There has been an extravagant growth in data over the past few years, where data has proven its worth and importance in all industries. Due to this very reason, corporations are expected to invest heavily in data related solutions in the future. All existing business intelligence and analytics markets are diversifying across different players but still, some market titans like Google and Microsoft have outperformed globally. If companies think the battle is over they are wrong, in fact it has just started. And the end point is to see who can deliver the most sophisticated algorithms to ensure quality data. Let’s look at some recent market trends that dominated business intelligence and analytics markets:
- Startups & SMEs now have access to big data, all thanks to the availability of low-cost public cloud
- Data literacy programs are in high demand within organizations
- Organizations are ensuring data governance and security due to strict data regulations like GPRA, CCPA, and PIPEDA
- Advanced Business Intelligence tools have made self-service business intelligence more accessible
- Business intelligence (BI) vendors are enabling advanced mobile analytics
Now that we have discussed that let’s more over to see the emerging trends that will be popular in the business intelligence and analytics market as we have finally entered a new year.
Trend #1: Data Literacy Is At The Top
CRM & Big Data Analytics is the biggest fuel when it comes to decision making and seeing it as a collaborative tool has now become a critical success factor. Also reason being why data literacy has become a necessary component of digital dexterity and in fact by 2025 will become a necessity and a core factor in driving business value. The increase in demand of self-service business intelligence tools to handle large amount of data, work with artificial intelligence and augmented analytics has brought data literacy to the foundation of a thriving data driven culture.
Trend #2: Top-tier Data Quality Management Frameworks
Data Quality Management has already become very important within an organization digital transformation adoption and will soon be landing in a company top priority list. Reason being that more data will be available to be cleansed, validated and utilized effectively and efficiently. If businesses want to capitalize on enormous amounts of data growth, then they must employ data quality frameworks to ensure actionable insights in accurate and authentic protocols. But nonetheless, there are always challenges standing in the way. In this case, the greatest issue being implementing a scalable enterprise-wide data management framework that brings real value.
Trend #3: Predictive Analytics Will Rise
Predictive analytics forecasts the future based on both current and historical trends that are applied at work. This helps you get a better understanding of your buyers, who they are, what they like and dislike to help identify potential risks and opportunities. These tools are becoming more accessible now in 2022 and businesses will further see an increase in predictive analytics in the future too. It is predicted the global analytics market will reach $10.95 billion by 2022 and $35.45 billion by 2027.
Trend #4: Collaborative Business Intelligence Will Develop
Collaborative business intelligence tools are the key to better data utilization, because it combines both traditional BI tools and collaboration tools like Hub spot, Customer Relationship Management, Slack etc. This helps people understand and analyze data in a more formatted and easier way. All of this helps empower data flow outside of a data analyst’s domain, bringing more visibility and accessibility for everyone involved in the decision making process. This means organizations will be able to implement more collaborative business intelligence tools into their work strategies, helping generate quicker idea sharing, more robust communication process and last but not least fast decision.
Trend #5: Analytics and business intelligence automation
Automation in business intelligence is very helpful because it can reflect trends quickly in response to the slightest change in data values. What’s better is that this automation saves precious time of a data analyst would have spent on data preparation, giving them more time to spend on other important tasks. This is something almost necessary for large scale analytics projects because it eliminates manual inputs, inefficiencies and biased results.
Trend #6: Widespread Cloud Adoption
Over time a lot of businesses have started to prefer adopting cloud computing strategies for operational efficiency and data related services. One major reason for this shift is because of the global pandemic that hit us all, pushing businesses to adopt cloud-based software as a service (SaaS) for more scalable data analytics services. Cloud computing (AWS cloud computing and Salesforce cloud computing) has become more popular and exploded the internet in 2020-2021 when an immense number of businesses and their work went virtual, work from home became a thing and business were now focused on digital facilities.
Trend #7: Mobile Business Intelligence
Big companies want their staff and customers to have easy access to whatever they need, meaning they want them to access their business platforms from any place, at any time, using any device. That is, worldwide as well. Reason being why business intelligence vendors strive to deliver more sustainable and seamless mobile experiences to its customers. Research shows that mobile business intelligence is expected to register a CAGR of 22.43% during 2021-2026 and according to Market Watch, the global mobile BI market is expected to reach $12.42 billion globally. All these statistics, developments in process and market predictions and forecasts and more than enough to make businesses understand that developing more dependable mobile solutions is the way of the game.
Trend #8: AI, NLP & RPA-based BI & Analytics
With time as data is growing and automation is becoming more necessary for large scale analytic businesses. Organizations with AI-powered solutions and BI and analytical solutions capture these spots. It is said that by 2025, more than 25% of tasks will run autonomously.
The Bottom Line
After having such a big pandemic hit the world, automation and digitalization is something that is here to stay. Business will now continuously be working to modernize their BI and analytics segments. Business intelligence tools and Artificial intelligence analytics are the future and will only evolve further over time.
Business intelligence and data analytics in virtual environments will significantly profit industries like pharmaceuticals, e-commerce, as well as small and medium enterprises. Leveraging businesses through powerful insights also demands technical knowledge of correct data analysis as the data is getting more complex and diverse hence you will need a top-tier business solution for your business.
Rolustech is an AWS certified firm and has completed several projects in AWS DevOps, AWS Cloud Application Development, Machine Learning & Artificial Intelligence, and more. Get in touch now for a FREE Business Analysis. We will be glad to assist you!