The big data and analytics fields are growing rapidly, and both the International Institute of Analytics and the IDC believe that the markets will expand massively in 2015, reaching a total value of around $125 billion worldwide.
The IIA believes that the field of security could be the killer app for analytics, as machine learning and data mining combine to produce powerful threat prediction and detection programs, as well as acting as a deterrent.
The Internet of Things
Another area where analytics could become incredibly important is the Internet of Things. To date, this field has focused on data generation, but the data collected by those sensors has been comparatively neglected. The Internet of Things could be thought of as data generation, where the Analytics of Things will give purpose to that data.
So far, adoption of analytics technology has been relatively poor. One thing that could drive adoption is the development of Back End as a Service. Companies such as Amazon and Microsoft, which already offer a range of Platform as a Service products, will improve their processing, synchronization, notifications and indexing, helping customers to make more efficient use of the platforms.
Data as a Product
You may have already heard the phrase “if a website is free, it’s because you are the product” - this is very true. Google and Facebook, for example, provide their search product and social network for free to end users but sell their page views to advertisers. The demographic data that you hand over by simply using the site makes your views incredibly valuable. Other sites reward users for answering polls, because the data that they gather can be sold.
Around 70% of large organizations buy data from third -party sources, and this number will be approaching 100% by 2019. Small businesses now have the chance to take advantage of companies that sell data and can process that data relatively easily.
More Than Just Text and Numbers
Currently, most of the data being processed is either text or raw information such as IP addresses - this is likely to change in 2015, with rich media analytics becoming not just more powerful, but also more mainstream. Tracking rich media usage, and understanding what sort of rich media is being consumed, is going to become a common (and also incredibly important) task for online marketers over the next few years.
Hope you have a fantastic Christmas and New Year
Looking forwards to speaking in 2015