Big data analytics fueling innovation in all industries
Big data analytics is bringing a “step change in innovation” across all sectors of the economy for efficient data management, according to a new report from Frost & Sullivan.
Disruptive technology innovations in the information and communication technology space, such as artificial intelligence (AI), Internet of Things, self-service visualization and structured query language, have deeply permeated various applications and markets, the report said.
At present, the big data market is experiencing a number of technology convergences with advancement in supporting technologies to address current challenges.
“In the age of digital and connected world, companies have access to more consumer data than ever before,” said Swapnadeep Nayak, Frost & Sullivan TechVision research analyst. “Conventional big data solutions are limited to the usage knowledge of an individual, thereby analyzing the past data and providing insights on the behavior. Lack of skilled resources further restricts the quality of the insights.”
Advancements in AI in recent years are enabling developers to uncover the hidden relationship between data, significantly facilitating data analytics processes using minimal data input and resolving big data performance issues, Nayak said.
Technology segments expected to see significant growth in the coming years from big data advancements include visualization technology and brain-computing interface.