With big data technologies moving ahead quickly data analytics is not just a trend but a new way of business life. The potential of analytics lies in speed and efficiency. It gives the opportunity to spot trends in customer behavior and respond quickly. With the amount of data expanding, the analytics and big data sector has seen a robust growth over the last five years. This will hold true in 2016 as well.
Let us take a snappy peep at some of the significant analytics trends to look for in 2016.
Internet of Things (IoT)
Experts forecast the Internet of Things (IoT) will make progress as it becomes expansive. New technologies like 3D printing and virtual reality are poised to change the end-user experience as IoT continues to gain attention in the tech space. As we move beyond 2016, mobile devices, sensors and people will join the IoT.
The key challenge is to transform, enrich and repackage data assets into solutions that target customers’ needs for a solution that optimizes business performance and simplifies jobs.
Many companies are already monetizing their data in order to increase profits. This trend is said to become widespread in the coming years.
Simplifying big data
Visualization of data enables better understanding of business and ultimately helps in making better decisions. Salesforce and Cloud technologies join in to simplify big data and improve analytics service. The latest tools can turn complex data to simple for sales.
Organizations across the world are focusing on the high impact business applications of cognitive analytics, a new generation of solutions using advanced algorithms to learn directly and automatically from data. Key trends include the adoption of cognitively enriched intelligent machines including mobile devices of IoT devices and cognitive agents like personal virtual assistants.
Data analytics is said to become democratized for businesses. With constant innovation in technology, data can be made available for anyone.
As more and more mobile apps collect considerable amount of data, there is a growing concern over security. This year will see cybercrime prediction powered by machine learning techniques to anticipate hackers’ activities and further detect and fix security holes in networks and applications.
Business analytics is an important component of a successful business. While some trends continue, some others are evolving at a rapid pace. According to analysts the big data market will be nearly $50 billion by 2019. The future will see many value added refinements that will ensure intelligent business decisions and more personalized service for customers.