About a decade ago, global data started growing exponentially, and since then, it hasn’t shown any signs of slowing down. The sources include social networks, the Internet, text messages, and media files. IoT sensors and devices have also created massive amounts of data and drive the growth of the global data market. According to Statista, the market has reached 49 billion dollars in size. Big data is powering the world and forcing the organization to seek consultations from a big data expert.
The opportunities and challenges of big data analytics and unstructured data are far more critical than the volume dimension. Variety, value, velocity, action, and purpose matter more. This article provides an insight into the present, the future, growth, and challenges of Big Data.
Table of Contents
- Big Data in 2020
- Future of Big Data
- Challenges ahead
Big Data in 2020
Big data is projected as a miracle and hyped as a solution to all corporate woes. Although big data’s initial charm is subsiding yet, it is making more significant strides in delivering worthy insights. Big data is an established technology now, and the unnecessary fuss has outgrown. It is providing real value and not towering promises. Let’s look at the current standing of big data in this section. With a CAGR of 10% in 2020, combined revenue from big data-related services would fetch vendors beyond $76 billion. In two years, the revenues will surpass $210 billion at a CAGR of 11.9%. This means that the big data market will grow to become a $123.2 billion market by 2025.
The big data industry is big and alive from services and software to analytics and infrastructure; it’s changing. A more significant industry exists for business analytics and gradually growing. According to IDC, analytics alone is supposed to grow to generate $203 billion in 2020. The shift has been possible due to a data-driven mindset. There is a demand for big data training, analytics technology, and services. Also, worldwide IT spending is expected to reach $2.7 Trillion in 2020, and the BDA industry amounts to 7.5 percent of it. BDA is more than big data analytics, and as big data matures, the Business Analytics market’s share will increase.
IDC predicted the growing role of big data in the BDA market at the end of 2015. Today, the big data services market and technology are touching $57 billion. It’s not practically possible to define the service market and big data technology precisely. Big data is an integral part of IT and Application Performance Management. It’s everywhere from cloud to security and more. The big data industry in totality includes services, security, networking, storage infrastructure, discovery tools, data center infrastructure, analytics, and big data applications. The years ahead are going to be the golden period for the big data industry. The maturation of big data means a change in the industry and the way businesses perceive it. If you plan for a career in Big Data, consider taking up big data analytics certification to enter the Business Analytics space.
Here are a few predictions and opinions of experts on what tomorrow holds for big data:
- The volume of data will surge, and the migration to the cloud will keep on increasing.
- Machine Learning has the potential to disrupt the landscape.
- The demand for a big data expert and data scientists will increase
- Data Privacy issues aren’t going anywhere
- More actionable and fast data will come to the forefront
The future of big data analytics is both fascinating and frightening. It promises to change the business operating in healthcare, finance, manufacturing, and other industries. The size of big data is overwhelming and can create additional challenges involving security risks, data storage, processing difficulties, and a shortage of data professionals. Big data means big value to most experts. In the future, it would give rise to new job titles and possibly even departments handling data management. As companies continue to use consumers’ data, new regulatory standards and structures of conduct might emerge. There is a shift expected from being data-generating to data-powered for most companies. Thus, the future holds more use of actionable data and business insights.
The technical field has plenty of challenges in the way of its growth. Here are the few top challenges:
- Volume- There is enormous data, and companies cannot free up space to store data for accurate analysis. The growth of unstructured data is further aggravating the situation.
- Generating timely insights is a problem because organizations can’t keep big data ideal in the repositories.
- Lack of a skilled big data expert– There is a widening gap between the requirement and availability of experienced big data professionals.
- Integration of sources- Big data is an encompassing term that combines a broad array of data sources. The integration of sources is a tall order.
- Data Security- Privacy and data security are of paramount importance to companies. Among other cybersecurity issues. If an enterprise adopts a ham-fisted data handling approach, data breaches and scandals can tarnish the reputation.
Big data is dynamic, and these challenges might later prove to be off the mark. The future can usher in a different reality, and that’s the beauty of this space.
Undoubtedly, the big data industry will continue to evolve. The increased focus on big data is an indication that it’s headed in the right direction. By the end of the year, the industry will change, and some of its areas will diminish while others would join the big data industry in reality. The future will see organizations leveraging the potential of big data entirely, and lack of business focus would reduce. As a first step towards the industry, sign up for a big data certification course or big data online training.