In today’s world data has become the most valuable asset for a business and data analytics helps give this raw data a definition. Most businesses fail to manage the enormous amount of raw data, hence resulting in a failed customer experience. Proper management of data has been proven effective by organizations to expand their business further and increase their profitability.
To take your business to the next level all you need to do is understand the ongoing data analytics market trends.
So here are the top 5 trends to fuel the growth of businesses using data and analytics in 2022.
Table of Contents
1. Shifting to Cloud-Based Enterprises :
A network of connected servers over the internet that enables sharing of information and resources is a boon because of its efficient business performance. Using a cloud-based enterprise helps in keeping all your data centralized without compromising on security though, these enterprises are expensive but to make it more cost-effective hybrid or multi-cloud technologies can be used. Businesses are turning to cloud technologies for efficient data management and optimal performance. Cloud computing is making it easy for companies to view their precious data in real-time from across the globe with just a click. The use of cloud-based enterprises has grown over the last decade and is likely to grow in the coming years in the field of data analytics, setting it as one of the top market trends.
2. Switching to no code analytics platform :
The popularity of the no-code data platform is on a rise and helps people with non-technological backgrounds to dig deeper into their business trends. These no-code/ low code platforms deal efficiently with vast volumes of data without following the conventional coding methodologies. Some of the benefits of a self-service analytics platform with minimal code include:
- Fewer bugs and more quality
- Time Efficient, supports high-speed analytics
- Less engineering effort hence less cost
- User-friendly, no in-depth knowledge of coding is required.
Using a no-code platform not only helps businesses to cut their cost but also empowers non-technical people to analyze data on their own without depending on the technical ones to do their work.
By the end of the year, over 50% of SMEs will be switching to a low code data analytics platform to fulfill the rising demand for data analytics.
3. Using AI for improved analysis :
AI is basically the simulation of human intelligence into machines that can make machines work as efficiently as humans. In the coming years, AI is expected to evolve into a more responsible and scalable technology not only for its capabilities to derive better business values but also for its massive power to improve human life.
The wide application of AI includes :
- Discovering insights
- Spotting patterns and relationships in data
- Understanding the customer demands
- Data Accuracy, no chance of human errors
- Fraudulent Detection
As technology is growing the benefits of AI are also increasing exponentially. AI has the potential to grow more and more intelligent with time. The integration of machine learning and AI is expected to surge the demand for data analytics to improve decision-making capabilities. In today’s fast-paced environment doing things manually hinders the growth of the business, so to keep up with the top data analytics trends AI is the one that has paramount importance.
Also Read : How AI is Being Used in Business
4. Data Visualization to make strategic decisions
In simple words, data visualization is a graphical representation of data that is easy to comprehend. The evolution of data visualization from static to interactive charts has changed the way we interpret data as it provides a detailed image of complex information in the easiest way possible, helping businesses to make informed decisions. For businesses, data is their most important asset through correctly interpreting and visualizing your data, and by following proper principles of data analytics one can take advantage of that information. Data visualization can help businesses achieve their targets by understanding the business needs and through it, one can also unveil the steps for its better implementation.
With the increasing surge in data every day, there is a need to handle that data effectively in order to derive proper insights from it, and with data visualization, we can easily do so to make better data-driven decisions to benefit the firm.
5. Using Data Fabric for better performance
A single environment consisting of a unified architecture and services that help organizations manage their data is the process of data fabrication. Data fabric is more than a set of technologies rather it is an approach that helps organizations properly manage their data without compromising on security. The ultimate goal of data fabric is to increase data values and progress towards digital transformations. There are many benefits of data fabric some of them are listed below :
- Connectivity to any data source
- Able to ingest data with ease
- Data accessing is made possible from multiple cloud-based environments
- Improved data quality due to better data preparation and data transformation techniques
- Data sharing and management among organizations made easy
Apart from them, there are several benefits facilitating faster insights which are responsible for improving customer experience. Data Fabric adoption will play a vital role in shaping the future of data analytics and will evolve as one of the best data analytics trends by the end of the year.
These new data analytics trends will be rising at a high pace and will be the core of key requirements in business planning. The tremendous growth in data has paved a way for us to manage it properly in order to use it as an asset. These trends will guide you to stay in compliance and outperform your competition. The data analytics market is projected to grow at a higher speed and is expected to become one of the fastest-growing markets in history. Using all these data analytics trends can help you cater to the needs of your business hence, resulting in a positive consumer experience.
- In this article, we have discussed the future trends that can revolutionize data analysis.
- Trends like shifting to cloud-based enterprises, switching to no/low code platforms, using AI for better analytics, using data visualization to make strategic decisions, and using data fabric for better performance are going to take the data analytics industry to the next level and significantly modify the industry’s nature.
- Read more to get better clarity of trends and their upcoming relevance.