It is hard to believe that in just a few months we will be heading into an entirely new decade! 2010 to 2019 was certainly a period of incredible development in terms of technology – and there is little doubt that 2020 will continue this trend.
Many experts agree that this next year will be fueled even more by data and analytics. According to Statista, the forecast for Big Data market size is predicted to grow from $49 billion to $56 billion, with steady increases expected every year afterwards.
So, in what specific ways will this market grow?
1. Deep Data Will Become More Accessible than Ever
Analytical platforms are certainly making it easier for every company to obtain and track key data points. As of 2017, more than half of all companies were utilizing data analysis in some capacity.
However, many of these systems are simply running the numbers and churning out reports or charts – of which don’t necessarily make much sense, nor do they always offer practical applications.
In a report from NewVantage, 85.5% of businesses claimed that implementing data throughout their organization was a top priority. But, 63% failed to do so, often due to the fact that there was a lack of understanding or coherent usable data.
In 2020, it is expected that data systems will become far more “user-friendly” by making the information more understandable to the everyday business owner.
For example, platforms like Sisense are designed to create analytic reports and summaries that make sense to data novices.
This agile business intelligence platform creates interactive dashboards that can be easily filtered so users can find the exact data points that are relevant to them.
It also integrates seamlessly with pre-established databases or cloud warehouses.
More and more data analysis platforms will be getting on this train by making their results more understandable and accessible. Applied data is crucial for business growth, so these more practical interfaces will be game-changers for small businesses and entrepreneurs.
2. Automation Will Continue to Grow
Automation has been a hot topic for a while now, but the use and application of this technology is about to go into over-drive by next year. It is estimated that in 2020, 40% of all data-based tasks will be performed by automated technology.
Over the next year, we can expect to see even more systems that are designed to help companies reach the next level of automation through both mediums. Galvanize is one such organization that helps companies create both software systems and physical tools that operate on automated data systems.
They offer multiple modalities, such as systems to automate workflows and continuity management – as well as a robotics platform for repetitive processes.
This, of course, will drive greater productivity while lowering costs for many companies in multiple industries. While manufacturing plants stand to benefit the greatest from physical automation tools, there are numerous applications that can help companies automate internal operations as well.
For example, virtual assistants can automate numerous digital tasks, like scheduling appointments and meetings or even communicating with clients/leads via email.
3. NLP and Conversational Analytics Will Be Critical
Thanks to the growth and sophistication of voice-enabled tools, growth search has continued to steadily grow in popularity. About 50% of all internet searches will be voice in 2020, so it is imperative that all companies understand how to make the necessary shifts in their programming to support this trend.
Furthermore, voice-enabled devices are becoming even more popular, especially as companies like Amazon expand on their product options with new features – like video screens or connections to smart devices.
Voice-enabled technology will be making its way into the business data analytics side of things by using natural language processing to provide powerful insights. Qlik is one such program that can be integrated with voice tools (like Alexa or Google Home) so teams can find the data they need by simply asking.
Say that during a business meeting, the group needs to see the current sales trends. The user can simply request this using their voice and Qlik will provide the exact data points along with relevant summaries and charts. The aforementioned Sisense supports voice queries as well.
Voice-activated chatbots like Ai Timey, moreover, allow customers to connect through tools like Alexa to ask questions or receive assistance. According to their own research, 67% of users prefer to use voice-enabled search over other features, such as prompts or user interfaces.
4. Stronger IoT Connections
The arrival and growth of 5G will allow for even more smart devices to connect, giving businesses even more access to key data points to improve efficiency, cut down costs, or optimize efforts.
While smart devices have been around for quite a while, and many companies utilize them in some manner, IoT will become even more evident and essential in everyday operations.
Microsoft has been creating more sophisticated IoT solution accelerators to help companies create customized solutions that connect multiple processes. For instance, inventory management will rely on RFID tags to keep track of orders and items on the shelves.
This data can be instantly tracked by the sales team. Additionally, accounting services can also see which orders require payment before deployment.
In the upcoming year, we expect to see truly instant IoT tracking and connection so every single movement or change will be recorded, allowing companies to seamlessly monitor numerous operations.
It is an exciting time to be in the data-driven business world!
Technology is becoming far more sophisticated and powerful, and 2020 is already shaping up to be a year of change and development.
What trends do you foresee will define this next decade?