The future is approaching rapidly, in fact in fast evolving Big Data world it has already arrived. The seeds of future are already sown in the present. Many trends are visible today which are going to be the cornerstones of how Big Data landscape will look moving forward. Just like any data technologies since the days of Comma Separated Value (CSV) files, data has never been the end but a means to the end, however, the profoundness of Big Data is slowly but surely changing that unwritten law. Today, the data is starting to come to the centre from periphery. Some of the trends which are driving the technology world in general and data science in general in this direction are discussed below.
The Internet of Things (IoT) Enabled Connected World
As the IoT market matures with more and more devices becoming nodes of this huge web of machines and humans, the size and enormity of data they generate is going to rise further and faster. Some of the factors acting as tipping point or point of inflexion for IoT is coming together and maturation of few technologies including miniaturisation and substantial cost reduction of hardware like sensors, radio devices and modems on one hand and standardisation of communication protocols between devices leading to the emergence of various easy-to-connect IoT platforms on the other. Another reason for the concretization of IoT trend is the high level of acceptance it has gained amongst the consumer, from individuals to corporates, everyone is able to see the value of a connected device and hence the intelligence of machines. The possibilities for the IoT is endless with market size touching nearly US$ 14 trillion.
We are already seeing markets being flooded with new smart and connected devices.All these connected devices offer unlimited possibilities for consumers and organisations and will infiltrate every aspect of our lives. Already today we see smart fridges that adapt to what is store inside to air conditioners which can detect the presence of people in the room or smart cars which can drive on own or park on own. All these connected devices are and will create massive amounts of data that can be used to analyse hence improve our lives and make it more comfortable, efficient and effective. Further the same will be used for predictive modelling as well as imparting intelligence to the machine based on pattern identification. Exciting times ahead.
Algorithms to Impact Every Business Domain
As more and more data is getting created, collected, aggregated and analysed most of the organisations can see a demonstrable value in data. As data becomes a commodity and most organisations are capable of managing and crunching vast amounts of data due to emergence and maturation of Big Data technologies businesses are seeing value in identifying patterns within data.
Today analysing the data is not so spectacular, the next logical step organisations are taking is pattern identification within the data. Future will be all about what insights and hence actions you can derive from the data you have access to. To be able to identify patterns and create actions around these identified patterns is what bring in the concept of algorithms. Algorithms are code or software that are developed to be able to identify patterns based on certain conditions and based on these patterns can trigger a set of very specific actions, as the enormous power of computing come in play algorithms are much better than humans in such scenarios. Think for example of quickly determining the right product based on your picture when you visit a superstore or identifying possible stock/forex arbitrage opportunity based on vast amounts of transaction data going through the system.
Generally, these algorithms are self-learning and improve in effectiveness as more data pass through them. So in a nutshell, they are artificially intelligent. While specific artificial intelligence is what these algorithms bring to the table they are stepping stone to general artificial intelligence (like what we saw in movie Minority Report) which is round the corner.
Smart algorithms will play a major role in some business domain while a little less important role in some other by replacing humans in executing some specific tasks. From Agriculture to Finance, Internal Security to E-Commerce, Governance to Manufacturing and Transport to Media all will be impacted substantially by Algorithms.
Blockchain to Emerge as Game Changer
Whenever we hear mention of blockchain it reminds us of Bitcoin, most people link blockchain to the crypto-currency Bitcoin. Literally, in general discussions, most people considered both linked exclusively but that is far from the reality. In fact, the blockchain technology offers a lot more possibilities than just Bitcoin. Surely blockchain further empowers the Bitcoins and other similar platforms but it is not restricted just to digital currency industry. Going forward blockchain will disrupt many industries as it will be adopted by them due to value it brings to the table.
A blockchain, in simple terms, is a public ledger of digital events. This public ledger is shared between many different computing nodes that are physically and systematically isolated. A record can only be updated if there is a consensus of the majority of the participants in the public ledger. Once the new information is entered in the ledger, it cannot be erased and it is visible to anyone. Blockchain ensures a complete transparency to what is entered in the ledger as anyone can see which transactions are entered in the ledger, without compromising privacy. Fact that an event has occurred is recorded without revealing personal details about the parties involved.
Already the financial industry is in process of embracing the blockchain technology as many of the large banks around the world are experimenting with blockchain at various levels of operations and stages of maturity. As an example UBS, Santander, Goldman Sachs all are testing waters in blockchain technology either directly or by strategic investments in startups active in blockchain technologies.
However, blockchain is too disruptive and valuable to be restricted to only a couple of industries. Basically, any industry where digital transactions take place can benefit from the blockchain technology, including but not limited to finance, banking, retail, legal, real estate, gambling, publishing and public services. We will see more applications in different industries using blockchain soon hence a wider adoption of the blockchain is imminent.
What Future Holds
While the above mention patterns are major themes for Big Data going forward, however, many micro yet important themes including Data-driven organisations, Data ownership and security, Emergence of Data Lakes as service and more application of analytics in every sphere of personal and professional life will also play a major role in shaping Big Data industry.
SO EXCITING TIME AHEAD FOR BIG DATA PRACTITIONERS.
