Through data and analytics, businesses can uncover customer data, boost productivity, and improve project management.
It helps in 25% faster innovation cycles, 17% improved business efficiencies, 13% more effective R&D, and 12% better product and service.
In fact, the annual revenue from the global big data analytics market is likely to reach $68.09 billion by 2025.
This means that data and analytics have become a central part of any business growth. Having experts, especially employees with bachelor’s in data science in the business, who can analyze and interpret data is key to any business’s continued growth and success in this cut-throat competitive market.
The first step is to understand what is next in the world of data and analytics so that you plan ahead. Here is the list of the key trends in data and analytics for 2022:
In-Memory Computing Will Become Popular
In-memory computing is a way of running complex computer calculations, which require specialized systems software, entirely in computer memory i.e. RAM.
It is becoming a major technological solution since the cost of memory has begun to decrease of late. The global market size of in-memory computing in 2020 was $11.55 billion, which is likely to reach $44.10 billion by 2028, with a CAGR of 18.4%.
This gives room for data and analytics in large companies and SMEs. With IMC, data can be stored in RAM rather than on their hard disks across different devices allowing for real data scaling and agile performance. This includes addressing the demands for omnichannel marketing, real-time regulatory compliance, and digital transformation.
IMC analytics helps remove inefficiencies that businesses are facing in intelligence solutions. By keeping the detailed data in the main memory, this model speeds up data crunching and meets diverse information and analytics requirements faster.
Predictive Analytics Will Rise
To predict future trends in business, most organizations are leveraging different features of predictive analytics.
Many businesses are already using predictive analytics to apply Artificial Intelligence, optimize internal processes, and eliminate all bottlenecks. In fact, the predictive analytics market is expected to reach around $11 billion in annual revenue by 2022.
It uses current and historical data to derive predictions about unknowns such as future trends and events. It uses scientific methods and techniques such as data mining, modeling, and machine learning.
Predictive Analytics can be integrated into business processes so that analytic insights and projections are used automatically by other systems such as a BPM system or CRM system.
Knowing what the future holds in the market is central to businesses building their brands. With predictive data analytics, most businesses are able to forecast how the future looks like for their markets. It includes leveraging on a new customer, social media, market mountains, and predictive analytics.
AI Will Keep Evolving
Artificial intelligence is another trend you should look out for in 2022. A scalable AI which is smarter and responsible will facilitate improved learning algorithms, enhance interpretable systems, and take the shortest time to interpret data.
NLP, which is Natural Language Processing, is one of the best AI technologies that significantly reduce the necessity for typing or interacting with a screen as machines can comprehend human languages.
Moreover, AI-powered devices can turn natural human languages into computer codes that can run applications and programs.
Even AI software such as video markers and website builders leverage the latest technologies for analyzing data and suggesting the best options to the customers.
Large organizations and SMEs will see the need to rely on AI and other related technologies in 2022. For instance, businesses have to look into how voice assisting devices, such as Alexa, Siri, and Google Home use AI to recognize and respond to voice search queries.
Automation Will Be the Front and Center of the Data Process
Businesses can save time and money when they upload and handle processes via automated tools and by eliminating all the repetitive tasks in their business.
Businesses can automate multiple and repetitive processes that involve large volumes of information and data using robotic process automation (RPA) and intelligent business process management software (iBPMS).
Augmented Analytics Will Spur Major Developments
In 2022 and beyond, augmented analytics will become an essential factor that pushes the growth of BI platforms and growth analytics. It will also play a critical role in the advancement of embedded analytics and data science platforms.
The increasing demand for obtaining critical insights from customer data seems to be boosting the widespread use of augmented reality.
Using augmented analytics in data preparation, data discovery, insight generation, and insight explanation not only helps to explore, analyze, understand and act on data but also transform, democratize and automate the use of data for all types of users.
A number of emerging AR techniques include:
● Augmented data preparation: It is used in the extraction, transfer, and load phase of data preparation. Algorithms are used to detect schemas and join profiling, and data enrichment through the automation of data transformation steps.
● Automated analytics: It is also known as automated business monitoring as it enables the running of always-on analysis in the background.
● Machine-assisted insights: It is used to generate visualization, calculation creation, and variance analysis through machines. It is often triggered by the action of the user asking a question.
Data-As-A-Service (DaaS) Will Become More Popular
In 2022, DaaS will become more popular than ever. DaaS is a cloud-based technology that enables its subscribers to easily access and use files through the internet. The pandemic challenges have made DaaS more helpful to people.
According to Market Research Future, the DaaS market is expected to increase to $12 billion by the end of 2023.
DaaS is expected to be a viable solution to companies already embracing data as a decision-making tool. Only a few companies have internal mechanisms that can help them to leverage the power of collected data.
DaaS will have a broader reach in 2022 as most internet users can now access high-speed internet. DaaS is expected to change how small and large businesses access and use data in decision-making.
Conclusion
The digital economy relies more on data today. Businesses need reliable data for decision-making. Data is like an engine that propels businesses and industries.
Thus, businesses should invest in data and analytics. You should adjust their strategies if you want to increase your returns. Whether it is IoT, AR, AI, or VR, knowing how these new technologies impact your businesses is fundamental to achieving growth and success.