Data Analytics Trends Every Business Leader Must Keep an Eye on in 2024

Did you know that the big data and analytics market size is projected to reach?$684.12 billion?by 2030??

As 2023 comes to an end and 2024 is on the horizon, data analytics will be more valuable and provide many new opportunities to people and businesses. While most businesses are building their business models around data, others are storing and analyzing complex data to draw precise patterns, predict business outcomes, monitor consumer behavior, and decipher actionable business insights.?

With the increasing usage and advancement of data analytics, it will continue to evolve rapidly, and 2024 promises to be a game-changing year in this realm.?

Let’s explore the top trends that will revolutionize businesses in 2024.

1. AI-Powered Data Analytics

Artificial Intelligence and Machine Learning are not just buzzwords but they have become the backbones in advancing business operations. For instance, giants like Amazon are focussing on their regionalization efforts to ship products to customers from the nearest warehouses. This requires AI to analyze the order data and patterns to predict what products will be in demand and their locations. By leveraging AI-powered data analytics, Amazon will be able to make same-day or next-day deliveries. In a nutshell, AI in data analytics enhances data visualization, supports in-depth analysis of data, improves data handling abilities, and enables businesses to make informed decisions.

1. Edge Computing Transforming Data Analytics?

With the proliferation of devices, Edge Computing has become one of the hottest data analytics trends. It offers a path to collect data from devices via secure platforms and low-latency connectivity to make instant decision-making possible without hiccups. Many sectors including healthcare, manufacturing, and logistics are reaping great benefits from this trend. To manage the high volume of data from IoT devices, organizations are opting for edge computing. It is primarily used to move data storage to its source, leading to easy management of data. In addition, it also allows businesses to get accurate data and valuable insights that help with informed decisions.

1. Data Governance and Security?

When it comes to security, privacy, and governance, 2024 is going to be a very challenging year for data leaders. As businesses continue to innovate with data and data analytics becomes more prevalent, there will be major changes in the regulatory and compliance requirements. The proliferation of data products and the growing use of data analytics necessitates advanced security measures. In response to growing concerns about data privacy, ethical use of data, and security regulations, organizations are emphasizing robust data governance. Here, AI tools play a significant role in maintaining customer trust and ensuring compliance with regulations.?

Learn more about the?why and how of risk and compliance analytics.

1. Augmented Analytics

Augmented analytics is expected to reach USD 66.54 billion by 2030 globally. As we move forward to 2024, the integration of automated insights and natural language processing will enable people to interact with data. By leveraging the power of AI, Augmented analytics can simplify the process of extracting information from datasets, speed up repetitive tasks, and automate and process data faster. Data scientists can extract valuable insights with the help of this data analytics trend to make informed decisions.?

1. Continuous Intelligence?

Collecting and analyzing data have become common but from now onwards, more businesses will embrace the practice of utilizing data to improve business operations and make faster and better decisions. This will enable them to respond to new opportunities and dynamic circumstances. Continuous intelligence aims to harness real-time data to empower the right actions. Some of the key aspects of continuous intelligence include data processing and analysis, real-time data ingestion, automation, business process integration, and predictive analytics.

1. Data?Science and Machine Learning Platforms

With the increased accessibility of technology, the adoption of data science and machine learning is on the rise. This trend empowers businesses to leverage advanced data processing and machine learning tools. Earlier, data science was limited to building predictive models and forecasting but now, it has evolved into a more inclusive and data-focused approach. Today, the democratization of data science has given rise to low-code and no-code AI development that enables users to build AI applications without any expertise. It allows non-specialists to use data science tools to create data-driven solutions and extract key business insights.?

Explore the?new ways to simplify data science.?

The Road Ahead

In 2024, data analytics will continue to shape the business and technology landscape, especially when it comes to data literacy and informed decision-making. The increasing adoption of Artificial Intelligence, Data Science, and Machine Learning platforms has enabled businesses to understand complex datasets, extract relevant insights, and utilize the data effectively to make informed decisions. However, with regulatory and compliance requirements, data security and governance will pose major business challenges. These trends and developments highlight the increasing importance of investing in data analytics and a data science platform that is easy to use for everyone on the team.?

Rubiscape is an all-in-one data science platform that is designed specifically to implement AI/ML and analytics programs in your business.?Schedule a demo today?to transform your business with new-age AI capabilities while turning your employees into citizen data scientists.