Big data is growing at an exponential rate. According to the International Data Corporation (IDC), by the year 2020, “about 1.7 megabytes of new information will be created every second for every human being on the planet.” Growing alongside this explosive growth is a new industry dedicated to analyzing data to provide context and pattern. Here’s how the results of that analysis will be used in the near future.
Predictive analytics will play a key role in big data. This information relies on past patterns to provide insight on target markets and customers. Businesses can also use predictive analytics to make more accurate projections, and as a result, shape a more efficient and secure business model.
Personalized customer service is another benefit of predictive analytics. Two good examples are Netflix and Pandora, which rely on predictive analysis to suggest content to their customers based on their viewing or listening history.
Other than the improvement of surface level marketing techniques, big data analytics is contributing to serious revolutionary efforts. In the healthcare industry, for example, pulling data from sources ranging from medical records to smartphone pedometers is giving healthcare providers the necessary information to predict future disease outbreaks, detect early stages of serious illnesses, prevent diseases and lower healthcare costs.
Cognitive Machines for the Future
Cognitive computing is the trending topic in big data analytics for 2016. It refers to the development of machines to embody a more “human-like” cognitive ability to learn from the past and make improvements based on data it has acquired. This innovation will continue to simplify routine tasks – such as self-service checkout stations at the grocery store or self check-ins at the airport – with little to no error at a much faster speed.
Newer machines will provide a wide range of services through complex internal understanding. As many are aware of Apple’s “Siri” function, these types of cognitive devices and functions are examples of the technology that is leading us into the future of sophisticated functionality and design.
Finding specialists in the field of big data analytics is a top priority for employers globally. Candidates with skills in this field are often offered median salaries in the six-figure range and enjoy a promising career outlook. Universities everywhere are implementing big data analytics programs to meet the growing job demand and bridge the skills gap. Programs that offer big data analytics degrees ensure a lifetime of learning and a solid role in an ever-changing industry.
Big data analytics has the potential to enhance society and improve the quality of life across the globe. If utilized properly, there is no limit to the amount of progression industries may witness as a result of big data analytics.
Contributed by: Dr. Athanasios Gentimis. Dr. Gentimis is an Assistant Professor of Math and Analytics at Florida Polytechnic University. He received a Ph.D. in Theoretical Mathematics from the University of Florida, and is knowledgeable in several computer programming/technical languages that include C++, FORTRAN, Python and MATLAB.
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