Now that big data companies have solved the problem of compiling an endless streams of data, the emphasis today is on how that data is used, analyzed and presented.
Here’s a look at some of the key Big Data trends entrepreneurs need to be aware of today:
1. Heavier emphasis on predictive analytics
Now that you’ve invested in Big Data, it’s time to focus on analytics. Companies need to be able to use the large amounts of data they’ve accrued to showcase past performance as well as generate predictive analytics.
This may be the most important trend in big data today. Companies need to be able to make informed decisions about the future, not just analyze where they’ve been in the past. Predictive analytics will be the key to success for years to come.
For instance, nearly 80 percent of hospital executives surveyed agree that predictive analytics are important, yet only a third of them utilize them. That latter figure will continue to grow across all industries as companies realize the importance of predictive analytics.
2. Deep learning
The growth of Big Data has also gotten us closer to a time of deep learning … and artificial general intelligence.
Artificial general intelligence is the natural next evolution of AI, one made possible because of deep learning, which derives its power from Big Data. Deep learning is a subcategory of machine learning, fueled by the neural networks of our brain. With deep learning, the goal is to create artificial neural networks that can discover patterns in Big Data.
It’s essentially taking the power of our brain even further. This might be a little farther away, but it shows you just how powerful Big Data can be. It’s definitely something entrepreneurs should keep tabs on now.
3. The rise of the data engineer
For the past few years, the title of data scientist has been en vogue. Companies all over the world have fallen over themselves to hire data scientists. Deloitte has defined the need at 1 million data scientists by next year.
However, the title of data engineer is also on the rise and could even supplant the need for data scientists. While data scientists marry insights to business objectives, data engineers build and design the infrastructure. These positions have been somewhat in the background, but will continue to gain more importance. The number of data engineers doubled from 2013 to 2015, and could explode in the upcoming 12 months.
4. Shifting away from Hadoop
As companies need Big Data applications to move faster, they’re finding themselves moving away from the industry standard of Hadoop.
Faster databases such as Exasol and MemSQL have grown in prominence lately, as companies seek faster processing. Purpose-built tools meant for Hadoop are starting to become obsolete, as better and faster answers are out there.
While Hadoop will still be around for years to come, many companies are building databases of Hadoop and non-Hadoop sources, emphasizing the variety of Big Data. Companies that have a varied data source instead of simply relying on Hadoop will be ahead of the curve.
5. Big Data-as-a-Self Service
One of the biggest dominoes to fall will be the prominence of Big Data-as-a-Self Service. That will truly energize the adoption and influence of Big Data.
Companies are starting to realize that the mountains of data they’ve built up are actually quite valuable. Why not capitalize on it?
More companies will start building out self-service platforms, allowing clients access to proprietary data. They can also use the insights from these platforms to help improve the business. This is a huge opportunity for small and medium-sized enterprise businesses. Building an app or platform catering to these companies could be an industry catalyst.