Did you know that 2.5 quintillion bytes of data are being generated each day globally? 90% of all the current global data was generated in the previous 2 years alone. The growing number of Internet-connected devices is rapidly adding to the data generation.
Advanced tools in business intelligence (BI) and data visualization is enabling business stakeholders to collect and analyse the large volume of business data and enabling them to understand complex trends and patterns. Over the past few years, data visualization is becoming more resourceful and proficient in analysing data and making it useful to non-technical consumers too.
Through the use of an interesting infographic or interactive visuals, data visualization is adopting newer technologies to make itself richer and enriching for consumers. How is data visualization likely to shape how we interact with data in the near future? Here is a closer look.
Virtual and augmented reality
With the unprecedented generation of data, conventional desktop monitors or television screens are likely to be insufficient to represent 2D and even 3D images. With the virtual and augmented reality market estimated to reach a value of $170 billion by the year 2022, these technologies are likely to shape the future world of data analysis and visualization.
With the use of virtual reality (or VR), you can analyse and review data in a 360-degree virtual space. Business presentations are likely to happen in a VR-simulated environment with business executives seated around viewing at a projector screen.
Smartphone-friendly data visualization
Since the acquisition of the smartphone data visualization company, Mapsense by technology company, Apple, data visualization for mobile phones is gaining industry importance. The rapid shift of Internet users from the desktop computer to the smartphone is driving this transformation. Visualization charts and dashboards are being for the smaller screen size of the smartphone.
This future trend is ensuring that more users are now able to analyse data and derive useful insights right from their personal smartphones.
With the growing availability of data and analysing tools, data-driven journalism by news media companies is likely to increase globally. News stories told with the use of an interesting infographic or statistic map is a great example of using data visualization in the field of journalism. News-related content creators are realising the potential of data visualization as an effective way of telling a story within a few seconds.
Increasing variety of data sources
Along with the large volumes of data being generated, large corporations are looking for insights from the increasing variety of complex data sources. Among the success parameters for Big data, 69% of corporate executives considered data variety as the most important factor followed by data volume (25%). While finding data is no longer a challenge for most data analysts, the overall quality of data visualization will depend on the quality of the data that is fed into it. This means that data visualizers must evaluate and select the right data sources for visualizing in the future.
Artificial Intelligence (AI)
In an age where AI technologies are disrupting major industries, there is no doubt of its impact in the area of data visualization. With traditional dashboards unable to cope up with the increase in complex data representation, AI and machine learning combined with data visualization is now redefining customer experience. With its natural language processing (NLP) abilities, AI and machine learning are becoming effective in capturing critical insights from business data, thus improving the effectiveness and accuracy of visualized data.
With the massive increase in volume and variety of data, data visualization technology is evolving at a rapid rate to cope with the evolving business requirements. This article outlines some of the trends on how data visualization is evolving into the near future.