Technology is getting more and more integrated into our daily job as the corporate environment evolves. According to the most recent estimate mentioned below, data science and data analytics will continue to dominate the world of big data industry. Big data has a bright future ahead of it, with improved technology and wider access to an ocean of data. This allows organizations to acquire more insights, enhance performance, generate revenue, and innovate more quickly.
The Data Marketplace
The path of becoming more data scientist data-driven for most businesses begins with better knowledge and use of their data. Internal data, on the other hand, is only the tip of the iceberg. The untapped potential of external data lies under the surface of the (data) lake, which gives rise to data marketplace. In the data economy, data markets have become a significant element. Data markets are used by a wide range of customers, from data scientists to governments and market intelligence agencies. According to Gartner, 35 percent of major enterprises will be sellers or purchasers of data in online data marketplaces by 2022. Buying and selling data is now more accessible, cost-effective, and scalable than it has ever been.
Companies using these markets can develop new sources of income. Data monetization will create enormous sums of revenue in the coming years. As data providers create more data and organizations’ ambition to become more data-driven develops, the importance of a platform to support this interchange grows. The future of the big data industry marketplace is to provide knowledge, insights, and competitive advantage, not just sell data.
Rise of Predictive Analysis
Predictive analytics is one of the main reasons why data analytics consulting services are growing in popularity. Predictive analytics uses various statistical techniques and tools to provide projections and future trends for performance based on prior data. It’s a cutting-edge analytics sector that allows businesses to develop complete performance reports. Predictive analytics has earned the attention of a wide spectrum of organizations. According to an analysis released by Zion Market Research, the global market is expected to reach USD10.95 billion by 2022.
Emergence of Cloud-Based Analytics Solutions
Cloud computing will be at the forefront of all technologies to tackle important business difficulties, according to all IT experts. Businesses are already utilizing cloud infrastructure to meet their organization’s more sophisticated and dynamic requirements. According to estimates, worldwide cloud revenue will reach USD 474 billion in 2022 as a result of the ongoing epidemic and the growth in digital services. Gartner said that the revenue from the public cloud market will reach USD 331 billion in 2022, and more than 85 percent of businesses will adopt a cloud-first strategy by 2025. The figures show that the cloud’s prospective benefits are limitless.
The cloud computing platform provides the greatest flexibility and scalability for storing and analyzing data that has beyond its boundaries. Cloud-based data analysis is a new wave of data exploitation for enhanced business information. By allowing remote work and reducing expenses and bottlenecks, this is and will continue to help businesses gain a competitive edge.
Evolution of Artificial Intelligence
Artificial Intelligence is already making significant headway in the corporate sector. It will continue to improve its ability to learn algorithms and reduce time to market. Reinforcement learning and distributed learning techniques are resulting in more adaptive and flexible systems. This means that by 2022, businesses will be able to manage more complicated business circumstances utilizing AI. AI applications will be at the forefront of business strategy in the following year. Companies will see a steeper slope of development. This is mainly because AI/ML models become the norm.
Thus, spreading AI to every department and touching every business function. We predict AI to become more widely adopted in a variety of areas, particularly in healthcare, retail, manufacturing, and finance. AI will not be a bolt-on to the existing infrastructure but will be an essential element of the data science company’s technology stack. It helps deliver real-time insights to customers, partners and employees. In 2022, organizations will strive to employ AI insights to become more competitive by being completely data-driven, thanks to the emerging internet economy. Furthermore, the large firms’ increased research and development will result in more innovation and enablement, bringing AI within reach of smaller businesses as well. AI-powered products and technologies are being demanded by businesses at enhanced rates. This led to an increase in basic AI technologies such as chatbots, voice-to-text, and more.