Big data breakthroughs have not taken place in a vacuum, the developments of Artifical Intelligence (AI) and Internet of Things (IoT) technologies taking place simultaneously have led to a confluence of big data breakthroughs that have multiple applications. We take a look at some of the major breakthrough of big data and analytics and their applications that all Indian ICT companies should know about and get on board with.
Predictive Analysis: While not entirely new, predictive analysis is an important application of big data. Big data can be used to understand consumer behaviour, predictive analysis can help analyse info to predict consumer behaviour, this helps companies take good measures.
Quantum computing: Quantum computing is in its infancy but is worth knowing more about. This type of computing is carried out by quantum computers that currently perform experiments to help in research across industries. This may soon be adopted by major companies like IBM, Google and Microsoft.
Cybersecurity: Big Data also plays an important role in managing security threats and cybersecurity issues. It can be used to gather data about user behaviour, threats and sources and analyse large sets of data leading to valuable information that can predict and prevent cybersecurity threats.
Edge computing: Due to the increase is the use of IoT and the ever-rising connection of devices, the data generated is large and slow to be processed. Edge computing aims to reduce the lag time from gathering data from the cloud, analysing and deriving actionable from it. Edge computing performs better and saves on cloud costs. It speeds up data analysis and gives companies time to prepare and react.
Chatbots and AI: Using chatbots and AI eliminate the need for staff for online customer interactions. They are improving to provide more personalized interactions and relevant information. Big data plays an important role in processing large amounts of data to provide the right answer based on customer keywords. They also collect and analyse information based on customer interactions to build data and analyse it for better responses in the future.
These are some of the major trends and breakthroughs in big data and analytics technology. For Indian companies exploring these technologies, there are a number of concerns to be addressed. Some of the challenges faced in the Indian tech ecosystem is accessing funding, research centres, funding, technology and other important factors that can help firms reach their fullest potential.
Indian tech firms in the small and medium size range have faced these issues by establishing themselves in a foreign country like Finland where they get all the benefits of working in a highly innovative and tech-collaborative system, together with incentives, lower tax rates, EU market access and various benefits.
To know more about how to enter Finland and start your international product development journey contact us and follow us through social media.