Analytics Outlook 2023: Industry Trends and Predictions

COVID-19 sped up the development of solutions to evaluate disease progression and to recover from the economic downturn.

In this blog post, we bring the spotlight back on the power that data possesses in enabling effective decision-making.

Let’s begin!

Overview of the Analytics Market

Growth in the business intelligence and analytics software application market is being driven by the:

• Ongoing digital transformation
• Demand for dashboards
• Increased cloud adoption

The U.S. is likely to grow due to the rising demand for machine learning, the Internet of Things, and artificial intelligence.

The Asia-Pacific is witnessing tremendous growth, with China, India, South Korea, Singapore and Japan leading the boom.^[i]

While China is dominating the market, Japan and India are showing increased potential in advanced analytics.^[ii]

Factors driving market expansion are growth in social media, access to the internet & smartphones, as well as digitization.

Impact of COVID-19 on Analytics

As far as the impact of COVID on analytics is concerned, future leaders are likely to refer to a pre and post-pandemic era in analytics.

Prior to the outbreak, businesses were considering building analytical approaches to decision-making. Now, having an analytical approach is no longer an option.

The pandemic has provided an opportunity for business leaders to streamline decision-making with advanced analytics and AI-based techniques.^[iii]

While it showed the inability of systems and processes to respond to global crises, it has enabled data scientists to help leaders make effective decisions.

Agile approaches and resilient models are now the way forward to deal with future crises.

People are generating big data on Facebook, WhatsApp, YouTube, Instagram, Snapchat, and other platforms.

Industries are using bots to automate business processes.^[iv]

Developments in smartphone technology, network connectivity, and virtual assistants are also driving analytics growth.

Top Analytics Predictions for 2023

AI-driven applications have the potential to determine the next world order, in a manner which oil did by creating the economic powers of the twentieth century.

That’s why it’s been said that data, and not oil, is now the world’s most valuable resource.

While China and the U.S. are likely to emerge as the two AI superpowers, AI-based applications are emerging from new and unexpected players.

The future is ripe with possibilities for organizations to build business value since data and analytics have become a key driver of business strategies.

COVID-19 will continue to accelerate the digital transformation, as well as data-driven business.

Wrapping Up

We’re sure that by now, you have a clear outlook of data analytics in 2023.

Make the most of these insights to chart a data-driven present and future for your organization into 2023, and beyond.

Power Business Growth With the Latest Insights From Analytics

References

i. Asia-Pacific Healthcare Analytics Market (Graphical Research)

ii. Asia-Pacific Business Intelligence Market: 2021-2028 (Triton Market Research)

iii. 3 Ways COVID-19 is Transforming Advanced Analytics and AI (World Economic Forum)

iv. 12 Data and Analytics Trends to Keep on Your Radar (Gartner)