Concluding our take on the top business intelligence trends all set to take over in 2018, let’s take a look at some more of them.
Data breach is a critical security issue for any organization. The average total cost of a data breach was estimated at $3.62 million in 2017, as per a study by Ponemon Institute. The cybersecurity insurance market has seen 30 percent year-over-year growth, with the industry set to reach $5.6 billion in annual gross written premium by 2020. The need for policies with financial institutions is clear will broaden to other verticals because nobody is immune to the threat of a data breach.
Responsible for designing, building, and managing a business’s operational and analytic databases, data engineers will continue to be an integral part of an organization’s movement to use data to make better decisions about their business. As per a 2016 Gartner study, respondent organizations were losing an average of $9.7 million annually as a result of poor data quality. TechRepublic reported that data scientists and analysts can spend as much as 80% of their time cleaning and preparing data. There were over 2,500 open positions with “data engineer” in the title on LinkedIn as of October 2017.
Location of Things
The internet of things (IoT) has driven monumental growth in the number of connected devices we see in the world. By 2020, the number of IoT devices available to consumers will more than double “with 20.4 billion IoT devices online” and the explosive growth of IoT is expected to exceed more than $5 billion by year-end 2020, as per Gartner. “Location of things” provides IoT devices with sensing and communicates their geographic position. We are seeing different technologies being used for companies and organizations seeking to capture this data collection.