We are living in a networked society where there is an exponential growth of data and information. Data is fast becoming valuable resource that redefines the future of technology.
Data in different forms and sizes originate from billions of users, devices, businesses and industries. The proliferation of data and information is so high that the information available to us in the near future is going to be unpredictable.
Exploring and interpreting data opens up a whole new horizon of opportunities. Whether you are jogging, streaming videos or doing online shopping, all your activities create a digital trace providing more data resources for data interpreters.
By 2019, more than half of the world will access the Internet regularly and in 2021 more than four billion people will be online (Source: eMarketer). Smartphones and the internet play an important role in driving the volume and variety of data.
Data is the more precious than oil
More and more devices — health band, watches, cars, electric and electronic equipment — are getting connected to the internet, leading to exponential increase in data volume and variety. New age technology applications such as smart home, smart cities, remote healthcare, connected cars and robotics are enabled by data. An autonomous test car produces 30 TB of data per day, which is 3,000 times the scope of Twitter’s daily data. McKinsey predicts that the value of connected car data could reach $1.5 trillion by 2030.
This data when properly interpreted can clearly predict the customer behaviour based on their usage pattern and preference. This abundance of data and the capability to generate meaningful insights from it will change the nature of competition. By increasing the data storage and by enhancing data processing capabilities, a firm has more opportunities to improve its products or services, which brings in more users, generating even more data that helps in driving exponential growth.
53% of companies were using big data analytics in 2017, up from 17% in 2015 with telecom and financial services industries fuelling the fastest adoption. Upgrading data warehouse allows the CSPs to get the benefit of big data, followed by customer/social analysis and predictive maintenance (Source: Dresner Advisory Services).
Unique role of CSPs
Communication Service Providers (CSPs) are uniquely poised to shine in this data-driven future. The critical component of this digital transformation is facilitated by the CSPs. As the digital landscape drives the need for new business models, more and more CSPs are building capability and infrastructure to transform to Digital Service Providers (DSPs). In return, they are seeing gains in scale, efficiency, monetisation and enhanced user experience.
The growing demand for actionable insights from data is driving CSPs to expand their infrastructure beyond traditional data warehouses and look at data lake promisingly.
Dynamics of digital transformation
Globally, CSPs are at different stages of digital transformation and the data lake is gaining significance in their data-centric transformation. The data lake market is expected to grow from $3.18 bn in 2018 to $14.27 bn by 2023 with the current data lake market in telecom segment estimated at $565 mn (Source: MarketResearchFuture).
The data lake provides a single repository for CSPs’ data (structured, unstructured, internal and external) enabling seamless analysis of data scattered across operational systems, data warehouses, data marts and spreadmarts.
The data lake and its powerful data architecture leverage the economics of big data, where it is cheaper to store, manage and analyse data as compared to traditional data warehouse technologies.
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