The businesses will require data analysts or data science professionals to convert the unstructured data to bring revenue and sales. With higher paychecks, this field will be a gold mine for the data professionals. How is data analytics paving the business’s ways?
Data Analytics- A Major Game-Changer
2019 was a significant game-changing year in the data analytics world with top companies like Hortonworks and Cloudera merger brought an upliftment in the use of Big Data globally. The Data Analytics industry is worth $189 billion and will grow to $247 billion by 2022. Even the job profile in this sector is said to increase by 3x.
It can be used in many fields, from retail to healthcare to gaming or online gambling. Many big online casinos or land-based casinos are using data analytics to understand their customer’s gaming preferences. An online casino will use data analytics in 2020 to attract visitors to their website by providing them trending casino games. Data analytics mixed with AI will help understand human preferences and provide deals or promotions that players usually like. It will help with fairness and security in the online gambling field to play the games without losing their hard-earned money.
Significant Data Analytics Trends in 2020
The above figures show how data analytics can be a significant investment. Below are a few modern data analytics trends that you can read on to prepare for a business reset.
- Use of Augmented Analytics
This technology helps the users to find the most critical insights of the business in a programmed way. Augmented Analytics helps with collecting the data, analyzing it, and returning with ‘actionable insights.’ It will avert companies from using manual analytics. Augmented analytics will also help the small business owners to enhance their business visibility by getting proper insight into their customers.
- Using Decision Intelligence Platform
The Decision intelligence platform is used in multiple industries like supply chain, banking, insurance, healthcare, etc. This platform uses varied skills like machine learning, set rules of business, architecture, decision modeling, and integration.
- Flourished Digital Ecosystems
The digital ecosystem will comprise a connection between a digital platform and the people in the enterprise. These ecosystems involve a dynamic connection between the people across many industries, and in the future, one can find Decentralized Autonomous Organizations that will run on smart contracts. Other types of technologies included in this ecosystem will be Knowledge Graphs, DigitalOps, Decentralized Web, and Synthetic Data.
- Inclusion of the Internet of Things
Almost 20 billion IoT gadgets are presently used for investigation and more information. These IoT devices will provide detailed essential data. There will be nearly 75% of the organizations with IoT in light of the data analytics flourishing trend.
- Use Of Data Fabric
Data Fabric technology is related to an augmented data management platform because it is known for supporting ‘agile data’. With businesses expanding rapidly, the data collected is also increasing. It becomes necessary to manage, analyze, and store only the required data. Here, data fabric can be of utmost help as it supports different applications and tools to access different types of business data seamlessly.
Even data fabric helps with integrating the data across the industry premises, and the cloud environment will help in easy digital transformation. The year 2022 can also see a few companies using the personalized Data Fabric for a dynamic industrial approach.
Conclusion
With companies and organizations increasing at a light speed, the data is also multiplying. It calls for a modern technological approach to manage the data and use it for an organization’s profitability. These data analytics trends will make the work easier, and businesses can focus more on their core competencies.
