Data Science and AI are no more just buzzwords. Today’s tech world has been evident to exponential growth due to informed decision-making after integrating data and AI technologies into businesses. Right from speech recognition and automation, to valuable insights, Artificial Intelligence (AI) has changed the world and it has never been easier to obtain data from various sources. It is estimated that AI will boost the global GDP by 14% by 2030. Even today nearly 77% of devices use the technology. gy.
The Data Science market too is expected to grow to $230.80 billion by 2026. Data Science and AI trends are something you cannot turn away from. It is essential for business to be aware of what is to come, so as to upgrade themselves accordingly. With that being said, this blog article will give you all the information you need about Data Science and AI and what to expect in 2023.
Top 8 trends to look for in 2023
Data as a service is based on cloud technology where cloud is used to store, integrate, process and analyze data using a network. It has been a game-changer for businesses since they don’t have to worry about availability, security, accessibility of data across platforms. This makes the integration of data-based tools and technologies easier for companies.
With growing cloud technology, specially after the pandemic, DaaS has grown tremendously too. With DaaS, organizations can cut down cost, improve operations, automate maintenance, avail greater flexibility and scalability of data, and also control the access settings.
Automation makes a lot of things convenient and it is by virtue of which manual labor on monotonous tasks could be cut down and put to more innovative use. If industries can better utilize their resource just by automating a few menial things, imagine the wonders when big data analytics could be automated!
Gathering unstructured data, evaluating it, obtaining insights and exploring many such possibilities could be a cake-walk with automation. Enterprises today thus, are deploying and exploring APA (Analytics Process Automation) and relying upon them for predictive insights.
With growing digitization in companies and growing number of online businesses, quintillion amounts of data are recorded every single day. With such enormous amount of available data, one can easily misuse one’s information. Hence, it becomes necessary to bring in new and stricter governance and compliance policies.
People want many governments to implement policies and rules like GDPR. In a survey conducted in the US, it has been found that only 47% people trust their data on social media platforms. The lack of confidence in online platforms is directly proportional to lack of implementation of compliance rules. Hence, 2023 may witness new and stricter rules to make online platforms more trust-worthy.
Augmented analytics is sure a growing trend, and by 2026 the market is expected to grow to $21.70 billion. Technologies like Machine Learning and Artificial Intelligence are enabled to add to valuable insights, enhance data, visualize, and analyze it. This can also be considered a growing trend of AI, since AI is used to provide advanced insights about performance, market conditions and much more.
Blockchain being a secure decentralized ledger that can be accessed from anywhere, data officers are using it to add value to businesses. Blockchain is real-time accessible, editable and can be shared to work in team. Hence, using blockchain-based data storage and analytics solutions are on the rise. It is even predicted by Gartner that by 2030, the blockchain market will reach $3.1 trillion USD.
Offering Machine Learning as a Service is another growing trend in Data Science. After Cloud Computing and Software-as-a-service, people also realized how convenient it would be to outsource ML processes to experts and obtain resourceful predictions and insights for their business to work on. Businesses are able to cut costs and be productive at the same due to the involvement of third parties and their expertise.
Edge computing solves a wide range of challenges that originate due to a huge distance between the source and the destination of data, by bringing the storage and processing units closer to where the data originated from. With 5G, it has been more convenient than ever. Edge computing helps in better management of data, cost reduction, faster insights, and better productivity.
You will able to process massive amounts of data seamlessly since edge computing consumes less bandwidth, and also perform analysis in the real-time. IoT devices perform faster and are more flexible when embedded with edge computing. One can even operate software and access data easily from remote locations.
Metaverse is a virtual reality space where you can interact with other people officially or casually and share your experiences with them. This happens through digital devices that help connect real life people to virtual characters. AI plays a crucial role in building the same. AI enables people and machines to collaborate and make their experience more realistic.
Metaverse involves many interesting ideas and executions such as digital avatars, digital coins/currencies, animated infrastructures, and much more. All the said things could not be possible with AI. Meta verse is thus, a popular AI trend for 2023.
With Metaverse, there has been a rise in cybersecurity concerns as well. There is a possibility of more cyberattacks and privacy issues. With widespread use of AI, there can be widespread misuse of resources too, but AI also helps curb that. It helps us identify trends and actions that can be suspicious and takes actin too if automated.
Based on the growing trends it can be observed that businesses are realizing the perks of being data-centric and are working towards transforming their work culture, methodologies and technologies accordingly.
Being data-centric not just means that you use the available data to analyze and improve your business, instead you design and create suitable data ingesting platforms (data fabrics) for your business with the intention of obtaining the right insights. You embed technologies that drive your productivity and help you handle your data better. 2023 will be a witness to many growing technologies and data-centric digital transformations.