With almost every person in the developed and developing countries being able to access the Internet via his/her smartphone, we are generating an overwhelming amount of data every minute. This has made many companies to consider commoditization of consumer data. It means, almost every consumer-centric company will be highly interested in storing and collecting this consumer-related data right at the very source and then by employing technologies like BigData; data scientists can derive business-related insights for companies to drive their sales and future product line.
It also means companies will soon have not so restricted access to anyone’s personal data, which they will start using to derive business-related insights and future projections. This translates into many things, primarily the most concerning for all of us being the Privacy, which will be compromised with and would grant companies or third parties direct access to our personal data. Making it exposed to the risk of being manipulated or misused.
On the other hand, there is a brighter side to data filtering and its use by data analytics companies. With predictive algorithms getting smarter and becoming capable of accomplishing much more complex tasks, they can prove to be lifesavers in many cases e.g. healthcare where data generated by the user, can save his/her life by warning him/her about the worsening health condition/s and recommend tests and immediate medication for instant and temporary relief. The possibilities are endless, but we ought to determine the beginning and end of Privacy related boundaries. Also, think about Smart Speakers enhanced with complete Duplexing, they can reason and interact with humans, but this also means they are always listening to whatever you are saying. Whether it is related or unrelated to the context aimed at Smart Speakers. With this permanent listening mode enabled in these smart speakers, companies will be able to have access to large volumes of data which would also include personal conversation or intimate moments spent together with your loved ones. This certainly raises a question, whether this data should be anonymized or should the virtual assistant be smart enough to discard this data from its primary set of contextual data? It will ensure Privacy related regulations are not violated and the consumer feels at ease while using or interacting with smart devices of the future. If we cannot resolve the Privacy related issue, most of the consumers will choose privacy over convenience.
And once consumers will have access to the 5G Internet, the applications will get smarter and digital centralization will continue to grow at an unprecedented rate, making the consumer completely dependent on the single device. The smartphone. Which will be like the master key to accessing day-to-day necessities and conveniences of daily life. With this growing dependency on smartphones, the user will generate an overwhelming amount of data, and smart companies will without any doubt access this data to make their businesses future perfect. Will it be at the cost of diluting data Privacy is still a baffling question many companies do not wish to address at the moment? But for now one thing is for sure, every company in the world has understood the tremendous possibilities and commoditization of consumer data, and in 2018 and 2019, data collection will become an even greater priority for these consumer-centric companies.