As we enter the new year, it is exciting to see what data analytics and SaaS trends will emerge and shape the industry in the time to come. Data analytics is an essential part of many businesses, and businesses are increasingly relying on data collection and analysis to make informed decisions and improve day-to-day operations.
In 2023 we can expect to see several key trends transform the way businesses use data and help businesses improve efficiency, forecast customer demand, increase customer satisfaction, and make more informed decisions. We’ve gathered some articles predicting this year’s data analytics and SaaS trends, covering topics such as Artificial Intelligence, Data Democratisation, Cloud Computing and Data Governance.
Artificial Intelligence (AI)
The use of Artificial Intelligence (AI) in data analytics is a trend that is expected to continue to be of significance for businesses this year. This article aims to examine current trends within the field of AI, with a focus on subcategories such as Machine Learning (ML) and Natural Language Processing (NLP), which are becoming increasingly prevalent across a range of industries. In the future, it is expected that AI and ML will significantly impact the way in which data is utilized, and the utilization of NLP technology is projected to experience continued growth.
Read the top 5 AI and Machine Learning Trends of 2023 here.
Data Democratisation
Alongside AI, we'll also see the continued growth of Data Democratisation, which makes data analysis more accessible and scalable, allowing a wider range of people within an organization to access and use data. This can help to improve decision-making and drive business success. This article explains how data democratization will shape 2023 and gives some examples of Data Democratisation in practice.
Cloud Computing
In 2023, cloud computing is expected to continue its popularity and impact on the data analytics industry. According to Forbes, 2023 will be the year that businesses adopt a multi-cloud approach, where they diversify services across multiple cloud providers to improve flexibility and security. This strategy prevents organizations from becoming too tied to one provider and creates redundancy to reduce the chance of system errors or downtime. Adopting a multi-cloud infrastructure also allows for containerized applications to be quickly ported to new platforms in case of service level changes or cost-efficient solutions becoming available.
As cloud computing is becoming more popular, companies are exposed to new cybersecurity threats. Businesses will therefore invest more in cloud security in 2023 to protect against data loss and the impact of a pandemic on their operations. Cost-efficient solutions like AI and predictive technology and managed security-as-a-service providers will be used to increase security.
Read Forbes’ article on top five cloud computing trends for 2023 here.
Data Governance
As the volume of data continues to grow and businesses generate and collect more data, the importance of effective data governance increases. This includes the assignment of data stewardship and the development of policies and procedures to ensure the accuracy, security, and accessibility of data. Data fabrics is expected to play a key role in this, helping to improve decision-making and drive business success.