Global Data Science Forum

 View Only

Big Data Analytics Future Trends And Growth

  • 1.  Big Data Analytics Future Trends And Growth

    Posted Wed December 22, 2021 10:10 AM
      |   view attached
    Big data analytics study the unstructured and structured database to visualize and provide insights based on correlation, hidden patterns, the market's changing trends, and more. The industries are focusing on utilizing analytical tools to gain customer insights by advancing business intelligence. For instance, in December 2020, Amazon, Inc. introduced HIPPA-eligible data analytics services, Amazon HealthLake, for the healthcare industry that offers real-time patient data insights.

    Digital transformation across healthcare, manufacturing, retail, and other industries during the pandemic are likely to boost data generation. The industrial internet of things (IIoT) and artificial intelligence (AI) drive automation in the manufacturing industry. The technology is being implemented across inventory management, asset management and predictive maintenance, real-time alerts, network manufacturing, and more to amplify the growth of the manufacturing industry during uncertain business environments.

    Growing Trend of Edge Computing to Surge Analytics Tools Demand

    The number of connected IoT devices is increasing due to the growing adoption of the Internet of things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms. According to IDC data, 152,200 IoT devices will connect every minute by 2025. The growing demand for connected devices is boosting the implementation of edge computing. Edge computing solutions are defined as a framework wherein processors are located closer to the source or destination for data rather than clouds.

    Data stored close to source or destination saves time for data upload on cloud or on-premises and lowers the load on servers and network. With the capability to method data in real-time and quicker response time, edge computing is particularly applicable to Industrial IoT. For instance,

    In May 2021, Telefónica Tech, a digital business company, collaborated with Microsoft on Azure Edge Zone. The agreement combines Telefónica's 5G connectivity and Microsoft Edge computing capabilities, enabling industrial processes to drive digital transformation.

    In May 2020, IBM and RedHat introduced New Edge computing solutions for telecommunication companies to speed their transition in the 5G era. IBM services teams dedicated to edge computing and telco network cloud to aid customers to provide 5G and edge empowered solutions across all trades.

    Thus, the growing shift towards edge computing to further boost database quantity is expected to fuel the future opportunities of this market.

    Rising Database across Industries to Boost Market Growth

    Rising digital solutions across industries such as education, banking, retail, agriculture, healthcare, IT and telecommunications worldwide are exponentially increasing data. For instance, artificial intelligence brings a revolutionary change in precision farming, risk management, and pest control in the agriculture sector.

    Sensors, smart machines, GPS-equipped tractors, and soil sensors generate a huge volume of structured and unstructured data. To analyze huge data sets such as natural trends, advanced supply tracks, ideal crops, risk assessment and more, big data and business analytics are being implemented in agriculture.

    Similarly, businesses are implementing bots to modernize and automate the work environment. Further, virtual assistance like Amazon Alexa, Apple's Siri and Google Assistants generates huge data. For instance, as per the Statista report published in January 2021, the number of digital voice assistants is expected to reach 8.2 billion. Advancement in network connectivity and smartphone technology accelerated the growth of social media users worldwide.

    A huge volume of data is generated from YouTube videos, Snapchat, Facebook, Instagram, WhatsApp chats, and others. Thus, with technological advancement in industries, increasing social media platforms, and adopting smart applications, the industrial revolution is expected to generate huge databases. This rising database is likely to drive the big data analytics market statistics.

    Abhijeet Bendre