Data—the type of data that’s useful to your company– is all around. It’s abundant. It’s pervasive, and thanks to technologies like IoT, the stream of data being delivered to enterprises continues to grow a rapid pace. By 2025, more than a quarter of data created will be real-time in nature, and IoT real-time data will constitute over 95 percent of it, predicts IDC.
The challenge for many companies is finding a way to effectively and efficiently extract all of the information, organize it, and use to your best advantage. According to Forbes, 89% of business leaders believe that Big Data will revolutionize business operations just like the Internet did, and enterprises that don’t adopt a business intelligence (BI) strategy to collect, analyze and apply that data in a meaningful way will be left in the dust.
Here’s where a technology like augmented analytics comes into play. Next-generation technologies such as augmented analytics to extract insights from Big Data are expected to drive the Smart Data market toward $31.5 billion by 2022, says research firm Frost & Sullivan. Augmented analytics automates data insights and provides clearer information, which is not possible with traditional analysis tools. Companies such as Datameer, Xcalar, Incorta, and Bottlenose are already focusing on developing end-to-end smart data analytics solutions to obtain valuable insights from Big Data.
“Markets such as the U.S., U.K., India and Dubai have rolled out several initiatives to use artificial intelligence and machine learning-powered data analytics tools to generate actionable insights from open data,” says Naga Avinash, research analyst, TechVision. “Smart data will help businesses reduce the risk of data loss and improve a range of activities, such as operations, product development, predictive maintenance, customer experience and innovation.”
Frost & Sullivan’s analysis, “Turning Big Data into Smart Data: Emerging Opportunities, highlights key market developments and technologies used to convert big data into smart data, government programs, and the companies applying data analytics.
Turning Big Data to Smart Data: Emerging Opportunities is part of Frost & Sullivan’s global Information & Communication Growth Partnership Service program.