With the increasing number of internet devices and users, global data is growing significantly and at an extremely fast pace. Every interaction with IoT devices connected to Spectrum internet or literally any other WiFi or cellular network creates data.
There are technologies to make use of these massive chunks of data. Therefore, big data has massive future potential and companies are investing in data analysts and technologies. Statista says that big data is already a $49 billion dollar plus industry. Based on how things are going, such numbers are expected to increase significantly.
In this blog, you can see the reasons why big data is growing at such a fast pace and predictions about it.
Increase in Data Volume
One of the biggest reasons why big data is the future is because the data volumes are increasing exponentially. With better and faster internet accessibility, the production of data will keep on increasing. Every year, there’s a significant increase in the number of internet users playing a part in the creation of more data.
Making use of such datasets has been very challenging in the past because of the needs for massive processing power and storage needs. Different open-source technologies have made it relatively easier to use the data. Still, there are challenges that may be resolved in the future.
Data Migration to Cloud for Scalability
Companies like Microsoft Azure, AWS, and Google Cloud have made it easier to store data on small and enterprise levels. In the past, most companies had to develop and grow their own data center infrastructures. The facility to save your data on a cloud platform is and is expected to be a major game changer based on currently available technologies. It is because Cloud gives you the flexibility to scale without investing in hardware and bearing the operation costs.
Many companies with such data will be migrating their data to the Cloud to reap these benefits. However, still there will be choices to prioritize what goes where. For example, government organizations and companies with sensitive data may use a hybrid approach (data centers and Cloud). Based on their needs, other companies may look for personalized solutions.
Development in Machine Learning Technologies
Machine learning is continuously expanding. It is the technology behind personalized search results on the internet, forecasts for businesses, and so much more. It is one of the biggest sectors of AI investments because of its future prospects.
Every year, ML technologies get better and more advanced. Such progress can be expected in the future as well. The reason is the fact that this technology uses data for insights and future predictions. Predictions from machine learning get better with more detailed data fed to algorithms. Looking forward to a data-rich future, ML technologies are expected to get much better.
High Demands for Data Scientists
With growing data volumes and the development of more advanced AI technologies, companies and organizations will need more data professionals with skills in big data technologies. There is already high demand for data analysts, data scientists, and other professions around big data. Recently a new executive position of CDO (chief data officer) has surfaced. It is easy to forecast growth in the number of such positions. This emerging job market will be spread across industries that want to utilize data to their advantage.
Not only will the number of jobs of people directly involved with big data increase, but jobs for cloud engineers for storing and managing that data are also on the rise. Similarly, the security of that data is also a major concern for organizations. Therefore, employment related to data security will also see a significant boost.
Privacy and Protection
With massive data accessible to organizations, concerns about privacy protection will be on the rise. Not only in the future but there have been multiple instances that raised concerns regarding privacy even today.
Privacy and user protection are more important than ever today. The reason is cyberattacks are getting more complex and businesses of all sizes are being at risk. Currently, there is a massive gap in cybersecurity talent and demand. So, it is among professions worth training for because its demand will only increase.
The future is data-rich by predictions at the moment. But to make use of this data, technologies are evolving and cloud infrastructures are developing. Also, there is now a gap in available talent to fill the opportunities to make the best use of big data technologies. Lastly, all that data has to be protected from malicious eyes which opens new horizons for cybersecurity professionals.