At Aspect Consulting, we’re always on the lookout for new trends in the big data industry. Here are 5 growing trends to look out for in 2020 and beyond.

Companies Will Increasingly Rely on Artificial Intelligence to Assist With Their Data Analysis Needs

One of the safest predictions you can make is that more businesses will allow AI to do more of the heavy lifting and sifting of their data. Although businesses are rapidly adopting analytics tools into their company operations, most utilize only 20% of their data, missing out on 80% of possible insights. The processing capabilities of AI-based tools can help close this gap.

Healthcare Organizations Will Discover More Ways To Provide Specialized Care

The “big health data” market is expected to reach 4.9 million US$ by the end of 2025. This is partly due to the rise of precision medicine, which is care customized for each individual patient analyzed through their genetics, lifestyle, environment, personal health tracking devices, and other relevant data. 

While current solutions pull data from one source, the goal is for software that can analyze multiple sources in order to generate more synergized healthcare solutions. 

It’s clear that this is a path that many software organisations and investors are interested in. “Venture capital funding for health care technology firms has increased 176 percent this year, with the majority of funding allocated to data analytics companies,” says Stefan Groschupf, CEO of Datameer.

Moving on from Hadoop

Over the past few years, the Yahoo-created platform has been pushed aside by upstarts in the data software field. Hadoop allows organizations to warehouse massive amounts of data, but it’s not so great at helping end users manipulate it, which modern data solutions are.  

In addition to the increase of innovative analytics solutions, the growth of cloud computing means that businesses no longer feel the need to store their data in-house. Both trends show no signs of slowing down. 

The Third Generation of Data Analytics Continues

Analytics 1.0 was the beginning of businesses using data analytics to improve their processes. Analytics 2.0 is when software companies began to find new ways to analyze information in order to glean even newer insights. Analytics 3.0 marks the democratization of data analysis. 

Every day more non-software companies are using the benefits of data analysis in a variety of ways, and this data can now be viewed by end users and consumers. 

Mike Potter, the CTO of Qlik, speaks about fostering a “positive data culture,'' where data is no longer hoarded by highly technical staff or upper management, and can be shared with all levels of an organization. 

More Data (And More Companies That Seek to Understand It)

This final trend is the most obvious one. The investment analytics website Seeking Alpha reports that by 2020, “the digital universe will reach 44 zettabytes, and data production will be 44 times greater in 2020 than it was in 2009.”

Due to security and compliance requirements, banking and manufacturing industries will most likely be the largest investors in analytics technology. Specifically for financial organizations, being able to analyze large swaths of data quickly means compliance responsibilities can be done faster and more accurately. 

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Author: Himmler Joachim

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