Data Trends: What Should the Data Analytics Market Expect in 2022?

Key Data Analytics Trends to Expect in 2022

By James Corcoran, Senior Vice President of Engineering, KX

The rapid digital transformation of almost every industry sector in 2021 has boosted the growth of data from people and machines significantly. Analyst firm IDC estimates that by 2025, the global datasphere will total 181 zettabytes, while the amount of digital data generated in the next five years will be larger than the amount produced since the concept of digital storage was established. Armed with the right tools and strategies, companies can use this data to make smarter, insight informed decisions, leading to a myriad of new products and services that will revolutionize every sector from healthcare to banking.

The impetus for becoming a data-driven organization has never been stronger. Research shows that businesses built on and driven by insights from data grow on average at more than 30% annually and at least eight times faster than global GDP. In doing so, businesses can build insight processes into every core business function to facilitate continual learning and improvement. They can also ensure that information is shared right across the business, so everyone has the opportunity to use it and benefit from it. With all of this in mind, let’s take a look at the data trends that are likely to dominate 2022.

Real-time analytics

The ability to make better-informed business decisions at speed has become the new competitive frontier for organizations across the globe. It’s no longer enough for companies to rely on business intelligence derived solely from historic (big) data. That insight must be combined with data created in the moment, in what’s becoming known as “fast data.” With this in mind we expect to see a real focus on real-time analytics, as the window to create differentiated value narrows for organizations in every market and sector. The faster businesses can act on insights derived from data created, the better the outcome – as multiple industries are already demonstrating.

Formula 1 racing teams are a prime example. The higher they finish in the Constructors’ Championship, the more prize money they earn to spend on future technology. Teams are therefore turning to real-time data technologies to analyze billions of sensor-generated data points, before using their insight in everything from race strategy to future component development.

Manufacturing plants, meanwhile, are conducting real-time analysis of millions of data points from hundreds of thousands of machine sensors to detect manufacturing anomalies and correct them in microseconds. This equates to millions of pounds of savings in reduced machine downtime and improved productivity.

Evolution of data fabrics

Another key trend will be a move towards data fabric architectures. To become a data driven business data needs to be available across an organization regardless of location, format and application. A data fabric architecture facilitates the faster, smoother availability of data and insights across existing infrastructure while improving reliability and governance.  At present, too many businesses store their data in silos, where it may never be used effectively.  A shift towards a data fabric architecture means users will have access to the right data just in time, regardless of where it is stored.

Continued adoption of the cloud

As digital transformation continues to drive and disrupt markets in 2022, we are entering an era where big ideas can be dreamt, developed, tested, and released in time frames previously considered near impossible. The cloud will be a key enabler for businesses looking to take advantage of this new frontier of application development. The always-on, infinitely scalable and flexible nature of cloud computing encourages – perhaps even forces – companies to prioritize speed, innovation, and agility. Companies will have the power to deliver a working prototype a week after the idea was conceived within a business and have it in the hands of users in minutes, not months.

The metaverse, autonomous vehicles, rapid vaccine development or even the latest cryptocurrency exchange have little in common at first glance – but one thing unites them all, their success will be built on data that is largely generated and acted on in real-time and stored in the cloud. As the datasphere moves towards real-time, the technology that businesses use will define whether they are part of today’s new data frontier, or are left behind.