Data Analytics Trends
Businesses need to take note of the emerging trends in data analytics for safeguarding their competitive edge. What are the top data analytics trends you can expect in 2022? This article helps you find some prominent answers to the same.
The significance of data in the modern world goes beyond annual reports and long tables of unstructured data. Innovative advancements in the field of data and analytics have fuelled a new wave of transition for businesses seeking data-driven business models. Enterprises want to leverage new data-driven models for streamlining business processes alongside improving the possibilities of making better decisions on the grounds of analytical insights.
A couple of years ago, the words big data and analytics sounded more like the terms in a tech expert’s glossary. However, disruptions in various industries due to a global pandemic presented pressing concerns of adaptability to changes within less time. As a result, data analytics and science investments have been growing at exponential rates, placing data as a crucial asset for almost all businesses.
How can businesses prepare for the future of data analytics? Should every sector follow the use cases of data analytics in healthcare industry as the benchmark? Can you expect some new advancements in data analytics? All these questions are critical for any enterprise seeking the best way to leverage data analytics for gaining a competitive advantage. Let us discover the answers to all these questions with an in-depth overview of the top big data analytics trends.
What is The Significance of Big Data and Analytics?
Data analytics offers a complex process for evaluating massive data collections to derive helpful insights. Businesses can use data analytics to analyze datasets to identify hidden patterns, customer preferences, correlations and market trends. The importance of business data analytics has grown profoundly in recent times with the benefits of predictive models and statistical algorithms. Data analytics helps businesses with crucial benefits for a competitive edge such as,
- Better operational efficiency
- Improved and targeted marketing strategies
- Customer personalization
- Identification of new revenue streams and business opportunities
The different benefits of data analytics, when complemented with the right strategy, can offer a formidable advantage over competitors.
What is the Ideal Course of Action for Adopting Data Analytics Now?
The value benefits of big data analytics are obviously some of the prominent highlights that encourage data analytics adoptions. However, many businesses are still considering their options for implementing data analytics in their processes. Why? Isn’t data analytics an integral aspect of business operations now? The businesses that have the necessary resources and clarity on data analytics have successfully capitalized on data analytics benefits. On the other hand, many companies are struggling to obtain a clear impression of data analytics and its functionalities. You can learn more about data analytics for using the best data analytics solutions by reliable providers like Visvero now.
A trusted and competent business analytics solution provider can help you with the ideal roadmap to implement data analytics. However, you must also notice how data analytics applications change every moment. For example, a global pandemic showed the need for adaptability to change. On top of it, many other trends in the industry dynamics have gained momentum. Apart from introducing new data and analytics capabilities, the new trends would more likely focus on the mission-specific role of data analytics. Any company aspiring to capitalize on the value of data analytics should be prepared for the emerging dynamics.
What Is the Market Opportunity in Data Analytics Now?
Before diving into an outline of the emerging dynamics associated with the data analytics market, you should know about the market opportunity. As of now, the data analytics market has depicted promising levels of growth. Here are some statistics that can help you identify the market opportunity for data analytics.
- According to the estimates of IDC analysts, the total expenses on big data and analytics solutions in 2021 amounted to almost $215 billion.
- According to the US Bureau of Labor Statistics, the demand for skilled data science and analytics professionals would grow by 30% through 2030.
- Most important of all, more than 90% of global enterprises are likely to perceive information as a crucial enterprise asset. Predictions suggest that the enterprises would also consider data analytics as an essential skill for data management professionals.
The overview of the market opportunity for big data analytics in healthcare and other industries presents a favorable ground for the growth of data analytics. However, enterprises can come up with effective data analytics strategies only with an impression of data analytics trends. How are data analytics trends important for the strategies required to implement data analytics for achieving business goals?
What are The Top Trends in Data Analytics for 2022?
The efficiency of healthcare claims data analytics solutions and the productive outcomes of data analytics use cases in different sectors have created a safe foundation for companies to adopt data analytics. On the other hand, the field of data analytics is constantly changing, and businesses need to be adaptable to the changes. Therefore, a clear impression of the expected trends in analytics big data solutions and the industry, in general, can help you tailor effective data analytics strategies. Here is an outline of the top trends you can expect in the field of data analytics in 2022.
- Artificial Intelligence
One of the foremost trends in the applications of big data analytics in healthcare and other sectors is automation. Artificial intelligence, machine learning and automation have emerged as the strong forces of change for organizations worldwide. The applications of AI in data analytics not only improve human capabilities but also offer the scope for ensuring improved business value. In response to the pandemic and growing scale of remote work, enterprises are capitalizing on the new opportunities for establishing data-driven cultures. As a result, many companies are investing actively in AI-driven analytics.
How can artificial intelligence or AI drive business value in data analytics? Organizations could use business analytics for increasing sales through precise demand forecasts and proper warehouse stocking. Most important of all, AI-powered analytics solutions could also boost operational efficiency through process automation. Find more information on how AI complements the capabilities of data analytics solutions with a reliable solution provider like Visvero right now.
- Composing Data and Analytics
The next biggest trend in data analytics for 2022 would focus on the use of components from different analytics solutions. Almost 60% of organizations are more likely to utilize the components from three or more analytics solutions by 2023. The primary objective of using components from different solutions focuses on developing decision-centric applications. Many enterprises use multiple analytics and business intelligence tools, and composable data analytics helps in integrating the best functionalities of all tools in one solution. On top of it, compassable data analytics for empowering legacy BI production systems with new AI functionalities.
- Data Fabric
The next notable trend in discussions on “what is data analytics” focuses on data fabric, which is emerging as a new standard. According to some estimates, almost 60% to 73% of enterprise data never finds any promising use. Data fabric is an innovative standard for combining disparate data for various analytics purposes. The new standard focuses on ensuring the discovery of mission-critical information and its effective implementation throughout various environments in the organization. For example, data fabric can allow access to data in hybrid and multi-cloud environments. The value advantage of data fabric in the standardization of data management throughout different environments will have a dominant impact on data analytics strategies.
- Edge Computing Analytics
Another significant trend in discussions on the benefits of data analytics in healthcare and other industries refers to edge computing. The edge computing market is constantly growing at a promising CAGR of 19% and could reach almost $87.3 billion by 2026. The gradual shift of computing power towards the edge has also drawn big data and analytics to the edge in massive proportions. Within close proximity of physical assets, edge computing analytics can offer better speed, flexibility, and agility within close proximity of physical assets. Most important of all, edge computing analytics can also provide vital prospects for real-time analytics. Analytics on edge could also play a crucial role in facilitating the autonomous behavior of IoT devices. According to Gartner, data in edge environments would account for almost 50% of the responsibilities of data analytics professionals and leaders by 2023.
The final entry among top business data analytics trends for 2022 would be hyper-automation. The concept of hyper-automation gained attention for the first time in 2020. Interestingly, you can find a combination of different top trends expected in data analytics with hyper-automation. It basically emphasizes blending automation with machine learning and AI to create smart business processes and systems. Some of the examples of hyper-automation concepts include advanced analytics, robotic process automation and business process management. According to experts, the trend of robotic process automation will be one of the key highlights of hyper-automation in the field of data analytics.
The trends expected for big data and analytics in 2022 showcase the zeal for technological advancement in the domain. Enterprises need adaptable solutions relevant to their data analytics solutions with the latest technical value capabilities. Discover a productive viewpoint on data analytics with a reputed data analytics solution provider like Visvero right now.