Written By: (Eraj Mehmood – AVP, Ammar Afzal – Junior Consultant
The exponential growth in data has already proved its worth in a few years. That's why corporations are expected to invest heavily in data-related solutions in the years ahead.
Existing business intelligence and analytics markets are diversified across different players. However, market titans like Google, Microsoft, Amazon, and Oracle outperformed globally. The battle isn't over yet; the race is at the utmost stage of delivering "sophisticated algorithms" to ensure data quality.
Some recent market trends that dominated business intelligence and analytics markets are:
- Startups & SMEs now have access to big data, thanks to the availability of low-cost public cloud
- Advanced BI tools have made self-service business intelligence more accessible
- Business intelligence (BI) vendors are enabling advanced mobile analytics
- Data literacy programs continue to be in high demand within organizations
- Organizations are ensuring data governance and security due to strict data regulations like GPRA, CCPA, and PIPEDA
This article highlights emerging trends in business intelligence and analytics and subsequently what is expected in the BI market as we head into 2022.
Trend #1: Data literacy is at the top
Data is becoming a new fuel for strategic decision-making. Its understanding and utilization as a “collaborative tool" have now become a critical success factor. That's why data literacy has already become a necessary component of digital dexterity.
According to Gartner's Annual Chief Data Officer Survey, poor data literacy is the second-biggest internal roadblock to success. By 2025, data literacy will become a necessity and a core factor in driving business value. The rise of self-service BI tools to handle large datasets, continuous intelligence, artificial intelligence, and augmented analytics has brought data literacy to the foundation of a thriving data-driven culture.
Trend #2: Top-tier data quality management frameworks
Data Quality Management (DQM) will become a top priority within organizations’ digital transformation adoption. More data will be available to be cleansed, validated, and effectively utilized. To capitalize on exploding data growth, businesses must employ resilient data quality frameworks to ensure actionable insights in accurate and reliable protocols.
However, another challenge is implementing a scalable enterprise-wide data management framework to bring real value. Gartner predicts that by 2022, 70% of organizations will track data quality via metrics, improving it by 60% to reduce operational risk and cost.
Trend #3: Predictive analytics will rise
Predictive analytics forecasts the future based on current and historical trends when applied at work. The results can give an in-depth understanding of buyers' preferences for channel partners, allowing them to identify potential risks and opportunities.
Predictive analytics tools are becoming more accessible, so in 2022, organizations will see an even more significant increase in predictive analytics; that caters to this notion. It is projected that the global predictive analytics market will reach a staggering $10.95 billion by 2022 and $35.45 billion by 2027.
Trend #4: Collaborative business intelligence will develop
Collaborative BI is becoming the key to better data utilization. It is a merger of traditional BI tools with collaboration tools like HubSpot CRM, Dropbox, Slack, and Google Drive. Collaborative business intelligence (BI) enables people to access and review the data in an understandable format.
This empowers data flow outside of a data analyst's domain, bringing more visibility and accessibility for everyone involved in decision-making. Organizations will implement more collaborative BI tools into their work strategies. The collaborative BI orchestration will generate quicker idea-sharing, faster decision-making, and a robust communication process.
Trend #5: Analytics and business intelligence automation
Automation in business intelligence can reflect trends quickly in response to the slightest change in data values. Thus, business intelligence automation saves precious time that a data analyst would generally spend on data preparation.
This automation is vital for large-scale analytics projects because it eliminates manual inputs, might lead to inefficiencies and biased results. Due to its undeniable means, AI-powered business intelligence trends are redefining enterprise decision-making in the coming years.
Trend #6: Widespread cloud adoption
Last year, numerous businesses adopted cloud computing strategies for operational efficiency and data-related services. The global pandemic pushed businesses to adopt cloud-based Software-as-a-Service (SaaS) for more scalable data analytics services.
Cloud computing exploded in 2020-21 when an immense number of businesses and their workforces went virtual, and businesses worldwide were focused on digital facilities. Gartner predicted that cloud Business Process as a Service (BPaaS) is forecasted to reach $53.1 billion in 2022. According to IDC, cloud adoption and related opportunities will expand, leading to a $1 trillion market in 2024.
Trend #7: Mobile business intelligence
Multinational corporations want their staff and customers to access their business and platforms worldwide, on any device. That's why business intelligence vendors strive to deliver more sustainable and seamless mobile experiences. Mobile business intelligence is expected to register a CAGR of 22.43% during 2021-2026.
Currently, mobile devices with capabilities like AI & ML are representing the latest wave of mobile developments. According to MarketWatch, the global mobile BI market is expected to reach $12.42 billion globally. The current statistics, developments, and market predictions make good business sense to develop more dependable mobile solutions.
Trend #8: AI, NLP & RPA-based BI & analytics
As data grows, more automation is becoming necessary for large-scale analytics projects. Organizations with AI-powered BI and analytics solutions capture the spots. According to Gartner’s IT automation predictions for 2022, by 2025, more than 25% of tasks will run autonomously. NLP-enabled BI, Robotic Process Automation (RPA), and predictive analytics will offer robust process orchestration for deeper functionalities and programmatic integrations.
The bottom line
Coming out of the pandemic and in the years ahead, businesses will be looking to modernize their BI and analytics segments. The business intelligence and analytics landscape is remarkably evolved and is expected to be in the future.
Business intelligence and data analytics in virtual environments will significantly profit industries like pharmaceuticals, and e-commerce, as well as small and medium enterprises. Leveraging businesses through powerful insights also demands technical knowledge of correct data analysis as the data is getting more complex and diverse.
Looking for top-tier business intelligence and analytics solutions for your business? Head over to our data and AI services for more information, or contact us for advanced business intelligence solutions for your business.