Report: 80% of global datasphere will be unstructured by 2025

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According to a new report from nRoad, analysts predict that the global datasphere will grow to 163 zetabytes by 2025, and about 80% of that will be unstructured. In regulatory industries, such as financial services, the challenges posed by unstructured data are rapidly increasing. It is estimated that two-thirds of financial data is hidden in content sources that are not easily transparent. Unstructured data is growing at an unprecedented rate, making it difficult for financial services companies to use the data and gain insight into action.

Through extensive research nRoad discovered that volume, velocity, variability and diversity increase the challenge. Unstructured data that lacks metadata, such as field names, spreads at an increasing rate each year. However, most of the organization’s unstructured data is in the form of documents that include customer communication. And the content of the documents differs very significantly – not just from domain to domain, but between cases of specific use in fields.

Current approaches, from Robotic Process Automation (RPA) to Natural Language Processing (NLP) models that use in-depth learning to produce human-like text, are improbably resource-intensive and highly generalized to address the complexities of enterprise-specific problems. These general, one-size-fits-all solutions lack domain knowledge and industry-specific terminology, which reduces their value. Even if they can successfully process 90% of the document in many real-world scenarios, the critical 10% is not extracted properly.

The landscape that emerges to deal with unstructured data does not include a single winner-take-all platform. Instead, the ecosystem will be more segmented and specialized, with solutions providers responding to specific enterprise needs and achieving business results based on their demonstrated ability to solve a handful of challenges related to unstructured data rather than their ability to solve them all.

First and foremost, reliable unstructured data processing for an enterprise requires domain knowledge to incorporate more than just affiliates for a larger platform. Rather, it is an integral part of any foundation for documenting and summarizing. Financial service firms cannot leave behind 85% of their data. With the approach outlined here, they have the opportunity to incorporate valuable information and insights from unstructured sources into the mission-critical business flow.

Read the full report by nRoad.

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