Data remains the lifeblood of the modern business world. For example, social media, medical research institutions, and eCommerce platforms generate a massive amount of data. Organizations able to glean actionable information from this resource enjoy a significant competitive advantage over other businesses.
This scenario makes data analytics a critical function for any modern organization.
What follows is a high-level overview of the latest data analytics trends for 2023. Leverage these insights to ensure your business employs technical professionals with skills in both data and analytics. In the end, a full understanding of these trends informs your strategies for a successful new year and beyond.
Here’s How Data and Analytics are Changing This Year
Big Data Revenues Continue to Grow
The modern interconnected economy produces large amounts of data. Due to more businesses implementing IoT networks, expect an even bigger increase. This places the onus on these companies to have mature data analytics processes to derive information from that data.
Because of this strong demand, industry pundits predict a large market expansion for big data analytics. In fact, a recent study by DataToBiz forecasts that the global market for big data to exceed $100 billion by 2027. Notably, this scenario creates a massive opportunity for companies with data analytics skills to provide these services.
AI and Machine Learning Continue to Drive The Digital Transformation
The expansion of the IoT means more business data needing to be analyzed. In fact, the number of devices accessing the Internet is expected to triple by the end of the decade. As a result, expect more companies to rely on AI and machine learning to analyze all this data. Both tech innovations provide the computing power to drive the current digital transformation, so expect that trend to continue.
Data as a Service (DaaS) Grows in Popularity
Cloud-based service offerings help companies save money while improving efficiency. The popularity of IaaS and SaaS provide an example of why businesses migrate their IT infrastructures to the Cloud. Expect data as a service (DaaS) to continue this trend. Pundits forecast the DaaS market to reach $11 billion in 2023, driven by the need for accessible data analytics.
Real-Time Analytics Gains a Foothold
Businesses leverage real-time data analytics for a variety of use-cases, including cybersecurity, logistics, healthcare, and more. Once again, the growth of the IoT highlights the importance of quickly gleaning actionable information from all this data. Expect it to be an important data analytics trend in 2023 and beyond.
Are You Ready For These Data and Analytics Changes?
Whether you’re looking for the top technical talent to make your analytics goals a reality, or seeking a technology partner to develop and implement new data management practices, Technology Partners is here for you. Schedule a meeting with us to discuss your current ambitions and challenges.