With more and more activities being recorded and analysed, data is increasingly used to drive changes in modern life, be that increasing customer sales activity (e.g. by predicting, closely or maybe not so much, what you might wish to buy alongside existing orders) or looking for efficiencies in activities.
Speed is increasing in multiple ways, fixed line connectivity, impending 5G, processing speeds and other factors all driving higher rates of connectivity extending through the Internet of Things, with ever higher data volumes to store and analyse as a result.
Of course, this relies on data quality. However, the opportunity to usefully accumulate and interrogate ever larger data sets enables users to predict outcomes and AI to drive and automate elements of decision making. Larger data sets improve accuracy of predictions by increasing the ability to map a given situation to a meaningful sample of similar occurrences.
So undoubtedly these factors feed off each other to mean the trend of data volume growth is likely to continue to accelerate. But how do businesses, and hopefully society as a whole, benefit from these trends?
Over the next few months, we will explore the opportunities in different sectors, starting today with a market overview and look at healthcare.