The stage is set for the advent of several interesting data analytics trends 2023 and this is quite natural, considering how analytics increasingly leverages advancements in areas like ML, AI, MR, Cloud infra, Edge computing, data storage, and more.
Then there are compliance and regulatory aspects to keep in mind, along with ESG, competition, and other factors in place. So what could be the biggest data analytics trends this year?
Here’s taking a brief look at some of the data analytics industry trends that could shape the industry in 2023:
With artificial intelligence steadily expanding its scope, it is enabling never-before insights. One of the latest trends in data analytics will be the use of AI tools for generating unique data insights and multiple advantages across sectors.
This is one of the new trends in big data analytics and will help professionals scale up their overall productivity or operational effectiveness.
Data analytics will steadily shift towards covering broader sets of employees from senior managerial levels, thereby enabling analytics abilities for suppliers, customers, and internal employees for higher professional/business impact.
This is another huge trend and this will lower the time needed for data analytics tasks that are repetitive in nature and will also reduce human involvement and costs alike.
It will ensure greater consistency along with precise analysis of trends. This will help generate proper insights accordingly.
Data analytics will be used more for better customer experiences, both internal and external and will impact the bottomlines more positively.
Customer loyalty, buying experiences, up-selling, and cross-selling will all be impacted by analytics and prediction of consumer needs beforehand, which will boost inventory management and lower costs.
With 5G and quicker Edge devices, there will be an analytics shift for ensuring more affordable and faster computation.
IoT devices will have quicker responses and adopt a quasi-autonomous approach at times too.
NLP and ML will deploy augmented analytics and its sheer capabilities, which will dive into self-service analytics and also better experiences of customers for better future gains and operational scope.
Data-based companies may leverage DevOps teams for working with engineers and data scientists with regard to ensuring the procedures, tools, and infrastructural frameworks for backing data businesses.
Data Ops will work to ensure newer and better insights with more speed and easier tracking.
Several companies will increasingly tie up with third-party players through sharing of sensitive information and other intellectual property in data clean rooms.
This will adhere to regulatory needs, while upholding privacy and competitive advantages alike. Providers will also be encrypting and anonymizing data prior to dispatching them towards these clean rooms.
More companies will invest towards beefing up their data analytics abilities in 2023, with the above trends set to be major game-changers for the industry as well. There will be higher disruption in various sectors with more companies harnessing the power of analytics.