Innovations in Identity

Top 5 Big Data Predictions for 2015

big data predictions for 2015Big data has been one of the biggest buzzwords in 2014. Although there has been much debate over what the term actually means, the general consensus is that smart data is being used by businesses to make better decisions, making it a hot topic of conversation this year. So, what does the future hold for big data in 2015?

Here are five big data predictions for 2015:

Information-as-a-Service
CMSWire has predicted significant growth for big data in 2015. One interesting prediction is the emergence of information-as-a-service (IaaS), where companies could “rent” expertise and information from vendors in order to fill a knowledge gap quickly. Another prediction is that the Internet of Things (IoT) will enter a period of disillusionment as companies begin to experience connectivity and security challenges for the first time as they take the plunge into IoT. Oracle predicts that these challenges will lead to more innovation in the coming year as more companies pursue opportunities to leverage the power of big data.

Quality vs. Quantity
A VMSblog.com article forecasts that the concept of “big data” will be replaced by “clean data,” data that is both accurate and correct. Another CMSWire article expands on this idea, going so far as saying that big data is “useless” and a distraction and that relevant data presented in smaller and smarter chunks is the solution. Michael Fauscette uses the term “smart data” to describe this type of processed big data. Clean/smart data can be used effectively for applications such as detecting and investigating bank payment fraud, optimizing merchandise placement in retail stores, and healthcare evidence-based medicine.

Commoditization of Big Data
International Data Corporation (IDC) predicts that buying and selling data will be a standard practice of all large organizations by 2019. Businesses will see data more as a form of capital and look for ways to work with it as financial capital. The widespread exchange of big data between organizations can benefit both businesses and consumers. For example, Trulioo’s Data Exchange provides a platform for buying and selling access to customer data for the sole purpose of electronic identity verification. This results in frictionless, on-demand authentication of identities, allowing businesses to onboard customers in real-time while avoiding risk and mitigating fraud.

Big Data Careers In-Demand
Employment trends will also shift for companies involved with big data. Although there will be a continued shortage of qualified staff to fill open positions for roles related to big data, the International Institute for Analytics (IIA) says that storytelling will become the hot new job in this area. IDC believes that there will continue to be a shortage of skilled staff for big data and analytics jobs as demand for qualified workers continues to grow.

Technology for Humanity
Given all of the hype surrounding big data, is it all that it’s cracked up to be? On WIRED.com, Daniel Riedel wrote about the dual nature of big data. He touched on some of its positive contributions: providing research data to build smarter and more liveable cities, finding cures and treatments for cancer and Ebola, and tracking the impact of severe global warming. He also warned about some of its potential dangers: tracking behaviours solely for profit and use by oppressive governments to control their people. Like many concepts in technology, big data is a double-edged sword. It can greatly advance technology for humanity when used wisely and can be harmful if misused or abused.

With so much potential for big data yet to be unleashed, it looks like it is here to stay in some form. Whether it evolves into “clean data” or “smart data” or simply continues on as “big data,” big data and analytics will continue to grow.

Where do you see big data heading in 2015?

The information in this blog is intended for public discussion and educational purposes only. It does not constitute legal advice.

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