Organizations across all the industry verticals are being greatly transformed by data and analytics. Data analytics is the focus in the modern world and the sentiment is that Data Analytics can keep businesses ahead of the curve if you have insights into the latest data analytics trends. The field of data analytics has seen a massive shift where people are adapting the analytics to suit them rather than adapting their ways to fit in with traditional forms of analysis. Data has become the mantra for success and has evolved as a key differentiator for innovative businesses.
In the year 2020, this trend will continue to accelerate and evolve, bringing in more innovation and more sophisticated approaches to data analytics than ever before. The way technology is transforming businesses at a rapid pace, let us take a look at some of the Data Analytics trends and predictions that we could see in the year 2020.
1) Data Analysis Automation
Automation has become quite highly favored to improve business and productivity. By the year 2020, we can expect to see over 40% of data-based tasks automated. This should result in a higher rate of productivity as well as citizen data scientists having broader usage of data.
2) Data as a Service
The DaaS market is predicted to reach $ 14 billion in 2023 at a CAGR of 40%. The impressive growth is because of the increase in the adoption of big data analytics, cloud-based services and raise in demand for real-time data analytics.
3) Augmented Analytics
The global augmented market is predicted to reach USD 18.4 billion by 2023, at a CAGR of 30.8%. Augmented analytics have shaken up the field by combining AI (artificial intelligence) techniques and machine learning to create a new way of creating, developing, sharing and consuming analytics.
4) In-Memory Computing
The In-Memory Computing (IMC) is predicted to reach USD 15.3 billion by 2020. In IMC, data storage occurs in RAM across multiple computers as opposed centralized databases which result is real-time data scaling with fast performance.
5) The Internet of Things Merged with Data Analytics
By 2020, we can expect to see over 20 billion active IoT (Internet of Things) devices. This means more devices from which to collect more data for analysis, as a result, we are going to see many more analytics solutions for IoT devices to provide not only relevant data but transparency too.
6) Data Security and Data Privacy
By 2020, it is expected that 30% of organizations will be making use of backups and snapshots for safety, privacy, and reliability within their security and identity management portfolios and by 2020, privacy risk in the form of archived personal data will be the largest concern for 70% of organizations.
7) Personal & Consumer Device Developments
Given the current trends with personal devices, mobile, and web use, it is expected by 2020 that more than 50% of consumer mobile interactions will be experiences described at contextualized and hyperpersonal that is determined by the user’s past and real-time mobile behavior.
8) Personal Assistance Technologies
By 2020, it is predicted that around 5% of people over the age of 65 years will have their own personal healthcare robot. In such an environment growth is inevitable. This indicates the technology in this area is changing at a rapid pace. There is a huge market in this area and product companies can create innovative products and also can strategize on the geographies that they would be selling the products.
9) Machine Learning and the Cloud
It is predicted around 60% of vendors will have their own IaaS by the year 2022 as opposed to 30% in 2019. By 2022 cloud providers will be making use of cloud-based machine learning to acquire a 20% share of the market in platforms for data science.
10) Conversational Analytics and Natural Language Processing
Another trend for 2020 is the prediction that up to 50% of analytical queries will be either automatically generated or generated using voice or natural language processing (NLP). The advantage of this trend is that organizations will now be able to analyze complex data combinations with the help of an easy to use analytics platform. Using such a platform, you just have to enter a simple search, and then it will provide results. Users can also strike up conversations with virtual assistants to obtain or retrieve information.
It is absolutely important that we understand and keep an eye on future trends that will dominate the data analytics field. Data analytics plays a significant role in how businesses and organizations work their way in this digital age and based on these trends organizations carve out their strategies to stay relevant and keep you ahead of this evolving world.