Data analytics technology has become essential for organisations in today's data-driven world to make sense of the enormous amounts of data they collect. New trends that give businesses greater opportunities to utilise the power of data analytics are emerging as technology advances. Five of the most fascinating new trends in data analytics technology will be covered in this blog.
Although business intelligence (BI) has been around for a while, it has only lately become widely used by organisations across all industries. BI combines data analytics, including AI, to draw out significant patterns from unstructured data and turn them into insights that can be used. Particularly predictive analytics has grown in prominence since it aids businesses in predicting the next events and trends.
For instance, Hershey's employed predictive analytics to boost sales by $70 million during the epidemic by creating more s'mores and other campfire treats. Predictive analytics is also utilised in risk management to prevent equipment breakdowns, accidents, security problems, and other halts. A study claims that the BI market will grow at a CAGR of 24.5% and reach $22.1 billion by 2026.
By 2023, more than 50% of new enterprise-class IT will be placed at network edges as opposed to centralised data centres, according to IDC. The enormous volume of data collected daily has sped up the shift to edge computing. The amount of data produced worldwide each year is about 64 zettabytes; by 2025, that amount will be over 180 zettabytes. Edge computing fixes the bandwidth issues, data relay delays, and network outages that traditional cloud computing encounters.
In devices at the edge of a network, edge computing refers to processor-intensive, frequently repetitive, mission-critical data analytics. This method can transmit data summaries to "fog" nodes, which are transferred to cloud storage for further processing. Businesses can use this technology to control the environment, generate security alerts, and more. A $200 billion market for content personalisation is anticipated, with the manufacturing sector adopting edge computing at a 74% industry-wide rate.
Augmented analytics blends data analytics with AI and machine learning techniques to automate data preparation, analysis, and insight sharing. With the help of this technology, organisations can analyse massive amounts of data more quickly, spot patterns, and produce data-driven decisions that are more precise.
For instance, Microsoft's Power BI is an enhanced analytics tool that enables companies to design unique dashboards and reports using AI-powered suggestions and natural language processing. In the upcoming years, augmented analytics will rule the field of data analytics technology, claims a Gartner assessment.
Traditionally, a small group of professionals within an organisation carried out data analysis. This is altering, though, as firms use self-service analytics technologies that enable non-experts to analyse data and produce insights. Without the assistance of IT or data analysts, individuals may produce and share reports and dashboards using self-service analytics tools like Tableau, QlikView, and Microsoft Power BI.
Thanks to data democratisation, employees can make data-driven decisions without waiting for the advice of a data analyst. In the upcoming years, this tendency is expected to intensify as organisations emphasise speed and agility in their decision-making procedures.
Blockchain analytics is a new development in data analytics technology that uses the blockchain's distributed ledger to improve the security and openness of data processing. Blockchain analytics analyses blockchain data and extracts valuable insights using data analysis, machine learning, and AI. Businesses can use this technology to track transactions, find patterns, and detect fraud.
Conclusion
In conclusion, important developments and new data analytics technology trends influence how businesses and organisations will operate. The data analytics landscape is changing quickly, from focusing on business intelligence and predictive analytics to emerging edge data and cloud-native technologies. The democratisation of data systems and the expanding use cases for data management and analytics further foster innovation in this area. These new trends will remain extremely important in determining how data analytics technology will develop as organisations work to remain competitive and harness the power of data.
5/18/2023, 24:24:22 by Tech Tip 24
