A new era ensues for Data Management. Are you ready for what the future unfolds? Read these 5 predictions to know more
2023 has arrived, and with it comes a new era of Data Management. With the rapid advancement of technology, data management is becoming increasingly crucial for businesses of all sizes. In this blog, we will explore the top five data management predictions for 2023 and how they will shape how businesses manage their data.
From the rise of AI-driven data management to the emergence of cloud-based solutions, these 5 predictions will help businesses stay ahead of the curve and ensure they take full advantage of their data. By understanding these emerging trends, organizations can gain valuable insights into their operations and create data-driven strategies for success in a highly competitive marketplace.
The one Data Prediction true year-on-year
In 2023 (just like the previous few years), the amount of data businesses generate is expected to increase significantly. Note the various statistics projected:
- The global data sphere will grow to 163 zettabytes by 2025 according to a report from nRoad,
- A report from IBM projects that data generated by businesses is expected to increase to 40 ZB by 2025.
- Data stored in the cloud is expected to increase significantly by 10X, according to a report from Cybersecurity Ventures.
- Data generated by the Internet of Things (IoT) is also expected to exceed 73.1 ZB by 2025, based on a report from DataProt.
- Finally, the amount of data generated by artificial intelligence (AI) is expected to increase significantly, as stated in a report from Semrush to 32.1 ZB by 2025.
Top Five Data Management Predictions For 2023
So, with all this data accumulating, the value derived from it is an exciting prospect for many companies and industries. With rapid technological advances, the ability to better understand customer behavior, patterns, and trends has become increasingly important. As such, many experts have been predicting what factors will shape the future of data over the next few years. Here are the top five data management predictions for 2023:
1. Increased focus on Unstructured Data
Unstructured data is becoming increasingly important in data management. This type of data is characterized by its lack of structure or organization, making it difficult to process using traditional data management techniques. Examples of unstructured data include emails, social media posts, images, videos, and other types of multimedia content.
In the future, unstructured data is expected to impact data management significantly. This is because the volume of unstructured data is growing much faster than structured data. According to some estimates, unstructured data accounts for over 80% of all data generated worldwide.
New data management techniques and technologies will be required to manage this growing volume of unstructured data. These techniques include:
(a) Data categorization: To make unstructured data more manageable, it can be categorized and tagged with metadata that describes its content, context, and relevance. This can help data managers to organize and retrieve unstructured data more efficiently.
(b) Natural language processing: Natural language processing (NLP) is a type of artificial intelligence (AI) that can help to analyze and understand unstructured data. With NLP, computers can read, interpret, and even generate human language, which can help process unstructured text data.
(c) Machine learning: Machine learning algorithms can be trained to identify patterns and relationships in unstructured data, such as image and video content. This can automate the process of categorizing and tagging unstructured data.
(d) Cloud-based storage and processing: The scalability and flexibility of cloud-based storage and processing can make managing and processing large volumes of unstructured data easier.
2. Value obtained from Data insights
Data insight refers to the meaningful and actionable information that can be extracted from data through analysis and interpretation. It involves using tools and techniques to explore, analyze, and interpret data to identify patterns, trends, relationships, and other vital insights.
The usage of data insights will continue to be increasingly crucial for businesses in the future. Here are some potential ways that data insights could help businesses in the coming years:
(a) Enhanced customer understanding: By analyzing customer data, businesses can gain a deeper understanding of their customer’s behavior, preferences, and needs. This information can be used to improve products and services and to develop more effective marketing and customer service strategies.
(b) Improved operational efficiency: Data insights can help businesses identify inefficiencies in their operations and supply chains, enabling them to streamline processes, reduce waste, and optimize resource allocation. This can result in cost savings and increased productivity.
(c) Better risk management: Businesses can anticipate and manage risk by analyzing market trends and consumer behavior. This can help them avoid potential threats and take advantage of opportunities.
(d) Personalized experiences: Businesses can tailor products and services to individual customers using data insights to understand customer preferences. This can help improve customer satisfaction and loyalty.
(e) New revenue streams: Data insights can help businesses identify new market opportunities, such as untapped customer segments or emerging trends. By using data to develop innovative products and services, businesses can create new revenue streams and stay ahead of the competition.
3. The changing face of data storage solutions.
The future of storage solutions is likely to be shaped by several trends, including the increasing volume of data, the need for faster access to data, and the growing demand for cloud-based storage.
Cloud storage has become increasingly popular in recent years, and this trend will likely continue. It is a cost-effective solution for storing and managing large amounts of data. With the recession at the heels of 2023, cloud storage providers offer flexible pricing plans to help businesses manage costs based on their specific storage needs.
In addition to being cost-effective, cloud-based storage offers other benefits for large businesses, including scalability, security, and accessibility. Businesses can quickly scale their storage capacity as their data needs grow, and they can access their data from anywhere with an internet connection. Cloud storage providers offer advanced security features to protect data from unauthorized access or breaches.
4. Focus on Data Security
Data security is an essential aspect of data management, and it will continue to play a crucial role in the future of data management. As the amount of data generated by individuals and organizations continues to increase, protecting this data from various security threats, including cyber-attacks, data breaches, and insider threats, is becoming more critical.
Data management will likely become more complex, with larger volumes of data being generated, stored, and analyzed. Data security must be more sophisticated to keep up with evolving threats. Additionally, the rise of cloud computing and the increasing use of mobile devices to access data create new challenges for data security, as data is often accessed from outside traditional network perimeters.
Ransomware is malware used to extort money from individuals or organizations by denying them access to their data. Ransomware attacks have become increasingly common in recent years, and they pose a significant threat to the future of data management.
Ransomware attacks can also drive innovation in data security. As attackers become more sophisticated, organizations need to be equally innovative in their approach to data security. This can lead to the development of new technologies and strategies for protecting data from ransomware and other types of cyber threats.
In addition, Ransomware attacks can significantly impact an organization’s reputation and financial stability. Data management practices need to evolve to address the reputational and financial risks of ransomware attacks.
5. Sharing pivotal information is a given
The need to share data with external persons is likely to rise as more organizations collaborate with partners, suppliers, and customers in various industries. For example, businesses may need to share data with external parties for joint projects, supply chain management, and customer relationship management.
Sharing data with external parties can bring many benefits, including increased efficiency, better decision-making, and improved customer experiences. However, it also presents several challenges for data management. Here are a few key factors to consider:
- Security: When sharing data with external parties, it’s crucial to ensure the data is protected against unauthorized access, modification, or destruction. This requires robust security measures like access controls, encryption, and monitoring.
- Compliance: Sharing data with external parties may involve complying with various data regulations and laws, such as data privacy and security regulations. It’s essential to ensure that data sharing complies with applicable regulations to avoid legal and reputational risks.
- Data quality: When sharing data with external parties, it’s essential to ensure that it is accurate, complete, and consistent. This requires establishing clear data quality standards and processes for verifying and validating data.
- Data governance: Sharing data with external parties requires a clear data governance framework that outlines who has access to data, how data is managed, and how data quality is maintained. This helps ensure data is used appropriately and consistently across different parties.
How can Vaultastic help?
Vaultastic can help businesses look to the future by addressing all the above concerns:
Vaultastic can ingest, store and manage unstructured data from emails, files, and documents, including attachments, metadata, and email conversations, making it easy to search, retrieve and analyze such data when required.
Vaultastic offers advanced search capabilities that allow users to search for specific information within their data archive. It also offers advanced analytics and reporting features that enable users to gain data insights.
Flexible storage solutions:
Vaultastic offers a unique storage tiering solution to segregate frequently used data from rarely used aging data into two separate stores, thus optimizing up to and beyond 60% of costs.
Vaultastic protects your data using a shared security model in the cloud. Your data is secured at seven layers, including encryption, access controls, disaster recovery, and more, that help protects critical data from cyber threats, including ransomware.
Vaultastic offers secure sharing tools that enable collaboration with external parties securely and privately. The solution offers role-based access controls that enable users to control who can access the email data and what they can do with it.
To learn more about Vaultastic, click here.