Having a Data Strategy Plan for your business is no longer a nice-to-have. It is a must have, and in most circles is mission-critical to success. Where terms used to be fused (e.g. AdTech, MarTech, FinTech, etc.), infrastructures are now merging to create better and more powerful opportunities to better serve business and the day-to-day tasks of our personal lives. Data continues to change the landscape of our world and, as we look forward to the future, this shows no sign of slowing. Here are some of the biggest trends shaping Data Analytics right now:
A Smart World: IoT, Conversational Analytics, and NLP It’s estimated that by 2020, there will be around 30 billion IoT connected devices. Think beyond smart houses and smart cars to video doorbells, smart refrigerators and toasters, setting your thermostat by remote and beyond. As this cadence of progress marches forward, IoT will no longer be a hardware challenge, but a data challenge. And according to a Gartner report on Data Analytics trends, it’s estimated 50 percent of analytical queries will be generated via search, voice, or NLP by 2020. Will this make Data Analytics more approachable for the everyman?
Augmented Analytics Is Augmented Analytics poised to be the next big thing? With a market valued at US$8.4 billion just a couple of years ago, it’s estimated to grow to US$22.4 billion by 2025. Using Machine Learning and NLP to automate Data preparation for sharing, Augmented Analytics could redefine the way we approach our Data.
Cloud Continues to Come of Age Cloud IT infrastructure may already be mainstream, but with spending expected to reach US$82.9 billion by 2022, and with over half all software, services, and technology expected to connect to the Cloud in the same timeframe, expect the conversation around the Cloud to keep growing.
Data Science Roles Evolve into Specialties Frequently, the term Data Scientist is used to refer to anything to do with Data. From gathering and collecting to developing metrics and offering Data insights and forecasting. But as Data teams became less siloed and IT infrastructures became more specialised, the role has evolved into more specific functions, often with a Machine Learning or NLP focus. However, this evolution didn’t stop at these specifics. It’s even made room for those with no programming background. From Marketing Analysts who focus on the customer journey to Business Analysts and Communications Directors who can utilize their soft skills to explain Data professionals’ findings. Whether you’ve got a programming background or an interest in how Data fuels business, the world of Data has opened up. Have we reached the end of the beginning? As we find ourselves on the cusp of the next generation of Data & Analytics in both our personal and professional lives, we spoke to Daniel Levine, Trends Expert and Keynote Speaker to gather his thoughts. Here’s what he had to say: "The biggest overall trend I'm seeing for Data in the coming decade is all about ownership, transparency, privacy, and governance. Data famously wants to be free, but the opposite has happened as companies across the industrial spectrum have scooped it up and siloed it away. The 2020s will create unprecedented amounts of Data from biometric recognition, deep learning, digital streaming, smart appliances and more. And ownership will be shared with -- if not controlled by -- individuals rather than governments and corporations. Blockchain will play a pivotal role in this, offering individuals the ability to safely take control of their own Data. Many governments, led by the liberal democracies of Europe, will enact legislation that aligns with new realities and new technologies that empower both institutions and individuals to understand and control their own Data. The frightening alternative that, when it comes to Big Data, we have reached the end of the beginning whereby a totalitarian dystopian future is nigh." If you’re interested in Big Data & Analytics, we may have a role for you. Take a look at our current opportunities or get in touch with one of our expert consultants to find out more.