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The Future of Data – Predictions for 2024

Data is the new oil.

But unlike oil, it is an infinite resource. 328.77 million terabytes of data are generated every day. Not only is data increasing in volume but also in value. This exponential growth is a huge testament to our collective digital activity.

As data leaders, we are at the forefront of leveraging this data. We should look at this as a challenge and an opportunity to harness the vast amount of data effectively for our organizations.

As we approach the end of 2023, it’s time to ponder over the future of data – how is it going to reshape the corporate landscape? What’s changing with the way businesses operate, innovate, and compete?

Let’s delve into the predictions of data for 2024 and beyond.

 

Prediction 1: The Rise of Quantum Computing

Quantum computing is set to revolutionize the way we process data. With quantum computing, complex calculations can be performed at extraordinary speeds that traditional computers cannot even fathom.

At the forefront, we have IBM and Google who are already exploring the capabilities of quantum computing. Volkswagen too has been an early adopter; it has employed quantum computing since 2019 to predict traffic and reduce travel times.

 

Prediction 2: AI & ML are no longer just buzzwords

AI and ML– what were once mere buzzwords are now evolving into business necessities. While only 17% of companies are using AI at scale currently, corporate investments in AI are at an all-time high. As AI and ML technologies become more sophisticated, their application in simulation, analysis, and prediction will soon become a standard practice across various industries.

According to Gartner, about 85% of AI projects are doomed to fail. With the surge in AI and ML, there will be a surge in ethical AI and a rise in using ML for simulating scenarios to reduce AI-induced error rates.

 

Prediction 3: Data Privacy will continue to be a huge concern

No matter how much we progress in technology, privacy will be a constant concern. Consumers, now more than ever, are aware of the issues that come with oversharing their personal details online. Regulations like GDPR and CCPA are constantly reshaping the way data is handled globally. The trend towards more fragmented, region-specific regulations is likely to continue, as over 120 countries have already enacted data privacy laws.

 

Prediction 4: Cloud Will Become the de Facto Standard for Data Storage

The Cloud storage market, valued at 90.17 billion USD in 2022, is estimated to grow to 134 billion USD in 2024. This growth is directly impacted by the rapid shift towards cloud-native architectures, making cloud storage the go-to for data management.

 

Prediction 5: The Rise of Predictive and Prescriptive Analytics

Predictive analytics has been a cornerstone in understanding future trends based on historical data. However, prescriptive analytics takes this a step further by not only predicting but also suggesting multiple courses of action and showing the likely outcome of each decision. Prescriptive analytics combines the insights of predictive analytics with decision optimization technologies, offering businesses a more proactive approach to decision-making.

Amazon is a prime example of prescriptive analytics in action. The company uses it to optimize warehouse placements and manage product stock levels. By analyzing vast amounts of data, including consumer purchasing patterns, shipping times, and regional demand, Amazon’s algorithms can prescribe where to stock products and in what quantity.

 

Prediction 6: Augmented Analytics Transforms Data Interaction

Augmented analytics is set to revolutionize the way we interact with and understand data. It combines advanced analytics capabilities with artificial intelligence (AI) and machine learning (ML) to enhance data processing, interpretation, and interaction in real-time.

Tableau, a leader in interactive data visualization, is at the forefront of implementing Augmented Analytics. They have integrated AI-driven insights into their platform, allowing users to ask questions and receive intelligent, conversational responses. This has not only enhanced the user experience but also democratized access to complex data insights.

 

Prediction 7: Enhanced Customer Experiences Due to Real-Time Analytics

Real-time analytics, i.e., the process of analyzing data as soon as it becomes available, is revolutionizing industries such as finance and healthcare.

Real-time analytics in finance allows for instant fraud detection, risk management, and personalized customer services. In healthcare, it enables healthcare providers to monitor patients continuously and make life-saving decisions based on the most current data.

Companies like PayPal use real-time analytics for fraud detection. By analyzing transaction data in real-time, PayPal can identify and prevent fraudulent activities, protecting both the company and its users.

 

Prediction 8: The Rise of Natural Language Processing

NLP is a fusion of linguistics, computer science, and artificial intelligence, aimed at bridging the gap between human communication and computer understanding. With a global market value increasing at a CAGR of 29.3%, NLP is not just a fleeting trend; it’s a fundamental shift in data processing.

Developed by OpenAI, ChatGPT is a prime example of NLP’s capabilities. It can generate human-like text, answer queries, and even write code, showcasing the potential of NLP in enhancing user interaction and data processing.

The Mayo Clinic’s Clinical Trial Matching System is efficiently using NLP to match patients with suitable clinical trials, a process that was once time-consuming and prone to human error. By analyzing patient records and trial criteria, the system has significantly improved the efficiency and accuracy of patient-trial matching.

 

Prediction 9: Edge AI Revolutionizes Data Processing

Edge AI showcases a paradigm shift in how AI is deployed and utilized, especially in the realm of physical devices. With the deployment of AI algorithms directly on a hardware device, Edge AI reduces latency, a critical factor in applications where real-time processing is essential.

One of the most prominent examples of Edge AI in action is in autonomous vehicles. Tesla’s Autopilot system uses Edge AI to process data from its sensors and cameras in real-time, enabling features like automatic steering, lane changing, and parking.

 

Prediction 10: Data Storytelling Changes the Way We Depict Data

Data storytelling emerges as a pivotal skill for data leaders. It’s not just about presenting data; it’s about weaving a narrative that makes data accessible, understandable, and actionable. According to a survey, 83% of CEOs want their organizations to be data-driven. With data-driven decision-making, companies can experience a 5-6% increase in productivity and profitability compared to their competitors.

Data storytelling is not just a skill for data analysts; it’s a strategic tool for leaders. By incorporating storytelling into their data presentations, data leaders can make more persuasive arguments, drive change, and foster a data-driven culture within their organizations.

 

Are You Prepared?

With all that’s emerging in the data space, are you equipped with the right tools and skills? What are you looking forward to in the world of data?

Engage in discussions with other data leaders on the Data Leaders Network. Access resources, collaborate, receive feedback, find mentors, and more. Join the conversation and shape the future of data.

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