In today’s dynamic environment, data analytics helps companies analyze data, convert it into useful insights, shape strategies, and make informed decisions. By enabling them to leverage data, it helps them cut through conventional thinking and adopt new ways of operating business. Accordingly, every contemporary organization uses data analytics in some form and to varying extents. Thus, the projection that the global big data market will reach USD 680-685 billion by 2030 doesn’t come as a surprise.
However, it is noteworthy that data analytics itself is an evolving phenomenon. Like every other technology and element across the digital realm, it is driven by trends that shape its future and value. So, what promise does 2024 hold when it comes to data analytics? FABTARY, a data analyst company in SA, sneaks at the future.
5 Data Analytics Trends in 2024
From becoming AI-driven to augmented analytics, data analytics continues to morph into something more mature, evolved, and value-driven. Let’s overview five data analytics trends slated to make a significant difference to the global business landscape.
1. AI-Driven Data Analytics
AI is projected to make data analytics more robust by enhancing data visualization, data analytical, and human data handling abilities. The technology essentially helps amplify the effect of data analytics by enabling companies to make quicker and better decisions and become more responsive toward the constantly evolving business environment.
AI-driven data analytics is trending – thanks to AI’s advanced and dynamic algorithms that help evaluate data at varying scales, which was otherwise impossible with conventional techniques. AI in data analytics has helped businesses increase the production lead by a significant margin, thus making it a trend to watch out for in 2024.
2. Metadata Data Fabric
While we all know what metadata is, data fabric might sound new to many. It is a system isolating information from metadata, learning, and taking relevant actions. Additionally, data fabric identifies data-related opportunities or concerns and recommends solutions to overcome them. The purpose is to manage gargantuan volumes of data in an organized manner. Data fabric serves it while reducing 60-65 percent of data management tasks, freeing resources and bandwidth to focus on other strategically important tasks.
3. Edge Computing
Edge computing has been trending for a while. It is an array of networks and devices proximal to the users that provide a path to collect data from devices through secure platforms, low-latency connectivity, and performant processing. It involves processing data at the edge of a particular network. The technology expedites data’s journey from the source device to the nearest edge. The fundamental use of edge computing involves moving data storage to its source, thus simplifying data management. Additionally, businesses receive accurate insights that aid informed decision-making, which, in turn, positively impact cost and ensure operational continuity.
4. Natural Language Processing (NLP)
Another familiar technology is NLP. Natural Language Processing contributes to human language and computer interactions. Its role in data analytics involves finding, examining, and processing gigantic data sets originating from natural language.
5. Augmented Analytics
Expert data analytics companies in SA consider augmented analytics another promising data analytics trend in 2024. But why is that? Augmented analytics is a sub-branch of AI-ML-driven analytics that helps enhance the abilities of humans to interact with contextual data. It bridges the gap between data engineers and scientists and democratizes data understanding, making it more intuitive across the organizational hierarchy. Further, while supporting human intelligence, it accelerates repetitive tasks. The technology uses NLP and ML to automate and process data.
More accuracy and better clarity in data insights improve data management, enabling quicker decision-making and providing an impetus to productivity. No wonder the market for augmented analytics is projected to fare between USD 63-67 billion by 2030.
As time and technology progress, data’s importance, as an asset, will continue to grow. However, analyzing data and transforming it into valuable insights isn’t a cakewalk. You can onboard the required technology. But you will still need an expert company providing data analysis services in SA to help you make the most of your business’s data while focusing on your core responsibilities. FABTARY, one of the trusted data analytics companies in SA, can help you elevate your efforts to optimize the power of data!
At FABTARY, we are a contemporary organization that values the significance of data. While leveraging it ourselves, we provide data analysis services in SA aimed at helping our clients achieve a competitive edge. So, please email us at firstname.lastname@example.org if you’ve been looking for data analytics companies in SA.