Data Analytics Market Growth and Scope Analysis in 2018December 12, 2017
There is a lot of growth and evolution that is witnessed in the field of data analytics in the recent years. One has observed a fast growth of Machine Learning and Deep Learning, and hence you will see a big change in the trends of 2018 for Business Intelligence and Data Analytics. The entire focus is on Automation, to automate action and decision making, and replace the mundane tasks. Times are also witnessing a deep penetration of Internet of Things and Big Data Analytics, in the global business environment, which altogether has sparked the need for evolved Business Intelligence Systems that further work towards automation.
According to a report by Gartner, the market for Data Analytics, more specifically the Business Intelligence Market is expected to grow to $20.81 Billion by 2018. The sudden Business Intelligence growth is influenced by many factors. like,
- Organisations are increasingly tapping opportunities to leverage streaming data generated by devices, to make faster, relevant and real-time decisions.
- Data Analytics will include Cloud Deployments of BI and Data Analytics platforms which have the potential of reducing the cost of ownership and aid speedy deployment. Thus according to Gartner, the majority of new license buying will be in the cloud deployments by 2020.
- BI and the Analytics space will garner a lot of interest and will see a growth spurt as there is an availability in the marketplace, where buyers and sellers can collaborate to exchange analytic applications, or grouped data sources, custom visualization and algorithms.
- There is also a need for business users to analyse, large and complex combinations of the data source and data models. This needs to be done faster than before, in a more automated method for expanded use.
In the year 2018, Artificial Intelligence, Cloud Computing, Internet of Things, and several Business Applications, together will reshape the way IT functions in every business and industry.
While there is a lot of speculation, the sudden needs and changes in BI and Data Analytics have brought along some challenges as well,
- As we are discovering new and smart data analytics and augmented analytics, one basic struggle still exists of keeping up with the huge volumes of data. In the traditional systems as well, a huge percentage of data was underutilized, which already raised questions on the usefulness of the analytics system. With the current platforms on which BI data is hosted, the data is not only huge but pours from diverse sources, it would be interesting to understand how the risk of under usage is mitigated.
- With advanced Machine Learning Predictive Models, there is always a threat that it will replace the very minds that initiated it. The data professionals, data scientist, and the data programmers and the data analyst, might be replaced by self-service business intelligence.
Even though the challenges exist, with certainty it can be confirmed that in the year 2018…….
- Augmented Data Penetration will see popularity as it will enable the non-IT staff to pursue data testing tasks.
- Predictive analytics will thrive due to smart data discovery, making it the most preferred business analytics activity.
- Many organisations and business will invest in Business intelligence and Data Analytics platform, and this trend will be observed across industries.
The developments in BI and Data Analytics will not only improve data visibility and comprehension but will also reduce costs while producing better results.