Big Data Analytics – Emerging Trends
For business organisations, Big Data Analytics is proving to be a game changer and its scope is ever-expanding. Here’s looking at the emerging trends for 2022
Big Data goes much beyond data crunching. Put simply, it is what its name implies – body of data that is huge in volume. Usually, this is the data that gets generated every second through the regular activities and business transactions of any business or establishment – be it commercial or non-commercial. That includes all data – both structured and unstructured. Coupled with Analytics, Big Data is now a trending technology that no serious business can afford to ignore.
To make informed and intelligent decisions in this age of technology, companies now need to know how data is generated digitally, how it can be captured, stored and analysed. To do all these, businesses are rushing to adopt Data Science based solutions to improve efficiency, increase market reach, boost sales, and introduce new processes and solutions. And this is where Big Data Analytics is going from strength to strength. Right from ambitious start-ups to corporate giants, Big Data Analytic solutions are being explored to reduce costs, improve customer experience, achieve precision marketing, optimize existing processes and enhance data security.
Let us take a quick look at the Big Data Analytics hotspots that will be trending in 2022:
Predictive Analytics is going to be the next big thing:
While traditional data analytics is a backward glance because analyses past data, Predictive Analytics is forward looking – because it analyses historical data to predict future trends. It is the final destination of Big Data Analytics and Business Intelligence, and is set to become the mainstay of business analytics in the future. The global Predictive Analytics market is growing at a CAGR of around 24.5%, and experts believe it will be worth $22.1 billion by end-2026. By analysing historical data patterns in consumer behaviour, market fluctuations and even societal trends, Predictive Analytics allows companies to anticipate the next move of the customer – and it is here to stay.
Embedded Analytics and Business Intelligence adoption will gain rapid ground:
Embedded analytics will allow businesses to attain self-service Business Intelligence capabilities including collaboration and governance features. That would reduce analytics effort and derive required insights faster. The coming year will see more companies adopting self-service tools to securely access data and derive insights. Dresner’s market study predicts that in 2022, technology, business services, consumer services, and manufacturing industries will be increasing their budget for planned adoption of Business Intelligence tools by as much as 50
Augmented Analytics will become more common:
Augmented Analytics will enable the use of natural language processing (NLP) and machine learning (ML) to offer enhanced data analytics, data sharing, and business intelligence. With its capabilities of simplifying the business analytics process, Augmented Analytics is poised to be the leading business analytics trend both in public and private sectors.
Humans are not going to be replaced anytime soon:
AI-based solutions are getting refined by the minute each day. A recent Gartner report predicts “Smarter, more responsible, scalable AI will enable better learning algorithms, interpretable systems and shorter time to value.” But the world is yet far from the tipping-over point where all processes can be algorithm-driven. Organizations will still need humans to act as check-points to analytics tools – identifying anomalies and threats timely and effectively. Instead of being hostile to each other, human-machine collaboration is going to be the prime trend in intelligent automation.
Edge Data and Cloud-based analytics solutions will keep growing:
With the rate of data generation multiplying tenfold in recent years, it is a humongous challenge to analyse that much data efficiently and in real-time. This is where organisations are relying more-and-more on Edge Data Analytics for rapid decision-making. It reduces data latency and enhances data processing speeds. And since Cloud solutions are now within everyone’s reach, Cloud-native analytics solutions will be much sought after to streamline Business Intelligence. Companies who opt for them will gain a clear competitive advantage.
Decision Intelligence will come to the fore:
Decision Intelligence (DI) is an emerging discipline that helps businesses to understand what they should do about significant findings derived from data. DI is perceived as the missing link that can enhance the business decision-making process. It allows organizations to improve their user experiences, differentiate from competitors, and maximise revenues. A prominent survey predicts the global business intelligence market to reach $30.9 billion by 2022.
Big Data Automation, Business Analytics Software and Data Visualization would make life simpler:
- Data Automation is going to be all pervasive as enterprises will increasingly want to automate their massive data inflow. The role of data pipelines or business-ready data stored in a user-friendly OLAP data warehouse will continue to surge. Multidimensional data obtained from different and unrelated sources will be secured in a common storage platform.
Parallelly, we will witness a growing demand for off-the shelf software programs that allow companies to analyse their own data. This will empower them to manage information and trends both inside and outside the organisation.
Visualisation of data is going to be another important trend. A picture is more eloquent than words and the current tendency is towards graphical presentation of data. The human brain instinctively interprets images; hence a visual presentation will help business analysts understand the data better, derive more accurate conclusions and predict future trends at ease.
This is certainly an exciting time for Big Data Analytics!
