Big data analytics has turned into an uproar in the past few years, and big data and analytics have become increasingly important to businesses of all sizes. The ability to collect and analyze huge amounts of data can aid businesses in making better decisions, increasing productivity, and enhancing customer service. By the study of Wikibon Statistics, it is quite expected that the big data analytics market will reach $103 billion by 2023.
As more companies embrace data analytics to lower costs, enhance customer experience, and optimize current processes, this field will dominate in the coming years. Here's the rundown of top big data analytics trends to expect in 2022.
Predictive analytics is the practical implementation of business intelligence and big data, which gets implemented to optimize the business process. Many businesses already utilize predictive analytics to optimize their businesses by implementing machine learning/artificial intelligence algorithms, data mining, and predictive marketing. And it has altered the legacy approach into a more modern, integrated approach. As a result of more internet usage, cloud technologies, and connected systems will compel businesses to invest in predictive analytics.
Predictive analysis will go beyond data analysis by not only delivering insights but also recommending the optimal course of action based on those findings. This technology has already begun to make an impact in a variety of industries. The very basic use of predictive analytics is streamlining marketing campaigns which leads to the efficient distribution of resources such as marketing budgets and human capital.
Artificial intelligence and machine learning are two more trending technologies that will emerge in 2022 as part of big data and analytics trends. A prediction by Gartner states that AI will be embedded in nearly 60 percent of big data and analytics solutions. This integration will increase the accuracy of data analytics by improving decision making process.
Blockchain for Data Security:
Blockchain is becoming increasingly popular as a way to ensure safe transactions with minimal effort. Transactions are directly approved by the network of peers, eliminating the need for a third party. It enables users to store encrypted data on a decentralized, safe network. This allows for more easier data sharing and auditing while also prohibiting illegal access. Rise of Internet-of-Things (IoT) creating a potential threat to security of data due to the exponential increase in the volume of data. So, blockchain will be the good solution for this as it is considered to be hacker-proof.
Higher Adoption of Business Intelligence Tool:
Business intelligence tools transform the way organizations approach data analytics. Therefore, manufacturing and retail industries, and business and consumer services will increase the adoption of business intelligence tools and technologies in 2022 and afterwards.
Business intelligence tools decrease the level of computation and expertise required to interpret data, hence making big data more available for use. Even if users have no prior experience with IT or data mining, they can nevertheless undertake analytical tasks such as data exploration and data mining.
Tremendous Business Opportunities with Internet-of-Things (IoT) and Streaming Analytics:
As more gadgets get connected to the internet, the amount of data generated will increase as well. To evaluate and interpret that data, streaming analytics will be required. Rather than simply monitoring data storage and movement, streaming analytics allows IoT data to be examined and decoded as it is collected in real time, rather than at a later date. Users are able to take necessary action before a situation gets critical as a result of this. In 2022, businesses will benefit greatly from the combination of IoT and streaming analytics, such as increased responsiveness and agility.
Cloud Migration will be a Major Trend in Business Intelligence Software:
Business intelligence (BI) software is changing to match the demands of today's businesses. In 2022, many firms will find it necessary to migrate their BI software to the cloud. Several factors are driving this trend, including the demand for more agility and scalability, as well as the rising popularity of big data and analytics. BI companies are prepared to deliver new products that take advantage of the growing trend of enterprises moving to the cloud.
Cloud based BI solutions are faster and easier to deploy and configure, saving valuable time and resources, and they can be scaled up or down as needed.
The above-mentioned trends are some of the most promising technologies that will transform the big data and analytics landscape in the coming years. Businesses must begin investing in this cutting-edge technology if they want to preserve a competitive advantage over their rivals.