By Anil Mathews, Founder & CEO at Near
Jan. 5, 2017
This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.
The time has come once again for us to look into the crystal ball and try to predict what the future holds for us. Here are the trends we think will go big in the coming months and what businesses need to watch out for:
Emergence of Data Converging Platforms
Wearables are ubiquitous; everyone worth their salt is jumping on the Internet of Things (IoT) bandwagon; and Augmented Reality (AR) is here to stay. These are the current favorite trends in the industry; and based on what we've seen in the recent years, we think it'll be mostly how businesses apply these trends that will drive the growth of these technologies, not the end users.
And here is why — the data generated by these three technologies is incredibly voluminous, we all know that. It might not be of much use to an individual user, but in large volumes can be incredibly useful to businesses. If we can handle its relentless onslaught, this data can especially provide us deep real-time analytical insights that can help brands understand their consumers far better and make data-driven decisions.
Data-converging platforms that will converge the influx of all connected data will rise in 2017, fuelled by the demand to tame this massive data. A converged platform has a lot to offer — from richer analytical insights, leading to focused product development, in turn leading to higher Return on Investments (ROI). A consistent and unified framework for development will bring down DevOps costs and can even provide a unified administration framework to monitor and analyse the influx of data.
Increased Adoption of Artificial Intelligence (AI)
Like it was with big data a few years back and then machine learning a little later, AI is the current buzzword that has got everyone excited.
And for a reason — AI marries powerful machine learning models with efficient analytical algorithms. The result is intelligent automation and Natural Language Processing (NLP) that can help us understand human behaviour that just models or just analytics separately cannot.
According to the recent study, overall AI market is expected to be worth $16.06 Billion by 2022, growing at a CAGR of 62.9% from 2016 to 2022.
We believe that the reason for this tremendous interest and excitement is simple and well-deserved. AI will strengthen real-life analyses and enable us to draw deeper, more meaningful, and relevant conclusions that will help us build insights and make connections that we have so far not been able to tap into.