- November 7, 2021
- Posted by: Aanchal Iyer
- Categories: Artificial Intelligence, Big Data Analytics
Artificial Intelligence (AI), Machine Learning (ML), Big Data and the Internet of Things (IoT) are terms that most of us are familiar with. The latest forecast for data science and data analytics predicts that these fields will continue to dominate the global market.
Big Data and Analytics (BDA) is not only a critical resource for private and public enterprises these days, but also for the healthcare institutions battling the COVID-19 pandemic. With the evolution of cloud software, business organizations can now analyze and track huge volumes of business data in real-time and therefore make the required adjustments to their business processes.
Big Data Analytics Trends and Predictions for the Year 2022
Following are some trends in Big Data for the year 2022:
Human jobs will remain unaffected despite the development of AI
The most significant factor that contributed towards the slow adoption and implementation of AI in various industries was the paranoia and fear within the employees of those industries. Most people assumed that they were going to lose their jobs as they would be replaced with robots. That fear could be true to some extent as the tools powered by AI work at a faster pace without any errors. However, that does not mean that there could be a global job shortage because of it. Though people may get replaced at certain job roles in companies globally, there is still a big market that requires the human factor.
As a field, predictive analytics will grow
Predictive analytics is a big part of why data analytics consulting services are developing as a field. Predictive analytics is a field that generates forecasts and future trends for performance using the different statistical techniques and tools based on the previous data. It is a progressive analytics field that enables organizations to generate comprehensive reports on their performance. These reports are essential to the growth of any business that exists today. The market share for predictive analytics was valued at USD 7.2 billion in the year 2020 and it is projected to grow up to USD 21.5 billion by the year 2025. Currently, the predictive analytics market is growing at a Compound Annual Growth Rate (CAGR) of 24.5% Intrado Global Newswire.
The AI market will reach a record-breaking high with regards to implementation and usage
The artificial market industry is expected to grow at an annual compound rate of more than 33% till the year 2028 and this value is expected to increase due to the massive adoption rate by large scale organizations. Organizations are now demanding higher implementation rates of AI-powered tools and technologies. More applications have come with basic AI tools such as chatbots, voice to text, and more.
Self-service analytics will become even more critical to business intelligence
The demand for more fact-based daily decision-making is pushing companies to look for self-service data analytics solutions. By the year 2022, more organizations will adopt truly self-service tools that enable non-technical business users to securely collect insights from data.
Wholesale/retail, technology organizations, and financial services will increase their BI budgets over 50% by the year 2022
Wholesale/retail, technology organizations, and financial services are the main industries which are increasing their investment in business intelligence. Based on Dresner’s business intelligence market study 2021 it has been predicted that each of these industries will increase their budgets for business intelligence by over 50%.
The data analytics consulting market is continuously on the rise. Organisations need to get on board with these data analytics trends of 2022 to stay relevant.