The year 2022 came up with a different set of challenges for the businesses. These challenges changed the entire market space and the ways in which businesses activities are conducted. The remote work culture forced most of the companies to create advanced and unique solutions in the face of all the identified challenges. Similar challenges were faced in the business intelligence sector.
The new year came up with new trends statistics for the businesses. Business analytics gained higher popularity as organizations are ready to update their strategies to reflect and act on odd situations. As the world has started to move on from the current crisis and has started to look into the future, it is important to keep a close eye on the business statistics and trends in the industry. All this information helps to get a better understanding of where the market is moving in the coming few years.
Thus, it is important for small and medium businesses to understand the latest Business Intelligence trends in the market. So here we have some of the BI trends that are likely to affect the market in 2022.
The Cloud Platform
It is anticipated that the businesses will need the public cloud platform to store and manage almost all the data. At the same time, there are expected to be a high rate of analytics advancements in 2022. The best part is, the cloud platform will give businesses speed, flexibility, innovation and a high level of data security in the coming year.
Rise in Predictive Analysis
Facts and Factors published a survey recently where they found out that the global analytics market is expected to reach $22.1 billion at the end of 2026. More and more businesses are likely to use this technology to make business predictions
In times of automation, Business analytics is growing like never before. The market today has some of the most intelligent systems that are destined to replace people across industries. The trend is likely to continue in the coming year.
Prevalence of Embedded Analytics
Some of the industry experts say that the global embedded analytics market is expected to reach $60 billion by 2023. This will later favour quick data analysis without any movement of the data from one software environment to the other.
Data used for Storytelling
The BI platforms that are already existing in the market are delivering insights in such a way that they narrate a story to the users. This technology is allowing the information to transform into a captivating story. Data visualizations will be used in the near future for data storytelling.
AI in Mainstream BI
As the business is powering its automation tasks with the help of AI, some of the most intelligent systems are destined to replace human beings across different sectors. This is already being some industries such as health care, manufacturing, as well as financial services.
Mobile Responsive BI Technology
Industry experts say that the mobile market will go beyond $20 billion towards the end of 2024. Also, mobile devices such as tablets and smartphones are expected to take over 72% of the online traffic. Thus, the Business Intelligence activities will be highly used and must be mobile responsive in the coming years.
BI Affected by the NLP
The technology of the NLP is smart enough to remove the need for a translator between the machine language and the human language. The BI professionals over the past years have already used the NLP technology to meet their business requirements. NLP has been changing the core communication related to business intelligence and is expected to continue doing this in the near future.
AI to Improve Sustainability
The technology of Artificial Intelligence will be used all over the world to achieve a high rate of sustainability goals. The technology can help to evaluate the factors that are hampering the sustainability of a business. At the same time, businesses can identify and understand what steps can be taken to resolve such issues.
BI will Enhance Customer Experience
With the help of the Business Intelligence capabilities, the businesses will be able to create more immersive experiences for their customers. The technology will help to generate suggestions for the customers based on their browsing patterns and history as well as their previous shopping experiences.
Apart from the trends mentioned above, Businesses Intelligence will contribute to global business intelligence capabilities.