In 2022, data analytics continues to deliver essential insights to global industries and enterprises.
With the rise of Big Data analytics, and recent developments in predictive analytics continuing to deliver enhanced intelligence, analytics has never been more present, more accessible, or more advanced.
Taking a closer look at the analytics industry in 2022 and beyond, we’re exploring some of the most revealing, current data analytics statistics and trends. Read more below.
#1: Data-driven companies are 58% more likely to beat revenue goals
A recent Forrester article emphasises the importance of data-driven insights on growth. With access to greater intelligence, companies can gain insights and realise more opportunities for growth. They can identify the core trends to capitalise on – and the serious risks to avoid.
Learn more about the importance of data-driven insights for true business growth.
#2: 62% of retailers report gaining a competitive advantage from information and data analytics
IBM discovered that data analytics are actively aiding retail companies to get an edge in increasingly competitive and saturated markets. Enabling retailers to create and deploy strategies based on fact and insights rather than intuition, analytics helps retailers actively navigate slim margins of error.
Learn more about how data analytics can empower retailers in our free ebook.
#3: Predictive analytics are on the rise
With more awareness of and access to capabilities, organisations can take advantage of predictive analytics to forecast potential future trends. Empowering businesses with strategic intelligence for decision-making, the predictive analytics market is expected to reach $22.1 billion by the end of 2026 according to a recent report.
#4: Data-driven culture matters
We fully understand the importance of a data-driven culture, knowing from experience that it helps to reduce the risk of data silos and unreliable data. Nevertheless, in a recent study, over 60% of organisations stated that company culture is their greatest barrier.
Want to learn more? Visit our blog to discover the importance of a data-driven culture.
#5: Efficiency is the core benefit of analytics
Finances Online reported that out of all companies interviewed, 63% believe that improved efficiency is the number one benefit of data analytics. In the same survey, 53% of companies also believed that more effective decision making was a core priority.
#6: Unstructured data is still a critical challenge
In an economy fuelled by data, only those with compliant and optimised data will be able to successfully navigate the market, as well as adjust their business strategies.
Unstructured data is more complex and costly to both manage and integrate into analysis processes. According to Forbes, 95% of businesses cite the need to manage unstructured data as a problem for their business, with those able to do so gaining a significant competitive advantage with clearer visibility.
#7: The global Big Data and data analytics market is booming
In 2022, the worldwide Big Data and data analytics market was valued at just over 274.3 billion USD.
As more and more enterprises realise the importance of analytics, this market rise isn’t expected to decline any time soon. With a continuing focus on the importance of Big Data analytics to help drive business strategies, Big Data analytics is here to stay.
#8: Budget is blocking Big Data
Topping off a list of barriers that include integration challenges and a lack of expertise, budget remains a key blocker to entry to Big Data analytics. But just how true is this?
We recently released an eBook aimed at tackling this issue directly – exploring three analytics projects at three varying investment levels. Download it to learn more.
#9: Businesses now believe that an inability to take advantage of big data will cause bankruptcy
Reinforcing the importance of Big Data analytics, Accenture’s study on the success rates of Big Data analytics found that more than three quarters of enterprises believed that those who fail to take advantage of it may severely negatively impact their business.
#10: Companies embracing data analytics could increase operating margins by 60%
McKinsey’s study on Big Data found that businesses which prioritised data analytics could increase their operating margins by up to 60% – showcasing the importance of being able to harness data analytics.
Committed to delivering data-driven growth
As a specialised BI consultancy, we’re committed to empowering enterprises to gain actionable insights from their data – implementing value-led projects to enable strategic intelligence.
To learn more, discover how we’ve previously empowered clients in the past in our case studies hub.
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