As we see the usage of big data increasing day by day. Although we are in the middle of the big data revolution. More and more companies using much more data than ever before they used. People in the big data industry finding the best way and tools to process these data. So, that they can predict something based on the data in the future.
There are so many things that are influencing the future of big data. There are some of the limitation in the big data industry like the growth of technology, demand, and supply of data analytics, the business requirement of big data and consumer requirement.
Nevertheless, these all the points are valid but there is one sector that can play a bigger role in the future of big data. Social media can play a vital role in the future of big data.
Influences of Social Media
There are many ways that social media can help to shape the future of big data. We have listed some of the most important factors which can influence the future of big data by social media.
1. Access to Consumer Data
The big advantage of social media companies is they have access to the huge quantities of consumer data. In general, some of the social media have hundreds of thousands of user. In the case of Facebook, they have billion of the users. Here the social media have access to the user’s history, personal post, likes, and other vital information etc.
There are so many other application apart from this which have access to user’s data and can change the future of big data prediction. All the above points provide social media with more potential to develop the future and big data industry.
2. Business Tools
We cannot ignore the fact that social media given the way to access the data to the business by providing business tools. Facebook has developed its own tool called Facebook business tool. The business tool by Facebook provides business owners and entrepreneurs access to in-depth learning about their targeted audience and let them use the platform for conversion.
At the earlier time, the big data were limited to the limited number of people like big data experts and data scientist but social media have given access to big data to people with less experience. Social media platforms started to improve the data access to the business so that it can be said that social media can develop some more innovative software to access big data.
3. Access to Resource
Social media have access to huge data and to use those data effectively they have resources. For example, take Facebook which is worth billions of dollar today. These social media company can learn more about their customers and bring something new, very interesting technology, these companies have the necessary money and resource and talent to turn these vision in reality.
4. Competition in Social Media
There are so many social media platform and apps (Facebook, Twitter, LinkedIn etc.). Competition in the social media field is a consideration for new technology usages. Although these social media channels have grown there is always chance for a new player come in.
All the social media companies have a single problem they have to keep themselves on the top. It gives chance to social media companies to bring new technology and data tool available to the public.
5. Regulations and Privacy Concerns
If usage of data by social media is not just the accessibility but social media apps attracting the consumer attention how they collect and manage the data. Recently we have seen so many scandals in the market by the social media companies.
When the new thing comes the policymakers learn more about in time. Now the data become more important so it needs to be protected and regulated. If the new data policy takes place this could be problematic for the companies handling the big data.
Social media companies are causing to establish the rules and norms for mass data management. Facebook has much more access to consumer data compare to any other social media and big data companies. Now Facebook has the capability to track you offline. More and more social media companies will follow the same sooner or later.