“BoA cites growing market as a reason to get in now”
Analyzing the large amounts of data created by internet-connected devices will be a huge and rapidly expanding market in the coming decades, according to a top Wall Street firm. Bank of America Merrill Lynch says the artificial intelligence, and so-called big data analysis trends, will also have dramatic ramifications for business and markets.
Equity strategist Beijia Ma wrote a note to clients on the subject: “We are living in an exponential age where ubiquitous connectivity and decreasing cost are leading to the digitization and datafication of most activities,” and “AI will be the single largest driver of tech spend over the next decade.” Ma goes on to estimate that the big data market is set to reach $210 billion by 2020
Some 90 percent of the world’s data was created in the last two years, Ma said. This will only accelerate, and she predicts internet-connected devices will double in number every two to three years, rising to 1 trillion by 2035 making an incredible investment strategy.
With these statistics in mind, it’s hard to believe that the potential for incredible growth isn’t there for big data companies. With 90% of the of the worlds data being created in the last two years, one 0.5-1% of of generated data has been analyzed. Showing great room for growth. Now is the time to buy-rated A.I. stock ideas from Bank of America, which include investment in: Alibaba, Alphabet, Amazon, Salesforce, Splunk, SAP, IBM.
“Cutting edge of customer experience”
Walmart, founded in 1962, has been innovative in transforming retail operations and customer experience by using machine learning, the Internet of Things and Big Data applications. In recent years, its position as the second largest online retailer and investment in retail tech and innovation are just a few reasons they are among the retail leaders evolving to take advantage of tech to build their business and provide better service to their customers.
Walmart recently launched Pick-up Towers, 16 x 8-foot self-service kiosks conveniently located at the entrance to the store that retrieves online orders for customers. Just scan a barcode on your receipt, and within 45 seconds the products their products appear on a conveyor belt and are dispensed to you. So far, customers almost always give these Pick-up Towers positive reviews as an improvement over the store’s traditional pickup process.
With the Walmart’s new patent application in mind. It is easy to see this company, much like others, is setting its sights to further their big data programs. With it, Walmart’s future continues to look bright, with new insights possibly being brought in to improve sales, marketing, and a variety of other sectors. This follows a clear trend we continue to see from large companies, which is the continued innovation and implementation of big data practices. With the increasing advancement of data analytics technology, the insights from it can only get better, thus pushing the business practices to new limits.
“Streams of generated data increasing rapidly”
As connected cars become more commonly used by consumers and businesses, the associated data streams are exponentially growing. To cope with this challenge, Toyota Motor Corp., Intel Corp. and many others have founded the Automotive Edge Computing Consortium to find ways to increase network capacities.
The consortium, which was announced earlier this month, intend to find ways to develop an ecosystem for connected cars and the emerging services they require. This includes intelligent driving, the creation of maps with real-time data and driving assistance based on cloud computing. Because each of those tasks and others will require large volumes of data, existing data networks won’t be up to the job of processing it all as more connected cars get on the road in the future.
“It is estimated that the data volume between vehicles and the cloud will reach 10 exabytes per month around 2025, approximately 10,000 times larger than the present volume,” the group said in a statement. “This expected increase will trigger the need for new architectures of network and computing infrastructure to support distributed resources and topology-aware storage capacity. The architectures will be compliant with applicable standards, which requires collaboration on a local and global scale.”
One of the biggest challenges found in the big data industry is finding the most effective data from the large ocean of what’s collected. The amount of data is growing rapidly every day, but technology isn’t at a point yet where the majority of data can be analyzed. This is the biggest driving force of why partnerships like the Automotive Edge Computing Consortium exist. These types of partnerships are incredibly significant for the advancement of technologies, and hopefully we see big changes come from this
“Streamlines processes and ups efficiency”
Erik Oberholtzer, founder and chief executive at the expanding Tender Greens, sums up the big data challenge as it applies to restaurants: “The goal is to leverage the technology to do what we would do if we had one little restaurant and we were there all the time and knew every customer by name.”
Thanks to the systems restaurants use, collecting data on everything from popular menu items to customer loyalty is reasonably easy. What’s more challenging, though, is applying that data in fast, easy-to-understand, actionable ways that help time- and resource-crunched restaurateurs do better business.
The trend we can pull from this is that Big Data technology can still be difficult to implement in many industries. However, if adopted and utilized effectively, the insights pulled from it can be extremely beneficial for places like restaurants to gain a better understanding of their customer and product. Ultimately, this will create efficiency and more effective business practices.
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