The exponential rise in Data over the past few years has opened up a wide array of opportunities for businesses around the world. As a result, businesses are likely to invest extensively in data-related solutions, services, and technologies in the coming years.
Diverse markets for business intelligence and analytics solutions already exist. However, powerhouses like Google, Microsoft, Amazon, and Oracle excel globally. The race is now in its next stages of developing “advanced algorithms” to ensure data quality.
Startups and SMEs have emerged as prominent industry segments that have dominated the business intelligence and analytics sectors, mainly due to the availability of the low-cost public cloud. Not only this, self-service business intelligence is more accessible owing to advanced BI solutions. Data literacy programs are still in great demand among startups and SMEs.
Read this article to learn more about the developing trends in business intelligence and analytics, as well as what the BI market will look like in 2022.
Trend 1: Data Literacy
Data is becoming a new source for strategic decision-making. Understanding and utilizing it has now become a vital success factor. As a result, data literacy has already become an essential component of digital mastery.
According to Gartner’s Annual Chief Data Officer Survey, the second-largest internal impediment to success is a lack of data literacy. Data literacy will be a need and a key driver in delivering company value by 2025. With the emergence of self-service BI tools for massive datasets, continuous intelligence, artificial intelligence, and augmented analytics, data literacy has become the bedrock of a flourishing data-driven culture.
Trend 2: Predictive Analysis
When used in an organization, predictive analytics analyzes the future based on the existing and past trends. The data can provide affiliates with an in-depth understanding of customer preferences, allowing them to detect possible risks and possibilities.
Predictive analytics resources are becoming more accessible, therefore in 2022, organizations will witness an even greater increase in the respective domain. The global predictive analytics market is expected to be worth $10.95 billion by 2022 and $35.45 billion by 2027.
Trend 3: Collaborative Business Intelligence
Collaborative BI is rapidly becoming the key to improved data usage and would allow people to access and examine data in a comprehensible format. It combines standard business intelligence tools with collaborative applications such as HubSpot CRM, Dropbox, Slack, and Google Drive.
This allows data to flow outside of the realm of data analysts, increasing visibility and accessibility for everyone involved in decision-making. More collaborative BI tools will be included in organizational work strategies. The collaborative BI integration will result in faster idea sharing, quicker decision-making, and a strong communication flow.
Trend 4: Cloud Adoption
Last year, many companies implemented cloud computing solutions for operational efficiency and data-related services. Companies were compelled to use cloud-based Software-as-a-Service (SaaS) for more scalable data analytics services as a result of the global epidemic.
Cloud computing flourished in 2020-21, as a massive number of enterprises and their workforces shifted virtual, and organizations all over the world focused on digital facilities. According to Gartner, cloud Business Process as a Service (BPaaS) will reach $53.1 billion in 2022. According to IDC, cloud adoption and related prospects will rise, potentially leading to a $1 trillion industry by 2024.
Trend 5: Analytics and business intelligence automation
Automation in business intelligence can swiftly reflect trends with regard to even minor changes in data values. As a result, business intelligence automation saves time that a data analyst would otherwise spend on data preparation.
This automation is essential for large-scale analytics projects because it eliminates manual inputs, which may result in inefficiencies and skewed results. Due to their undeniable capabilities, AI-powered business intelligence trends are transforming enterprise decision-making in the upcoming years.
The panorama of business intelligence and analytics has changed significantly and will continue to do so in the future. In virtual settings, business intelligence and data analytics will benefit industries such as pharmaceuticals, e-commerce, micro, and macro enterprises. As data is becoming increasingly complex and diversified, leveraging it for businesses through compelling insights requires technical expertise in data analysis.
With over a decade of industry experience, we at Intagleo excel in Digital Transformation, Cloud, Data Analytics, and BI Solutions. We have served more than 100 partners across the world with end-to-end product solutions to power retail and wholesale finance, E-commerce, Manufacturing, Food & Beverage, and Real Estate operations. Intagleo Systems takes pride in offering innovative solutions with the primary objective of serving business needs by bridging gaps through technology through quicker product development and efficiency.
Are you looking for top-tier and innovative business intelligence and analytics solutions for your organization? Contact us for a free consultation.