In fact, the field of predictive analytics is expected to experience significant growth in 2022. This discipline—which anticipates trends and forecasts performance using various tools as well as statistical techniques based on historical and real-time data—enables organizations to build future business strategies and refine their objectives. The market share for predictive analytics was valued at USD 7.2 billion in 2020 and is expected to grow to USD 21.5 billion by 2025, representing a 300% increase over five years.
Data Analysis
Furthermore, cloud-native analytics solutions (Cloud analytics) that generate detailed insights will experience higher demand. These data analysis tools are easily accessible from anywhere, and users can define access permissions for these technologies. Additionally, they allow organizations to track and analyze high volumes of commercial data in real time, as well as make necessary operational adjustments to related processes.
Business intelligence solutions will see accelerated adoption, particularly in the retail and financial services industries, which leverage these tools to analyze market trends, ingest collected data, and generate valuable, actionable insights. This enables strategic planning centered on a consumer-centric approach, emphasizing customer experience (CX) improvements. These solutions are also expected to advance across technology, business services, consumer services, and manufacturing sectors.
Emerging Technologies
Another area set for growth next year is self-service analytics, which will reshape how teams approach data analysis as a whole. Tools supporting self-service capabilities will lower technical barriers, reducing the complex calculations and specialized knowledge previously required to interpret and process data.
These capabilities are becoming an essential component of business intelligence because they decentralize data analytics consulting from being strictly an IT or data science function, making data accessible across broader business units.
Organizations that achieve the highest success with BI are more likely to leverage self-service features, including integrated governance and collaboration tools. In 2022, more enterprises will adopt solutions that allow non-technical business users to securely access and extract insights from data.
Finally, data analytics will focus increasingly on driving organizational and operational efficiency, in a landscape where the global big data market is projected to expand at an expected Compound Annual Growth Rate (CAGR) of 23% between 2021 and 2028.