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Big data analytics and AI are some of the most popular and influential technology trends you should watch out for today.
The global big data market revenue is expected to hit USD 103 billion by 2027. The analytics and BI software is valued at USD 16 billion globally.
Big data is collaborating with ML, AI, and other technologies to fuel what is popular today as the Fourth Industrial Revolution.
Here we look at some big data trends impacting the technology landscape.
1 – Predictive analytics
Predictive analytics is a branch of advanced analytics that can make future predictions by using historical data, ML, data mining, and statistical modeling.
We should expect predictive analytics as a branch of big data analytics to grow as we approach 2023, given that firms still need to adopt it in identifying risky opportunities amidst data surges.
Predictive analytics will be useful in different fields such as scientific research, weather, healthcare, and many others to develop appropriate solutions.
Credit risk assessment and crime prevention are examples of predictive analytics being applied in business today. It also has applications in business marketing, like when marketing professionals choose the target group for specific campaign ads.
Predictive analytics is also helpful in solving web hosting challenges. If the website is new, the website owners choose a web hosting plan that is sufficient according to the current bandwidth needs. However, as the website grows the server and bandwidth capacity should be increased and the webmaster should intelligently pick the best hosting plans depending on their average uptime. Upgrading to a better host can be challenging especially if you are unaware of your hosting resources. Predictive analytics can detect the rate of growth and send you alerts once you exceed your existing resources.
2 – Research in Healthcare
Big data is finding its way into the healthcare industry. Most companies investing in medicine are now keen to focus on human welfare. Businesses and large corporations are now targeting a healthy workforce to limit the burden of health-related absence at work, payments, and other issues that slow productivity.
Recent research data from CMS shows that the US GDP includes 17.8% of healthcare costs. It means that bid data is now being applied more in medicine. With the emergence of new diseases and an increasing number of people being infected yearly, big data is expected to make a difference.
It is a general belief from most scientists that by simply consolidating major medical records, it is easy to find medical cures fast. It is also difficult to find compromising results from private and public institutions, which in most cases may slow the finding of cure to diseases.
3 – Cloud migration
Cloud migration moves digital assets like IT sources, infrastructure, or applications. The move is meant to enhance efficiency in service delivery and achieve real-time performance to computer systems and applications with the least interference and uncertainty.
With the many benefits of cloud computing and migration, most companies and private individuals will be fast to embrace it by 2023. The main goal in adopting cloud migration will be to reinvent offerings and remain more innovative in their daily operations.
4 – Driverless technology
A new kid in the market, driverless technology, is taking the world by storm. Yes, conventional driving may still be dominant today, but driverless technology is making some noticeable developments in the industry.
Apple, for example, conducted some tests on their vehicles and noticed some significant improvements in disengagement rates.
Waymo, in October 2020, was able to introduce a full-level autonomous driving vehicle that their customers would use to enjoy driving. In the same year, Walmart also came up with a driverless truck that they could use to deliver items from the Walmart Supercentre to pick up points.
With the advancing technology and the invention of analytics tools, big data is most likely to facilitate commuter transportation management and trip generation. When it’s possible to match origins, track locations, and target destinations, travelers will find it easy to calculate trip duration and costs.
5 – Natural Language Processing (NLP)
The boundaries in human interaction and technology are becoming slim with inventions such as IoT, AI, and big data. Technology gets a human face from NLP. Although technology has been here for years and still advancing to date, most people still feel a clear line between gadgets and human beings.
NLP is expected by many to give technology a new human face and encourage most people to adopt it. They will focus more on enabling people to interact with gadgets like smart speakers and doors using human language. They will use language nuances to make it smooth for advanced users. With NLP, even the most novice users can easily interact with advanced gadgets making work more accessible.
Most complicated devices require individuals to use exotic codes. NLP will make it easy to access quality information that humans require for making their lives better every day. Users can choose the content or information they seek to be availed or presented to them in a human voice. They can just request the device they are using to read the content out loud and listen while they handle other tasks.
6 – Cryptocurrency and the Blockchain Technology
When cryptocurrency came to the limelight in 2010, it faced a lot of critics and fear from most people judging its authenticity and credibility. It was not until Laszlo Hanyecz bought a pizza with 10,000 Bitcoin to prove its authenticity.
Today, cryptocurrency is regarded as one of the most secure currencies with encrypted digital databases and peer-to-peer networks. In some countries, Bitcoin and other types of crypto have been legalized. The worthiness of crypto proves its popularity in most countries.
Many banks are now adopting the use of cryptocurrency in their transactions. Since crypto is backed with blockchain solutions, it is easy to verify client identity and ensure data privacy at a go. This ensures illegal transactions and cyber criminals have no access to their systems.
Blockchain technology is here to stay, even beyond 2023. The applications of blockchain are beyond finance. For instance, in aviation, blockchain can be helpful in tracking passenger luggage and cargo shipment.
In the top trends of 2023, data science comes first. As shown in this article, there is a lot to celebrate in data science. It benefits most industries, including e-commerce, healthcare, finance, marketing, education, and many others.