Companies implement IT systems so as to modernize their operations and, as a result, they end up saddled with more and more quantities of data. At first, the focus was simply finding ways to store this data. It could not just be disposed as companies were unsure of whether the data would be needed later. It had to be stored quite securely to ensure that no one unauthorized gained access to it. However, this data was shown to be a treasure trove of useful information on market behavior, consumer patterns and other such vital business related info. The reason behind this discovery was the realization that larger quantities of data acted as an accurate representation of the matter being researched.
As the area of big data solutions evolves with continued research and development, there are some trends that are emerging. These trends are informing the possible future of the big data market. Here, we take a look at two of the most important trends to emerge.
Lower latency data analysis systems
Processing and analyzing large quantities of data is a taxing process that can take quite a long amount of time. This poses a problem in that there is a real risk that by the time the insights contained in the big data are extracted, they are no longer of such value as they might have been. This calls for systems that reduce the latency of data analytics. The market has seen multiple advances being made in this direction. This seems to be leading to a future where real time big data will be a reality. Real time big data analysis will enable the analysis of big datasets in short instances. This means that the company that has undertaken the process first will gain their well-deserved advantage over market competitors.
The advent of social media has changed how market research is conducted by businesses across all sectors of the economy. The challenge is that social media is producing more data than can be handled by the current range of big data solutions is capable of handling. This creates a possible scenario where there are market insights that we are missing out on. The current trend is the creation of systems that are capable of handling larger and larger quantities of data that are produced every day. This may one day lead to the creation of systems that are truly capable of handling massive amounts of data, hence mega data.