Gartner identified the top data and analytics trends for 2020 that will help enterprises navigate their response in the post-pandemic world. By the end of 2024, 75% of organizations will shift from piloting to operationalizing AI, a five-fold increase in streaming data and analytics infrastructures.
Operationalizing AI
The leading analyst firm forecast AI will become smarter, faster and responsible. While machine learning (ML) and natural language processing (NLP) are providing vital insights helping to manage COVID responses, AI techniques such as reinforcement learning and distributed learning are creating more adaptable and flexible systems to handle complex business situations
Cloud imperative
Cloud is a given. By 2022, public cloud services will be essential for 90% of data and analytics innovation. Gartner noted Data and analytics leaders need to prioritize workloads that can exploit cloud capabilities and focus on cost optimization when moving to the cloud.
Last month, Gartner revised its IT Spending forecast for the rest of 2020. Australian IT spending is set to decline by 6% while the spending on cloud services is estimated to increase by nearly 20%.
Even as enterprises are reducing IT budgets, cloud spending is the silver lining driven by remote working necessities and businesses shifting online.
Appdynamics’ recent “Agents of Transformation” survey revealed digital transformation projects have been approved in a matter of weeks which typically would take more than a year to be approved in pre-pandemic days.
Decline in dashboards, shift to dynamic data stories
Dynamic data stories with more automated and consumerized experiences will replace visual, point-and-click authoring and exploration.
As a result, the amount of time users spend using predefined dashboards will decline.
Data and analytics leaders require an ever-increasing velocity and scale of analysis in terms of processing and access to succeed in the face of unprecedented market shifts amid the pandemic
Gartner VP Rita Sellam
Decision Intelligence
By 2023, more than 33% of large organizations will have analysts practising decision intelligence, including decision modelling. Decision intelligence brings together several disciplines, including decision management and decision support.
Digital Banking: Market shifts towards AI, cloud and secure banking
Data exchanges and marketplaces
The rise of data exchanges and marketplaces only means large enterprises will be either sellers or buyers of data via data marketplaces. Gartner forecasts this will rise to 35% of organisations by 2022, up from 25% in 2020.
Relationships Form the Foundation of Data and Analytics Value
Graph technologies will facilitate rapid contextualization for decision making in 30% of organizations worldwide. Graph analytics is a set of analytic techniques that allows for the exploration of relationships between entities of interest such as organizations, people and transactions.
It helps data and analytics leaders find unknown relationships in data and review data not easily analyzed with traditional analytics.
Also read: Gartner reduces Infosec spending forecast for 2020, cloud security gets a massive boost
Distributed Ledger Technology
By 2021, the analyst firm estimates most permissioned blockchain uses will be replaced by ledger DBMS products providing a more attractive option for single-enterprise auditing of data sources in the next year.
Gartner noted data and analytics leaders need to examine the key data and analytics trends to accelerate renewal or recovery post the COVID-19 pandemic.
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