue to use big data for their own purposes; they will continue to profit from selling it. According to Forbes, 33% of Fortune 500 companies will double the amount of revenue generated by products based on information.
At Sensus Solutions, we custom build platforms to provide you with smarter business intelligence. Contact us today for more information