We’ve seen the rise of proptech trends like IoT, big data, analytics, AI and blockchain throughout 2019. Going into the new year, these trends are going to grow even more. Innovation in big data and analytics is transforming businesses. The way you operate and function will become dependent on tech. We’re learning every day about the capabilities of data and analytics and what they can do for us. Here are five big data and analytics trends that will improve your business in 2020:
Multi-cloud and hybrid cloud solutions
The cloud is an IT infrastructure storing data digitally that is accessible for the business and end-user. No matter the size of your business, the cloud makes it easier, cheaper and faster to store your data. Cloud technologies were gaining traction in 2019 and won’t steady in 2020. The cloud can give you private or public access helping businesses with low-risk or sensitive projects. Businesses can move their data to and from the cloud between on-premise (private) or IaaS (public). This provides a flexible and scalable data solution.
It requires a lot of time to transfer your existing data over to the cloud. Especially when your business has years of data from a large company and client base. That’s why the use of hybrid or multi-cloud technology appears to be a better solution. This technology combines the advantages of public and private clouds; providing businesses with an all-round digital data management system.
Machine learning and artificial intelligence
According to a report conducted by Gartner, over 40% of data science tasks are going to be automated by 2020. More organisations are adopting the use of machine learning and artificial intelligence within their business operations. Gartner wants to increase the implementation of the ‘citizen data scientist’ concept.
This refers to employees that aren’t in the data science field who can use the basics of AI and ML in their everyday work. This will help to improve their operations, productivity and efficiency. 2020 will see data analysts and scientists utilising advanced machine learning and artificial intelligence using automation frameworks that make their projects production-ready.
Blockchain beyond currency
Blockchain is set to move on from cryptocurrency and payments in 2020. It currently provides access to transaction history from any individual at any time. Blockchain is most prominent in finance and banking when managing insurance, payments and trade. Gartner predicts over 11 use cases for blockchain. This will expand into understanding your client, setting loyalty schemes and rewards mechanisms.
However, blockchain is not an all-encompassing data system. At present, the technology has limited management capacity and can’t record data. You have to integrate blockchain with your other systems that record, manage and maintain your data. While blockchain’s use cases are limited, Gartner predicts expansion into the real-world market will be achieved by 2023.
Graph analytics to identify relationships
Graph analytics is a technique demonstrating the relationships between people, places, things and other assets. Businesses can utilise graph analytics to detect patterns and correlations in data. This is especially useful in the finance and banking industries to detect fraudulent activity.
Graph analytics involves inputting, storing, managing and querying your data in a graph format. By displaying data as vertices, the analysis of large amounts of complex data becomes simpler. This reduces your time spent manually identifying patterns. Gartner predicts that graph processing will grow at 100% yearly.
In-memory database systems
As the amount of big data we store and manage is constantly increasing and growing in complexity, businesses are turning to in-memory computing (IMC). Typically, storing data on your device reduces your speed and limits your capabilities. Your applications don’t have the space to process and run efficiently.
In-memory systems replace existing technology to allow for seamless scalability without compromising speed. IMC platforms are being used across industries and is set to increase even further. Within healthcare, finance, retail and IoT, IMC enables medical processing, machine learning and insurance processing.
As we enter 2020, keep an eye on these evolving technologies within big data and analytics. This innovative tech will help your business succeed in the digital landscape. These technologies will transform how you store, manage and maintain big data and analyse relationships.
To understand if the latest technological solutions fit your business contact us for a consultation