New Delhi, Dec 17 (IANS): The global data analytics market is projected to grow at an 11.1% compound annual growth rate (CAGR), reaching a value of $190 billion by 2028, according to a report by GlobalData. The explosive growth underscores the increasing importance of advanced analytics tools in extracting actionable insights from massive data volumes, expected to exceed 175 zettabytes by 2025.
Key Trends Driving Growth
AI-Native Disruption:
Traditional data analytics vendors are facing competition from AI-native companies that focus on using machine learning to automate operational decision-making.
Generative AI Integration:
The emergence of generative AI (GenAI) is reshaping the landscape, with vendors embedding AI solutions into their platforms. For example, Microsoft Copilot, which integrates ChatGPT with Excel and Power BI, is democratizing access to data science capabilities.
Data Governance and Reliability:
Ensuring data quality and trustworthiness remains a cornerstone of analytics success.
Strong data governance frameworks are essential as the capabilities of GenAI raise concerns about potential misuse of personal information.
Stricter protocols are needed to manage risks and protect sensitive data.
Talent Gap and Workforce Upskilling
Organisations must focus on:
Attracting, training, and retaining skilled professionals.
Upskilling employees to bridge the data-skills gap.
Encouraging "citizen data scientists" by empowering less technical employees to take on data-centric roles.
Innovation as a Growth Driver
The report highlights that innovation in areas like data management, AI integration, and governance will be critical to shaping the future of data-driven business strategies.
Isabel Al-Dhahir, Principal Analyst at GlobalData, noted:
"The ability of GenAI to create sophisticated models raises significant concerns about data privacy and governance, but it also offers transformative potential for businesses worldwide."