It is predicted the market for big data will be $46.34 billion by the end of 2018. Data assets and big data, in particular, are seen as critical corporate assets. Most business enterprises are thinking of incorporating big data analytics into their business operations to be able to predict the trends, tastes, and preferences of the consumer. Companies that have already embraced big data are now able to get a competitive edge in the market and venture into newer markets which are critical in widening the consumer base and hence the returns on investment. Big data has become a very significant technology for all sorts of businesses from small business enterprises to big companies and corporations.
With government agencies and companies generating a daily data capacity of 2.3 trillion gigabytes and the information universe multiplying exponentially after every 24 months, no one can deny the impact of data in shaping our universe and human life. Big data which is otherwise known as predictive analytics has also become very critical in the ability of a business to make informed decisions and reduce the cost of doing business. It has also seen the creation of better products and services by businesses that are highly demanded by the consumer. In this article, we are going to highlight the ways through which big data is going to change the business landscape of 2018.
Increased growth in prescriptive analytics
The different systems of analytics are expected to work better in the coming year of 2018. These systems have to assist business owners and managers in making more informed decisions and improve the efficiency of business operations if the analytics have to work at all. All this will be made more accessible by the use of predictive analytics marketing. Prescriptive analytics involves the identification of the ideal course of action for any business situation. 2018 is set to make a significant difference for big data since the playing field is being leveled off.
Analytics is being extended to levels that could have been through as impossible in the last decade all thanks to cognitive computing and the advent of new and more sophisticated technologies. As a business manager, you will always deliver what’s right for your company in any given situation using predictive analytics. For instance, you will still get the right solution at the right time from the analysis of past trends. Moreover, entrepreneurs will be able to make more informed decisions with the information at their disposal by making use of both descriptive and predictive analytics.
Faster machine learning
The abilities for machine learning to learn better will depend on how technologies to develop them are invented. Machine learning and artificial intelligence are getting smarter as time progresses which means that they will be able to do the analysis for large sets of data which are even more complicated than before and be able to deliver more accurate results in a faster manner.
This type of growth has been stimulated by the developments of computer hardware that is more powerful, improved algorithms and the massive increase in data over the last decade. Consequently, products, processes, and people will have an entirely new streamline that could not have been thought of just a decade ago. As algorithms for machine learning continue to develop, the more we will have the ability to learn about unstructured data. This will mean that machine learning will enable your firm to overcome more significant challenges and problems all thanks to machine learning.
The rise of cognitive technologies
Cognitive technologies have happened to be one of the most exciting changes that have come with the advent of big data technology. Tasks that had proved almost impossible for humans to carry out such as facial recognition and the recognition of different handwriting are becoming more and more automated. Automation is being used together with cognitive skills which include the reasoning with uncertain or limited information, planning, and learning. In the past, computer systems only captured, stored and moved unstructured data without comprehending it.
Author Bio: Jeremy is a tech and business writer from Simi Valley, CA. He’s worked for Adobe, Google, and himself. He lives for success stories, and hopes to be one someday.