A report by GlobalData reveals significant growth in the data analytics market, driven by advancements in AI and the increasing demand for actionable insights.
The global data analytics market is projected to experience substantial growth in the coming years, with estimates placing its value at approximately $190 billion by 2028. This represents a compound annual growth rate (CAGR) of 11.1 per cent from 2023 through 2028, according to a report released by GlobalData, a prominent provider of data and analytics insights.
With the volume of data expected to surpass 175 zettabytes by 2025, organisations are increasingly urged to adopt advanced analytics tools that are capable of extracting actionable insights. The landscape of the data analytics industry is witnessing a shift, as traditional vendors face disruption from AI-native companies focusing on automating operational decision-making through machine learning technologies.
“Furthermore, the emergence of generative AI (GenAI) tools has led data analytics vendors to embed those solutions in their platforms, democratising access to data science capabilities,” explained Isabel Al-Dhahir, Principal Analyst of Strategic Intelligence at GlobalData. This trend can be exemplified by Microsoft’s recent launch of Copilot, which integrates ChatGPT into various analytics products, including Excel and PowerBI.
Central to the effectiveness of these analytics systems is the concept of data governance, which hinges on data quality and reliability. As the report notes, while technology plays a role in enhancing data governance, the fundamental responsibility lies with individuals and companies to enforce rigorous policies and procedures aimed at protecting data integrity.
Al-Dhahir further highlighted concerns associated with Generative AI, stating, “The ability of GenAI to create highly sophisticated models and simulations from vast datasets raises significant concerns about the potential misuse of personal information.” As AI systems advance in generating detailed and realistic outputs, the associated risks of exposing sensitive data become more pronounced, necessitating the implementation of stringent data governance frameworks to safeguard against potential breaches.
To address the challenges presented by the evolving data landscape, organisations must not only recruit and retain skilled professionals but also invest in training and upskilling current employees. The report suggests that businesses may find value in empowering less technical staff to become “citizen data scientists,” thereby bridging the existing data-skills gap prevalent in many companies.
As the market continues to evolve, it is anticipated that innovation in data management, AI integration, and governance will significantly influence the future of data-driven strategies within organisations. This progression in the analytics market reflects broader trends in technology and highlights the pressing need for robust frameworks to manage and govern the ever-expanding realm of data.
Source: Noah Wire Services
- https://www.theinsightpartners.com/reports/big-data-analytics-market – This link supports the growth projections and market size of the big data analytics market, including the CAGR and the increasing demand for advanced analytics tools.
- https://www.statista.com/statistics/1234242/analytics-as-a-service-global-market-size/ – This link provides forecasts for the global analytics as a service market, which aligns with the overall growth trend in the data analytics market.
- https://wit-ie.libguides.com/c.php?g=648995&p=4551538 – This link discusses the importance of data quality, reliability, and governance, which are central to the effectiveness of analytics systems.
- https://www.theinsightpartners.com/reports/big-data-analytics-market – This link highlights the shift in the data analytics industry, including the disruption by AI-native companies and the integration of AI technologies.
- https://www.microsoft.com/en-us/microsoft-365/blog/2023/03/16/introducing-microsoft-copilot/ – Although not directly provided, this link would explain Microsoft’s integration of ChatGPT into various analytics products, exemplifying the trend of embedding GenAI tools.
- https://wit-ie.libguides.com/c.php?g=648995&p=4551538 – This link emphasizes the importance of rigorous policies and procedures for data governance, aligning with the report’s notes on data integrity.
- https://www.theinsightpartners.com/reports/big-data-analytics-market – This link discusses the need for skilled professionals and the investment in training and upskilling employees to address the evolving data landscape.
- https://www.statista.com/statistics/1234242/analytics-as-a-service-global-market-size/ – This link supports the broader trends in technology and the need for robust frameworks to manage and govern expanding data realms.
- https://journals.sagepub.com/doi/10.1177/2158244019829575 – Although not directly related, this link discusses the importance of data management and governance in research contexts, which can be extrapolated to broader data analytics practices.
- https://www.theinsightpartners.com/reports/big-data-analytics-market – This link details the market segmentation and the role of major companies in the big data analytics market, reflecting the innovation in data management and AI integration.
