Big Data, artificial intelligence, machine learning, and the Internet of Things are all terms that all of us have to become quite familiar with. The latest trend forecast for data analytics and data science predicts that these fields are going to dominate the global market in 2020, and it is time that most of us got to learn more about it.
Artificial intelligence and business intelligence are going to be the forerunners of the data trends in 2022. In 2019, the big data and data analytics market was valued at over $193 billion. The market share is expected to grow and reach almost $421 billion (Analytics Insight) in 2027. Clearly, it is a field that is growing tremendously fast and shows no sign of stopping in the future.
Companies around the world spanning across industries are all trying their best to stay ahead of this curve. They want to operate in a much faster and more efficient way to stand out from the tremendously competitive market. Data analytics powers these organizations with all the information they need to make this happen.
The healthcare industry, banking and finance sector, supply chain management and IT are only some of the many industries that use data analytics consulting and data science to improve the performance of their organization. Data analytics is nowhere close to becoming redundant in the future, and it will only continue to evolve as the years will pass.
Wondering what the biggest trends in data analytics are for 2022? Read on to find out!
Data Analytics Trends and Predictions for 2022
Human jobs will remain safe despite the growth of AI
The biggest obstacle that slowed down the growth and implementation of artificial intelligence in various industries was the fear and paranoia of its employees. People assumed that they were all going to lose their jobs and they would be replaced by robots. Their fear isn’t necessarily unfounded. Tools powered by AI work at a much faster pace and they eliminate any possibility of human error.
AI can go through large amounts of data in little to no time, segregate it, and use it to create useful analytics and reports for companies. Organizations that use artificial intelligence for their data analytics consulting have a much higher chance of achieving success than those that still work with people to get the job done.
So, the fear that AI will take over the world and replace all jobs is not something that came out of the blue. But that does not mean that there will be a global job scarcity because of it. While people may get replaced at certain job roles in organizations around the world, there is still a huge market that needs the human factor.
AI works as well as the people running the programs and tools work. This is why the human element will always become crucial. Artificial intelligence has not advanced to the stage where it can replace the human mind and skill, which is why humans will still remain an important part of all organizations.
Artificial intelligence will continue to do what it does best – interpret data using consistently improving algorithms in a much shorter time. And the people employed at the organization will use these insights and help their companies scale their existing technologies and processes to operate at a faster, larger and much more efficient rate.
Predictive analytics will grow as a field
Predictive analytics is a huge part of why data analytics consulting services are growing as a field. The term is pretty self-explanatory. Predictive analytics is a field that creates future trends and forecasts for performance using various statistical tools and techniques based on past and existing data.
It is an advanced analytics field that helps companies create comprehensive reports on their performance. These reports are key to the growth of any business that exists today. Organizations can focus on creating future business strategies and revise their goals based on the data-driven insights generated by using predictive analytics techniques.
Predictive analytics is one of the fastest-growing fields in the world of technology today. The market share was valued at USD 7.2 billion in 2020 and it is expected to grow up to USD 21.5 billion by 2025. It is a 300% rise in value in five years alone. Currently, the predictive analytics market is growing at a CAGR (Compound Annual Growth Rate) of 24.5% (Intrado Global Newswire), which is insanely fast.
This growth rate is again a direct result of the growth in the adoption of digital transformation tools in the world. As companies gear up to remain technologically forward and enhance their capabilities, fields that help them achieve this outcome will only continue to grow.
AI market will reach a record-breaking high in terms of usage and implementation
The artificial market industry is expecting an annual compound growth rate of more than 33% (Intrado Global Newswire) till 2028, and the value is only expected to increase because of the massive adoption rate by large scale companies. Organizations are pushing for higher implementation rates of AI-powered technologies and tools. More and more applications have come with basic AI tools such as voice to text, chatbots, and more.
These tools have become an integrated part of our lives and they are only so because of the advancements in artificial intelligence as a field. The primary goal of AI is not to replace human capital, but to complement it by offering assistance the best way possible. The future is going to be a lot more AI-powered now that technology is becoming more accessible, but it will not become AI-driven.
Cloud-native solutions will become a necessity
Since most organizations are moving on board with the entire digital transformation movement, it has given rise to a cloud-based environment in companies. Instead of investing in heavy on-premise infrastructure that costs a lot more to maintain and build, companies are now investing in cloud-based software that will help them meet their business goals. This includes the adoption of cloud-native analytics solutions that create detailed analysis, but on the cloud.
Cloud-native solutions for analytics will not require the company to host its own data centres, build infrastructure, and more. They are easily accessible from any part of the world, and users can control the access rights for the tool. In today’s state where organizations are looking at a hybrid work model where employees can work remotely, this adoption has become a necessity. Team members can work from anywhere and still have access to all their important files, documents and reports, thanks to cloud-native data analytics services.
The business intelligence market will grow in the finance and retail industry
The finance and retail industry is booming online as well. The retail industry had to face a major hurdle with the COVID-19 pandemic having shut down most on-ground stores, which means they had to adapt and move their businesses online. It offered its own set of benefits to the consumers such as doorstep delivery, shopping from the comfort of your home, ease of use, and more, which is why retail companies are also making the shift to moving their businesses online.
Another part of the digitization of the global economy includes the adoption of business intelligence tools and practices. These include various strategies and services that allow the retail and finance industries to study the current market trends, use the data collected from the earlier days and create valuable and meaningful insights. The BI tools are powered to help forecast future market trends using data analytics consulting services offered on the platform. These strategies will help companies plan for their growth based on what is working for them, what is not, and what the consumer trends are dictating.
It takes a consumer and market-driven approach to planning and strategizing for the future of finance and retail companies. This data-driven and future-oriented approach will only help these industries boom in their field because they will be preparing their strategies in advance as a preemptive measure and not as a reactive mechanism.
The self-service analysis will grow in the business intelligence industry
Self-service analysis in business intelligence will change the way people approach data analytics as a whole. It will reduce the amount of computation and prior knowledge and expertise required to be able to understand and process data. Self-service analysis is becoming an increasingly integral part of business intelligence because it takes data analytics consulting away from just the IT team and the experts and makes it more accessible for use.
Even if the users are not qualified in the field of data mining, quantitative and statistical analysis, they will be able to perform various analytical functions using self-service data analytics consulting tools. All the users will have to do is gain an understanding of how the self-service analysis tools in the BI tools work and they will be able to explore data sets, perform data mining functions, and more.
The tech industry will adapt more business intelligence technologies
A recent study discussing the adoption of business intelligence tools and technologies stated that the adoption rate will peak to the highest it’s been in organizations. These organizations span across multiple industries and not just tech. The industries that will embrace the adoption of BI tools will include manufacturing, consumer services, business services and more.
Business intelligence is a powerful tool that companies are starting to equip themselves with in order to achieve optimal organizational growth. They want to maximize their reach and build on consumer and user insight and feedback. Business intelligence tools use data analytics services, historical and current data, and help companies create a powerful strategy that will help them achieve this.
Improved efficiency will be the ultimate goal of data analysis
All AI-powered tools, data analytics consulting services, and business intelligence tools have one common goal; which is to improve organizational and operational efficiency. Earlier, the primary goal used to be to stay ahead of the competitors, but companies are slowly starting to realize that it is way more profitable for them to approach business growth with a growth-oriented mindset instead of a competitor-oriented mindset.
The best way to achieve growth will be to optimize all the existing strategies, processes, tools, and resources present at the company. Then, companies will build on it and improve their overall performance, which will automatically result in the growth of the business. The main reason behind the investment in artificial intelligence and data analytics is now changing to companies improving themselves instead of companies working against each other to stay ahead of the curve.
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The big data market is expected to grow tremendously
The growth rate of the Big Data market is also quite high with an expected CAGR of 23.1% (Intrado Global Newswire) from 2021 to 2028. This is primarily because of the incredible growth observed in the e-commerce sector over the last few years as well as the increase in spending on business intelligence tools and services. BI tools, data analytics tools, data analytics consulting services, and AI tools are used to process Big Data, categorize it and make it more understandable. Companies can use this processed information as per their requirements.
An increase in the adoption of BI, AI and data analytics tools is a direct cause of the increase in the requirements of Big Data and its uses.
Existing company culture will act as a hindrance to the growth of data analysis and business intelligence
The only thing that stands between the adoption of these advancing technologies and companies is the human element. The company culture needs to evolve, but it is not evolving at the same rate at which the technology is advancing. This means that there is a gap that is only getting bigger with time between the existing company culture and its evolution to the futuristic standard of technology.
Companies are embracing change, but it takes time to change the human mindset. Agile and Lean methodologies are paving the way to make employers and employees more open to constant and repetitive changing market trends, technology trends, and more, but it takes a total overhaul for companies to be able to change their mindset.
There is no way all these new technologies will work if they are adopted if the company culture and the employees at the organization are not on board with this change. So employee cooperation is key to making these changes last and actually benefit the company and industry they are being implemented in.
Final Thoughts
The data analytics consulting market is constantly on the rise with no signs of stopping in the future. Companies need to get on board for these data analytics trends of 2022 to stay relevant and future-ready. Embracing change is the only way companies will remain active and grow in this fast-paced and technologically advanced environment.
