– By Kulwinder Singh
Data, with its all-powerful applications and new ecosystems has positioned us at the tipping point of a great breakthrough. In this new, brave landscape, leveraging data to unlock exponential value to solve one of the greatest challenges of our times is no longer a dream but an actual possibility – well within the realm of imagination for those who will know how to harness data – purposefully. A new change in thinking is in the offing – a wonderful opportunity for global business leaders across the board to pivot their approach towards data to turn it into their most enduring competitive edge.
Today, data is the differentiator between winners and also-rans in business. Information that is captured from multiple sources is integrated with technology to extract insights, making them accessible. The big data industry is set to experience significant inertia moving into 2023. Despite the diverse advantages of big data solutions, there remain many unexplored possibilities in the world of data. Big data is assisting business organizations in many ways. Currently, big data is employed in both the public and private sectors. Machine learning (ML) models are also being trained in cloud data centers. And this new practice is significantly helping in reducing energy consumption. By 2025, artificial intelligence (AI) will consume more energy than the human workforce, thereby significantly offsetting carbon-zero gains. Considering the new trends leading into next year, big data is destined to be quite an exciting ride for every ecosystem.
An integrated approach towards harnessing the power of data with purpose along the entire data value chain; from origination, aggregation, management, modernization, analytics to insights generation; to harness data and map it to specific purposes or goals to drive maximum and utmost value for all stakeholders.
Global Big Data market
The global big data services market incorporates organizations offering IT consulting and system integration services, along with data processing services, business outsourcing, infrastructure services, and Internet services. The global IT consulting market encircles companies that offer information technology consulting and information management services. The global cloud data market can be fragmented into five analysis covers–
- Bargaining power of buyers
- Threat of rivalry
- Identifying new entrants
- Understanding the power of suppliers
- Threat of competitors/substitutes
A recent Technavio study highlighted that the global big data services market is estimated to grow by USD 153.75 billion by the year 2027. The market is set to expand at a CAGR of over 35.68 per cent during the forecast period, and growth momentum will advance. North America will be accountable for almost 36 per cent of the growth of the global market by 2027.
Big Data is emerging as a key component in the world of technology
Nearly every business and organization has at least some access to large data sets that can be leveraged to create new processes and products. And with the growing popularity of artificial intelligence (AI), big data is becoming even more accessible. Organizations spend a lot of money on integrating big data solutions into their operations. To benefit from the big data potential, it is important for them to get acquainted with and comprehend industry-specific issues. With organizations seeking to harness the potential of big data, there is a significant demand to –
- Understand the data peculiarities of every industry.
- Recognize where the money is going.
- Match market demands with the company’s skills and offerings.
- Employing vertical industry knowledge efficiently that integrate big data.
Gaining a competitive advantage
The world of data never stands still. With most companies sitting on large information flows concerning products and services, suppliers and buyers, along with consumer intent and preferences, new innovations are presenting faster access to accurate insights. And these new trends are bringing along new thinking, offering the best ways to put it to work across the business.
Technological advancements are assisting businesses to optimize their product’s performance further, making it more widely used by downstream users. The changing consumer behavior analysis and market dynamics are also emerging as crucial factors for the big data market. Big data is creating a lot of new growth opportunities, thus giving rise to a new category of businesses – ones that analyze and aggregate industry data.
Key predictions for 2023
Businesses are transitioning into a data-driven business model, which is equipping them to make decisions based on generated insights rather than gut feeling. This wave of digital transformation is set to sweep every industry in 2023, thus equipping businesses to react with certainty in the face of uncertainty.
1. Data Fabric
A data fabric in a hybrid multi-cloud system offers a framework and collection of data services to standardize big data practices and consistent functionality. Data fabric offers the ability to share data across different platforms and applications without any third-party tools or software. It is an alternative to traditional Hadoop clusters employed to store large amounts of unstructured data in an easy-to-access manner.
2. Confined Data Governance
There are several reasons for the future to hold more restrictive data governance for businesses. But the primary one is the rising demand for data protection and privacy regulations. And this growing demand for data-driven decision-making is compelling businesses to integrate more transparent measures around data. To comply with global regulations and laws on data-related topics, organizations need to integrate augmented data management framework to survive and thrive in 2023 and beyond.
3. Rising Demand for Better Data Security
Data breaches have become more common, and there is no sign of them stopping anytime soon. Organizations are exploring new avenues to invest heavily in data security to stay ahead of the curve. During the third quarter of 2022, internet users globally experienced approximately 15 million data breaches. The number was up by 167 per cent when compared with the statistics from the previous quarter, as per Statista report. Industry leaders are now placing a high value on data security as these threats are posing grave danger to consumers’ sensitivity without their consent.
4. Adoption of Predictive Analytics
The popularity of predictive analytics is on the rise, as it is being considered the top benefit of big data. With data enjoying its position as the most asset, organizations are widely employing predictive analytics to understand how customers react to a specific event, product, or service, to predict future trends. The predictive analysis framework is being used in various fields for tasks like identifying credit card fraud or predicting whether customers are likely to default on their loans.
Big Data for the future
Big data is being perceived as the future of all organizations, and it is imperative for businesses to stay updated with all the latest trends in this field. Many organizations are integrating big data trends in different ways to achieve the goal of exploring new opportunities or enhancing their existing business models to stay competitive in today’s changing world. Employing big data has been crucial for many companies to outperform the competition. New entrants, along with established competitors, are using data-driven strategies to compete, accumulate, and innovate. Companies across industries are also building their big data capabilities aggressively. Big data practices are also being used more extensively to estimate metrics such as consumer loyalty, allowing businesses to test the power of prediction.
(Kulwinder Singh is the Chief Marketing Officer at SG Analytics)