In recent years, the growth in technology has introduced new ways to manage data. As of now, data analytics has the ability to offer more utility and growth to businesses in almost all fields.
According to Forbes, the data analytics market is rapidly expanding, with businesses spending a whopping $215 billion in 2021 on big data and business analytics solutions, a 10% increase over the previous year.
The upcoming trends will enhance the operations of big data, data science, and data analytics, making them simpler and easy to use while improving the way we consume data in our daily lives.
Let’s take a look at some of the upcoming data and analytics trends for 2023.
- 01. Data democratization –Businesses have just started to recognize the importance of data for improving customer experience and are drastically adopting tools for enabling their employees to make better decisions. Data democratization can come in handy in both cases.Data democratization enables the workforce to access data regardless of any expertise. It allows them to get insights into important data and improve the decision-making process and customer experience.Furthermore, according to a study by Mckinsey, companies with the greatest overall growth in revenue and earnings receive a significant proportion of that boost from data and analytics. A data environment that is democratized can give companies and their employees the ability to manage big data and grow their businesses.
- 02. Edge computing –Edge computing offers various advantages to different industries with its fast pace ability to collect and process data.According to Gartner, around 10% of enterprise-generated data is created and processed outside a traditional centralized data center or cloud. By 2025, Gartner predicts this figure will reach 75%”.By bringing computing and storage closer to the point of origin, edge computing produces more accurate and manageable data, lowers costs, provides faster insights, and enables continuous operation.Edge computing can also process large amounts of data as it uses fewer frequency bands. Furthermore, It not only reduces development costs but can also make it easier to run software from remote locations.
With cloud computing and centralized servers becoming more common, edge computing will not disappear. Instead, it will collaborate with these elements to create a hyperconnected world. - 03. Data as a Service (DaaS) –DaaS has the ability to generate revenue for any scale of player in the insurance field.
- According to Statista, its global market is expected to grow steadily in the coming years, reaching revenue of 10.7 billion U.S. dollars in 2023.Daas is a cloud-based tool that manages and processes data. It enables users to access, use, and share digital files online via the internet.It also enables businesses to manage agility, reduce insight time, and increase data reliability and integrity.Additionally, DaaS supports the entire data analytics lifecycle and enables businesses to develop, execute, and manage modularised reusable data engines.
- 04. Cloud-based self-service data analytics –Data analytics have introduced a new growing self-service data analysis, which is managed through the cloud management system. It enables users to directly access relevant data while eliminating the use of traditional IT tools. It also helps businesses to make the right decision, especially in the financial and human resources sector.
Additionally, it removes roadblocks and eases the burden on IT, data scientists, and others who are constantly responding to repeated and redundant data requests. In 2023, we can expect to see such transformations in data management and experience better services for users and companies worldwide. - 05. Data governance and regulation –Data governance will play an important role in 2023 because of its safe and secure use of personal and other data. It enables secure access to data across organizations with respect to the regulation of maintaining privacy.Lack of data governance can lead to compliance violations and fines, poor data quality, poor business decisions, evaluation delays, missed opportunities, and poorly trained AI models. Having strong data governance will enable businesses to make the right decisions and develop trust in their customers and clients.
Conclusion
As we keep improving with modern technologies and business models, we will soon see data analytics emerging as a primary need for businesses of all sizes and industries. In the coming years, we will discover how big data analytics will improve customer experience, lower costs, optimize existing processes, and reach a wider audience while maintaining critical information security.
Jellyfish Technologies can help you integrate a safe space with easy access and high security for all of your business data and confidential information.
