How Big Data Will Affect Marketing in 2020
Big data analytics have progressively fallen into mainstream use as the years have gone by – indicated by the rise in marketing specialists utilising it regularly. It is incredibly useful in multiple ways, which is emphasised by the monumental growth of the industry in recent years.
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In relation to the marketing industry, it’s become clear that big data can play an important role in the future success of companies, and its importance will undoubtedly become more apparent as the years go by. Big data will also begin to play a leading role in the day to day running of a company, assessment of marketing approaches, competitor analysis, and much more in the near future.
But, just how much of an impact will it have on the marketing industry throughout 2020? Find out the answer to that very question in the following article.
While the big data industry has grown considerably in terms of its value and usage in recent years, it certainly shows no signs of slowing down throughout 2020. According toStatista, the global big data market is predicted to grow to a staggering $56 billion over the year in terms of its market size revenue – a $7 billion increase on the year previous.
Find more statistics at Statista
As the big data industry continues to go from strength to strength, it certainly wouldn’t be surprising to see ever-increasing growth throughout 2020 and beyond. Continue reading as we delve deeper into how this will inevitably lead to more job roles within the marketing industry.
Increased recruitment in big data
Companies are gradually beginning to realise just how useful big data analysis can be. But, the problem in recent years is that there is either a skills shortage in this particular area of the business. Or, they simply don’t have the necessary resources to cope with handling such large volumes of data.
Despite this, growing investment in big data technologies has led to an increased need for big data marketing specialists who can make use of such data to help keep a business competitive and relevant. For that reason, specialised job roles relating to big data in the marketing industry will undoubtedly become increasingly available as the years go by.
Increased usage of technology
Artificial intelligence (AI) and machine learning (ML) have both come a long way in recent years, with marketing teams across the globe benefitting greatly from its usage. The combination of the above forms of technology along with big data analysis has the potential to not only achieve cost savings but also increase customer engagement and retention rates.
Throughout 2020, AI, ML, and big data are all set to be utilised within the marketing industry, as staying competitive and relevant to customers is crucial to the growth of a company. Cloud computing is certainly no exception to this, as without it newer technologies such as those previously mentioned might not have even fallen into existence.
Furthermore, research conducted by Gartner found that in excess of 40 percent of all data science tasks will be automated by 2021. So, this is solid evidence that effective machine learning is crucial when it comes to efficiently processing big data – something that would be hugely difficult based on human input alone.
GDPR and other issues relating to privacy
Back in 2018, the General Data Protection Regulation (GDPR) was brought into European legislation in an effort to strengthen digital privacy. This was undoubtedly a much-needed reform, and means that businesses now have an increased responsibility when it comes to the protection of personal information. Severe punishment in the form of a substantial fine is the consequence for any companies failing to comply with the new rules.
The California Consumer Privacy Act is also set to come into practice in 2020, which means that regulation has undoubtedly begun to take centre stage in recent years. For that reason, it’s important for marketing specialists to take extra care when handling or processing personal information in an effort to comply with current legislation and take into account future regulations which relate to data privacy and security.
With big data capable of shaping marketing strategies for the better, it’s clear that marketers can benefit from its usage throughout 2020. Whether it’s within a small start-up or huge multinational company, big data can help with business growth in more ways than one. For that reason, it certainly wouldn’t be surprising for big data to affect marketing in a positive way throughout the year.