The analytics industry has been through a sea of change in a short span of time and is continuing to face rapid change and revolutionary development. Accordingly, there has been a spurt in the number of working professionals taking big data analytics certification to forge ahead in their careers. Where is the analytics headed in 2020? What are the trends to look out for? Let us have a look.
Business Intelligence and Analytics: As more businesses go digital and realize the importance of business analytics, there will be a growth spurt in the demand for business intelligence tools and analytics to analyze large volumes of complex data generated and to use the insights to chart out a roadmap to business success. Predictive analysis will become a preferred business analytics tool in 2020. The BI market alone is predicted to grow to $20 billion in 2020.
Machine Learning and AI are here to stay: Organizations are looking for ways to automate certain tasks and therefore, automation, Machine Learning, deep learning and AI-assisted technology is predicted to grow rapidly, unearthing patterns from complex data and helping companies to make faster decisions based on real-time data at optimal cost. Artificial Intelligence (AI) expected to erase the difference between structured and unstructured data.
The rise of cloud analytics: More businesses are deploying cloud data and applications, gravitating data from on-premise storage to the cloud environment. From lengthy and often inaccurate spreadsheet analysis to cloud-based models for data analysis is predicted to soar in 2020, giving rise to a demand for end-to-end cloud analytics. Cloud analytics will infuse greater flexibility and cost-effectiveness into big data analytics.
Contextual insights: Through Machine Learning tools and algorithms, it is possible to get insights that are relevant to a given context such as churn rates, supply chain logistics, workforce planning, etc. Such contextual insights will be leveraged by businesses to improve their functioning and profitability.
Insight-as-a-service: With the growth of cloud computing, automation, Machine Learning and AI, businesses can now outsource analytics and also get access to relevant external sources of data through firms that provide insight-as-a-service. Experts predict that nearly 80% of businesses will seek these insight service providers in 2020 and will outsource up 10-75% of their BI work to them, nearly doubling the size of the insight-as-a-service market.
Digital innovation through pairings of analytical tools such as IoT, ML, AI, blockchain, etc. to create accelerated business growth opportunities will be explored, researched and implemented in 2020.
Customer intelligence will grow: As firms become more customer-centric and want to deliver seamless customer experiences to improve their own brand position and market share, customer intelligence will grow, and brands will look to use big data analytics to deliver deep insights and leverage these into their goals and activities.
Growth in jobs: Jobs in data analytics is already increasing and in 2020 this is expected to increase much further especially for specialized posts like Chief Data Officers, Data Engineers, etc. and experts with technical skill sets. Accordingly, there will be an increase in demand for online courses on big data analytics and big data analytics certification.