In the post pandemic world, data analytics would prove to be a pivotal tool along with artificial intelligence to respond to the aftereffects in a proactive way. Credit goes to the advances in data analytics that we have witnessed over the last few years. That said, data analytics is an evolving field and continues to grow at a rapid pace. In this article, we strive to understand the various trends that may be observed in this domain in 2021.
Smarter analytics and responsible AI
Towards the end of next decade, 64% of the overall start-ups will start formalizing artificial intelligence. This would lead to a rapid surge in data processing, cleansing, streaming as well as data analytics. In 2020, data analytics was used in consonance with machine learning and natural language processing to predict the upcoming waves of Covid 19 cases. The post pandemic world in 2021 would continue to be dominated by data analytics. This is because analytics would supplement AI technologies like distributed and reinforcement learning to make the most complex devices adaptable and easy to handle. For instance, autonomous systems would be used to conceive the most complex architectures like neuromorphic hardware which can be used to boost edge computing and accelerate other computational processes as well.
The art of decision intelligence
By the end of 2025, almost 43% of the technological start-ups would rely heavily upon decision intelligence. Decision intelligence is a multifaceted domain which provides a platform to create, fabricate, strategize, synergize and simulate decision making models to predict business trends and outcomes. In addition to this, it can also be used in decision monitoring and in cases where decisions are influenced by numerous logical and mathematical foundations.
The augmentation and management of data
In order to improvise and optimize our end data solutions, we resort to management of data using machine learning techniques. With this, we are able to convert raw data into structured data. The products devised by this technology can be used to analyse large quantities of metadata, operational data and performance data. Some of the products also come with modules that provide a spontaneous data analytics training before being operationalised to operate at full capacity.
The inflation of the Cloud
By the end of 2025, almost 80% of the data analytics services would be offered by public cloud service providers. This is enough to conclude that a major portion of data analytics services would migrate to the cloud paving the way for regulatory data governance. The good thing about this future trend is that the costs associated with the cloud services would witness a dip given the competition which would usher in the sector.
There are other trends as well which we may witness in the near future. Ranging from the application of block chain in data management to virtual data analytics training, the foundations of the prevailing technologies are all set for a major change.