With the quick development of technology, the quantification and monitoring of information has become an essential practice, which supports the in-depth understanding of various social or economic phenomena. This reality has made datafication – the process by which various aspects of life or business are transformed into measurable data that is easy to track and analyze – to have a global market value of 310.19 billion USD in 2022. Its expansion is remarkable, forecasting to reach approximately $1,013.57 billion by 2032, according to Precedence Research.
But how should this rise in datafication be perceived when it comes to impact? What kind of changes will it produce and what opportunities will it create in 2024?
VON Tech, an IT partner for companies from the US and Central Eastern Europe, with more than 10 years of experience, cuts to the chase and gives you all the answers you were looking for in this article.
The data revolution, more noticeable than ever
Interconnectivity is one of the factors generating impressive amounts of data, with significant effects felt both when it comes to personal life and the business environment. It provides increased control over smart electronic devices, recording user preferences or habits. But the evolution of these IoT (Internet of Things) ecosystems has seen completely different perspectives with the integration of artificial intelligence. How so?
Because the data provided is now more easily examined, the current systems benefiting from more autonomy in interpretation and having the ability to make better decisions based on the information received. As a result, AIoT (Artificial Intelligence of Things) has seen an increased popularity, easily making its way into the lives of tech enthusiasts and beyond.
Key opportunities this year
Although datafication was not born overnight, its recent scale has revealed some key opportunities. Specifically, as it plays an essential role in many industries and the amount of data is constantly increasing, its processing systems (whether we mean Edge Computing, Cloud Computing or others like that) will be stimulated to improve their response speed and turn to intelligent algorithms, to manipulate and analyze data in a shorter time.
Of course, the security and data protection segment will also constantly develop. According to a Morning Consult survey, a significant proportion of 80% express concern about privacy security, and 69% note an increasing unease regarding this matter. As such, options like data encryption, access monitoring or proactive threat analysis will receive more and more attention.
But all this reflects a high demand on the market for some IT jobs. Among them are data engineer – the one responsible for building data collection and conversion system, data analyst – the one who interprets data sets in order to solve a problem, data security specialist – the one who implements encryption measures and manages cyber threats, or machine learning engineer – the one who designs and optimizes machine learning algorithms, in order to develop predictive solutions.
Datafication is redefining businesses
The impact of datafication on today’s businesses cannot be neglected. From the objective evaluation of performances, to facilitated decision-making processes and even the reduction of spent budgets, all are on the long list of advantages.
If you need specialists to help you with data collection and processing, you can find them with the help of experienced IT recruitment companies. VON Tech provides hardware design and verification, as well as embedded software development, implementation and application testing services, in the US, Germany, SEE (3 locations in Romania) and UAE. It can also give your business the most agile, cost-effective and top-quality services on the market.
Send a message to office@vontech.online and discover which solutions best suit your business and its needs!