Top 8 Business Intelligence and Analytics Trends for 2022
Exponential data growth has already been proven in just a few years. As a result, companies are expected to make significant investments in data-related solutions over the next few years. The existing business intelligence and analytics market are spread across different players. Global market giants such as Google, Microsoft, Amazon, and Oracle are still doing well. The battle is far from over. Competition is now at the extreme deployment stage of “sophisticated algorithms” to ensure data quality.
Some recent market trends have dominated business intelligence and analytics markets:
- Startups & SMEs now have access to big data, thanks to the availability of low-cost public cloud
- Business intelligence (BI) vendors are enabling advanced mobile analytics
- Advanced BI tools have made self-service more accessible
- 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 move through 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 be a necessary and core element in driving business value. With the rise of self-service BI tools that handle large datasets, continuous intelligence, artificial intelligence, and enhanced analytics, data literacy is the cornerstone of a thriving data-driven culture.
Trend #2: Best-In-Class Data Quality Management (DQM) Framework
DQM is becoming a top priority as organizations adopt digital transformation. More data can be used for cleanup, validation, and effectiveness. To take advantage of the explosive growth in data, organizations need to deploy robust data quality frameworks to ensure actionable insights with accurate and reliable logs.
However, another challenge is to implement a scalable enterprise-wide data management framework to provide true value. By 2022, Gartner predicts that 70% of organizations will use metrics to track data quality and improve them by 60% to reduce operational risk and costs.
Trend #3: Predictive Analytics Rise
Predictive Analytics predicts the future based on current and past workplace trends. As a result, channel partners gain a deeper understanding of buyer preferences and identify potential risks and opportunities. With easier access to the tool, predictive analytics will increase significantly in 2022. The global predictive analytics market is projected to reach $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 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 a data analyst would generally spend on data preparation. This automation is vital for large-scale analytics projects because it eliminates manual inputs, which could lead to inefficiencies and biased results. Due to its undeniable means, AI-powered business intelligence trends will be redefining enterprise decision-making in the coming years.
Trend # 6: Cloud Adoption
Over the past year, many organizations have adopted cloud computing strategies for operational efficiency and data-related services. The pandemic has led enterprises to adopt software (SaaS) as a cloud-based service for more scalable data analytics services.
Cloud computing exploded in 2020-21 as a huge number of companies and their employees were virtualized and companies around the world focused on digital equipment. Gartner predicts that cloud business processes (BPaaS) as a service will reach $53.1 billion in 2022. According to IDC, cloud adoption and the opportunities it brings will increase, leading to a $1 trillion market by 2024.
Trend #7: Mobile Business Intelligence
Multinationals want employees and customers around the world to have access to their businesses and platforms from any device. That’s why business intelligence providers strive to provide a more sustainable and seamless mobile experience. Mobile Business Intelligence plans to register a 22.43% CAGR between 2021 and 2026.
Today, mobile devices with features such as AI and ML represent the latest development wave. According to MarketWatch, the global mobile BI market is expected to reach $12.42 billion. Current statistics, developments, and market forecasts make economic sense to develop more reliable mobile solutions.
Trend #8: AI, NLP, RPA-based BI and Analysis
As the amount of data grows, larger analytics projects will require more automation. Companies with AI-backed BI and analytics solutions will conquer this lucrative corner. According to Gartner’s 2022 IT automation forecast, more than 25% of tasks will be performed autonomously by 2025. NLP-enabled BI, Robotic Process Automation (RPA), and Predictive Analytics provide robust process orchestration for deeper functionality and programmatic integration.
In the coming years, companies will look to modernize BI and analytics segments. The outlook for business intelligence and analytics has evolved significantly and is likely to continue. Business intelligence and data analytics in virtual environments bring significant benefits to industries, such as pharmaceuticals, e-commerce, and small businesses. Leveraging your business through meaningful insights also requires technical knowledge of correct data analysis as your data becomes more complex and diverse.