The global big data analytics market is expected to reach $68.09 billion in annual revenue by 2025. It has become one of the most compelling technology trends reshaping business processes and operations. The category is now a crucial resource for both the public and private sectors, as well as for the healthcare industry.
Organizations can now track and analyze business data in real time, thanks to cloud-based applications. This allows for quicker turnaround time for adjustments. As we move into 2023, now is the time to anticipate, adapt, and scale your approach to big data by preparing for the coming year’s top trends in data and analytics.
Trend #1: Digital Transformation
Digital transformation pushes technology from every direction as we move deeper into the Internet of Things (IoT), machine learning, and big data. With IoT devices expected to move from 9.7 billion in 2020 to 29.4 billion in 2030, it’s easy to see how big data will play a pivotal role.
Artificial intelligence (AI) will become a bigger part of processing, trying to make sense of the vast amounts of data we’ve accumulated in the years past. We’ll continue to find applications for projecting insights on how we can grow in the future.
Trend #2: Business Intelligence
Business intelligence will continue moving into every industry and affect both strategic and tactical business decisions. Business intelligence (BI) leverages software and services to provide actionable insight to give users detailed intelligence about the state of the business.
With the value of the global BI and analytics software market expected to grow to $18 billion by 2025, growth may come in unexpected places. Collaborative BI can help unearth insights and make decisions without moving from a BI platform. It can make data more accessible and provide non-technical users an easy way to connect to the results.
Trend #3: Cloud Technology
More than 70% of companies have migrated at least some of their workloads to the public cloud, with even greater cloud adoption predicted in the next few years. A McKinsey survey found that companies averaged 23% over budget on cloud spending, and estimated that 30% of their outlays were wasted.
Cloud-native technologies are the only sustainable solution for our ever-changing business and IT infrastructure. They’re complicated, though, requiring standardized and self-service tools that allow even more non-technical users to better collect, analyze, and interpret usage and data.
Trend #4: Data as a Service (DaaS)
Data as a Service (DaaS) has reached a point where even the smallest players can easily get into the game and generate revenue from it. With growth predicted to approach $11 billion in revenue by 2023, it’s expected to allow extreme niches to find value in their data.
If you have a company whose data could be of value to others, this could become a nice revenue stream. Now is the time to rethink what you’ve offered in the past, and find new ways to be relevant in the coming world.
Trend #5: Health and Wellness
More businesses are taking an active role in health and wellness. Examples include medical practices that are finding new ways to communicate with patients, and companies’ efforts toward identifying strategies to help keep workers healthy.
This trend can lessen the burden on our current medical system. The U.S. National Health Expenditure grew to $4.1 trillion in 2020, or $12,530 per person, accounting for 19.7% of GDP. By continuing to accumulate medical data from all across the planet, companies can use that data in new ways to identify cures sooner and faster than ever before.
Trend #6: Driverless Technology
While autonomous driving has been talked about for years, we’re finally getting closer to making it a reality. Waymo, Alphabet’s autonomous vehicle unit, now uses self-driving ride-hailing services in both its Phoenix and San Francisco locations. Walmart has used an autonomous vehicle program in Arkansas since 2020, and has registered more 70,000 miles.
As businesses continue using data derived from these early adapters, the only place to go is up. Big data will continue to help further define commuter transportation management programs, which should help shed light on how we’ll continue to move in the future.
Data Is at the Heart of It All
Data analytics is the heart of all future development.
As businesses race to keep pace with the significant developments in digital transformation, one thing is clear: business intelligence will play a key role in future enterprise growth.
Businesses, big and small, that harness new technologies as they enter the market, utilizing essential self-service analytics tools and big data, will be better equipped to predict trends, identify business growth opportunities, and enhance profitability.