Technology has changed the way we communicate, shop, do business, etc. In general, technology has transformed every aspect of our lives. A lot of technology trends come and go, but one realm of technology that has made a permanent mark and will be here forever is data analytics. Nowadays, businesses generate tons of data from several sources, and the firms that know how to leverage it are the ones that are at the top of their game.
With the help of data analytics, organizations are now making more informed decisions based not just on gut feeling but on concrete predictive analysis and forecasting. It’s no surprise that more and more businesses are hiring experts in data analytics, and thus more students are opting for a career in data analytics. As someone interested in acquiring technology and data analytics skills, you must be up-to-date on the latest and upcoming trends in this field.
Below are the top four data analytics trends that will dominate in 2023.
- Edge Computing:
The development of 5G technology led to the rise of edge computing. Edge computing is now being utilized in several industries, and its use will only increase in 2023 and beyond. Edge computing brings together data storage and computing to where the data originates. This reduces costs, makes data more accurate, makes data more manageable, allows simultaneous operations to take place, provides quicker actions and insights, etc. This is one of the rising trends in data analytics that every tech nerd must know of.
If you are tech-savvy, you can equip yourself with data analytics knowledge and skills by enrolling in data analytics classes at a reputable institution. For example, you can enroll in Fullstack Academy’s data analytics bootcamp online and become a pro in data analytics and all relevant trends in data analytics, including edge computing. Edge computing also enhances IoT devices. Since IoT devices with edge computing have more flexibility, speed, and agility. Moreover, edge computing enables autonomous behavior and can perform real-time analytics. It efficiently processes huge amounts of data as it uses less bandwidth. Not only does it lower development costs, but it also facilitates remote software operations.
- Auto ML:
Automated machine learning is the latest trend in data analytics, and it does not seem to be vanishing anytime soon. The democratization of data science is being propelled by automated machine learning nowadays. Automated machine learning helps automate tiring and repetitive tasks that previously needed to get done manually. Now, with auto ML, data scientists don’t have to worry about time-consuming tasks like data cleansing, preparation, etc. Automated machine learning works by building models, algorithms, and neural networks that automate several tasks.
Auto ML simply means the machine will pick up or learn patterns of a task and then keep doing that task without human guidance or intervention. By leveraging automation, auto ML applies machine learning models to real-world issues. Data scientists extensively use auto ML frameworks for model intelligibility, model deployment, and data visualization. One of the major innovations in auto ML is hyperparameter search. Hyperparameters search is extremely useful for model type selection, preprocessing components, and optimizing their hyperparameters.
- Data Regulation and Governance:
In 2023, you will hear about data regulations and data governance more often. Recently, governments worldwide have been introducing new laws and regulations for using personal data and all other types of data. And this is just the beginning, as more and more countries will regulate data use in the coming years. Recent examples of legislation about data are the Canadian PIEPDA, European GDPR, Chinese PIPL, and many others. All other countries will follow suit to protect their citizen’s data. Analysts at Gartner predict that 65% of the world population will get covered by legislative and regulatory laws similar to GDPR by 2023. This trend’s prevalence means it will be something that businesses will need to greatly focus on over the next 12 months.
Businesses worldwide now have this important task to ensure that their internal data collecting, data processing, i.e., data handling and data analytics practices are under the laws and regulations. Businesses will need to make their data analytics practices more and more transparent in the wake of data governance laws. Companies will also need to adequately document their data analytics activities and make them more understandable to the general public. Firms will need a proper auditing process for all the data they have, how they collect it, where they store it and how they put it to use. The good part of this trend is that it will increase the customers’ trust in companies, as they will know their data is being dealt with rightly.
- Data As A Service (DaaS):
Data as a service was a big trend this year and will be even bigger in 2023. The Covid-19 pandemic pushed the fast-forward button on the development and adaptation of DaaS, and since then, this trend has only been growing. Data as a service is a technology subscribers can access and easily use and share digital files by using the internet. Data as a service works on cloud technology. Its estimated worth is expected to rise manifold in the coming years. According to Statista, the global DaaS market will reach a revenue of $10.7 billion in 2023. The top reason this trend in data analytics is not slowing down is that it greatly increases the productivity of businesses.
DaaS, in simpler terms, is a cloud-based software tool you can use to manage and analyze data. It works like a business intelligence tool you can use anywhere and anytime. For analysts, the DaaS makes it a lot easier to perform business review tasks and allows easy and fast data sharing across different departments and industries. Since users have access to high-speed internet nowadays, anyone can easily predict that it will enable DaaS to have a wider reach. More businesses than ever are moving to the cloud to modernize their workloads and infrastructure, which means increased use of DaaS for integrating, storing, analyzing, and managing data.
Conclusion:
Our world is heavily influenced by changes and advancements in technology. One field of technology that especially seems to be ever-evolving is data analytics. There are always trends emerging in the realm of data analytics. Businesses, tech-savvy people, and data analytics students always keep an eye on the latest developments and trends in data analytics. As we move forward to 2023, we must know which data analytics trends will be huge in the coming year and beyond. This article points out the top four trends that will dominate the world of data analytics in the future.