5 Predictions for the Future of Data In 2020

20 Jul, 2022 | Articles

An expansive and transformational change is going on currently that will modify the face of the Internet as we are probably aware of it. It's hard to make predictions, particularly about what's to come. However, one genuinely safe prediction is that data will keep on dominating the world in 2020 and the years ahead. The most significant tech pattern since the 1990s will undoubtedly emphasize its presence in our lives, in positive or negative ways.

Around a decade ago, International Data Corporation (IDC) released a report estimating that almost 1.2 trillion gigabytes of new data were generated in 2010, up from 0.8 trillion gigabytes in 2009. While the market intelligence provider predicted that the amount of new data generated would grow by 44X in 2020 to reach 35 trillion gigabytes, the range already stood at 33 trillion gigabytes in 2018. Furthermore, the firm predicts that around 175 trillion gigabytes of new data will be generated globally by 2025, for a CAGR of 61%.

The most significant new tech advancement of the current decade that is gaining meaningful traction is deep learning or more commonly known as artificial intelligence or AI the modern statistical analysis of a huge volume of data. In the coming decade, data will keep on creating more data, to break limits, to drive growth and advancements, and create new threats and concerns.

Faster Connectivity

Faster Connectivity Will Revitalize the Virtuous Cycle of Data

The constant increase in the speed-bandwidth ratio of data, the relentless expansion of new consumers and data curators around the globe, and the ever-increasing demands to build new tools and techniques for generating, sharing and consuming data, certainly fuels data creation. The amount of data generated gives rise to new data and this happens in a constant virtuous cycle.

In any case, every now and then there is a particular tool or innovation that goes about as another impetus. Such impetuses were smartphones and social media in the last few years. In the years ahead, another impetus will be 5G systems, and by the next decade, 6G systems with speeds of 1 terabyte for each second will be the new catalyst. Internet connectivity by means of satellites will play a major role in the explosion of data and decrease latency in the years ahead.

Data Will Be Created and Expand In Many New Sectors

Data fills all the gaps. Digital transformation has been around us for over thirty-five years now and a quarter-century since the big data explosion (or more popularly known as “the internet”); however, there are still a few billion individuals disconnected from the world of the internet as well as several industries that are still basically analog. People in Asia and Africa are filling the previous voids and sectors such as healthcare, education, and agriculture are providing the means for the latter. Some of the other potential sources of data creation, sharing, and consumption will be the IoT sensors that will allow for data collection, processing, and analysis for enterprises in new locations as well as for automobiles.

Additionally, IT enterprises will move their shift from handling internal data to investing most of their resources in handling external data–mostly unstructured–with a major share of this new data generating from audio and video sources.

Synthetically Generated Data Will Add To Data Growth

Deep learning is one of the many approaches to machine learning, which is an integral part of AI. Unlike the IBM-built chess computer Deep Blue, this brute force is fundamentally stemmed from a huge volume of data rather than the processing power. Few of the organizations that relatively have huge volumes of data from data centers are Google, Microsoft, and Facebook—which the majority of enterprises do not operate. Their only solution will to take the huge quantities of “unstructured” data and sort it to come up with the required amount of data required for “training” their algorithms and approving their models. Synthetically generated data will emerge from a subset of unstructured data to play an important role in the training of algorithms for overcoming challenges faced by enterprises.

Business Data

A Global Economy Powered By Business Data

Google and Facebook have paved the way in proving that a successful and profitable business can be dependent solely on the collection, processing, and analysis of data. However, their revenues are generated only from functioning as a promoting platform and the value of their data to their business is estimated in relation to publicizing competence and adequacy. Over the next ten years, we will see an ever-increasing number of organizations, some emerging as big enterprises, whose sole business is dependent on data as an asset that has a characterized intrinsic value and can be purchased, sold, analyzed, and included (as a particular component) to different products and services. This will likewise be valid for some enterprises that will create new metrics to quantify the value of data to their business and approaches to profit through it, i.e., make it a particular revenue stream. Also, the sub-area of the data economy known as cybercrime will keep on evolving and growing.

Most Well-Paying Jobs Will Significantly Shift To Data

From data generation to validating data analysis models, the most significant jobs in the next decade will be data-related, along with its administration and security, its management and monetization, its analysis and its part in decision-making. Along with the foundation and expansion of jobs related to data, a major focus of many enterprises will be on “data literacy”. Practically all products and services will either be data-related or will have a data segment and their designers, administrators, and sellers will have to be skilled in data.

In the next 10 years, tech buzzwords will either serve as a marketing waffle or disappear, but the creation, processing, and analysis of data will hold utmost importance and a consistent tech trend. And by 2030 we will be talking about the incoming of newer, more advanced technologies, which will take us beyond the world of binary, digital logic, and ones and zeros.

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Elvis Fernandez
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