March 13 2023| Data Analytics
Top Data Analytics Trends and Predictions for 2023
Data is crucial for decision-making in any business. Collecting and analyzing data is often the foundation of each new arena, whether it is in health care, online shopping and customer support, or internet banking. Big data analytics are already utilized for data-driven innovations, but each year they undergo a number of modifications as a result of new technologies like artificial intelligence and machine learning. In today’s fast-paced digital world, it is vital to keep pace with emerging trends in data analytics. With the new technologies, tracking and analyzing volumes of business data in real-time is easier. Moreover, organizations can make the adjustments to their business processes accordingly.
According to a report by GlobeNewswire, the Global Big Data Analytics Market was valued at US$ 37.34 billion in 2018 and is likely to reach US$ 105.08 billion by 2027, growing at a CAGR of 12.3% during the forecast period from 2019 to 2027.
In this blog, you can find the top data analytics rends that are becoming an inherent part of the industry.
Top 4 Data Analytics Trends
AI:
Businesses will increasingly use artificial intelligence tools to manage the large-volume data and gain valuable business insights.
Predictive analytics:
Predictive analytics is being used by businesses to identify potential future trends. As per a recent Facts and Factors report, the Global Predictive Analytics market will reach USD 22.1 billion by 2026.
Hybrid Cloud Solutions:
Hybrid clouds are bringing change to enterprises by providing a centralized database, data security, scalability of data, and much more.
Augmented Analytics:
Automates and improves data analytics, data sharing, business intelligence, and insight discovery using natural language processing, machine learning, and artificial intelligence. When a business works with large data, automated data analysis is truly beneficial. Data exploration, data preparation, data replication, and data warehouse management are just a few of the tasks that may be performed with automated data analytics.
Predictions for Data Analytics 2023
The following are some of the predictions for data analytics in the coming years.
Privacy will become more important:
Privacy and security of data is imperative. Companies that fail to keep data safe may have to face many challenges.
More companies will adopt energy-efficient AI:
Technological developments like AI will aid in data analytics and enhance the quality of the results. For more thorough and expedient examination, it helps to immediately discover trends and patterns.
The emergence of data culture:
Data culture must be considered a critical pillar to identify and capitalize on opportunities, and review relevant data reports before every decision.
A reduction in data management costs:
With the emergence of cutting-edge automation and Artificial Intelligence technologies, there will be less need for human engagement, which will result in a decrease in data management expenses.
Better flexibility:
Accessibility has been the main focus of data analytics; now, as technology has advanced and corporate needs have changed, the emphasis has turned to flexibility.
Customer experience will become most important:
The competition is based on customer experience. Analytics allows companies to track and predict consumer behavior which can help with greater customization and better shopping experience.
Large enterprises and multinational organizations are using data analytics techniques widely. Serving as a leading data analytics services company, Sanjeevi Technology Solutions has an experienced team that helps to streamline data and derive valuable hidden business insights, while minimizing cost.