Change is the only constant in life, which also holds true for businesses. With time, companies have embraced modern technology to enhance their productivity and maximize their ROI.
The latest buzzwords in the business world are data analytics, big data, artificial intelligence, and data science. Companies are eager to adopt data-driven models to streamline operations and make informed decisions based on data insights.
The COVID-19 pandemic has disrupted industries worldwide, forcing small and large enterprises to adapt quickly to the changing circumstances. This has increased investments in data analytics and science, with data taking centre stage for nearly every organization.
As companies increasingly rely on data analytics to overcome challenges and improve their operations, we are witnessing the emergence of new trends in the industry. Gartner’s AI trends for 2023 are an example of such developments, categorized into three main areas: accelerating change, operationalizing business value, and data and insights distribution.
This blog will explore the most significant data science trends expected in 2023 and how big data and data analytics are becoming crucial for every enterprise, regardless of industry.
Top Data Science Trends of 2023
Having discovered some of the trends that will be mostly seen in 2023, we will discuss them as follows:
1. Big Data On The Cloud
The issue with data is not its generation but rather the challenges associated with collecting, organizing, and analyzing it effectively. Questions arise regarding how to gather and store data, as well as how to share the resulting insights with others. Fortunately, data science models and artificial intelligence offer solutions to these problems.
However, concerns regarding data storage persist. To address this, many businesses have migrated their big data to cloud platforms, with roughly 45% of enterprises doing so.
The trend towards utilizing cloud services for data storage, processing, and distribution is expected to continue, with public and private cloud services becoming increasingly popular for big data and data analytics by 2023.
2. Emphasis On Actionable Data
The value of raw, unstructured, and complex data is limited without knowing how to utilize it effectively. The focus is on actionable data, which combines big data and business processes to enable informed decision-making.
Simply investing in expensive data software is insufficient if the data is not analyzed to extract actionable insights. These insights provide a comprehensive understanding of the business’s current status, market trends, challenges, and opportunities.
Actionable data empowers individuals to make informed decisions and act in the business’s best interests. By utilizing insights from actionable data, businesses can optimize their workflows, distribute projects among teams, and increase overall efficiency.
3. Data As A Service- Data Exchange In Marketplaces
Accessing data through a Data as a Service (DaaS) service is now possible. This means that companies can obtain data from external sources to assist with their business processes, such as Covid-19 data that can be embedded on websites.
However, this also creates potential data privacy issues and companies are implementing procedures to minimize the risk of data breaches or lawsuits.
To address these concerns, data can be transferred from the vendor’s platform to the buyer’s platform with minimal disruption and no data breaches. This trend of data exchange in marketplaces for analytics and insights is expected to become more prominent in 2023. This process is commonly referred to as DaaS.
4. Use Of Augmented Analytics
Augmented analytics is a field of data analysis that harnesses the power of artificial intelligence, machine learning, and natural language processing to automate the analysis of vast amounts of data.
This technology automates tasks that were traditionally handled by a data scientist, providing real-time insights. This process is much faster than traditional methods and provides more accurate results, allowing for better decision-making.
Augmented analytics assists with data preparation, processing, analytics, and visualization, enabling experts to explore data and generate detailed reports and predictions. This technology can also combine data from both internal and external sources, making it a versatile tool for data analysis.
5. Cloud Automation And Hybrid Cloud Services
Cloud computing services for public and private clouds are automated using artificial intelligence (AI) and machine learning (ML). The application of AI to IT operations is referred to as AIOps. This technology is transforming how businesses view big data and cloud services by providing improved data security, scalability, centralized databases and governance systems, and data ownership at a lower cost.
One of the most significant data trends anticipated for 2023 is the rise in adopting hybrid cloud services. A hybrid cloud combines a public cloud and a private cloud platform.
Public clouds are cost-effective but may not offer high levels of data security. On the other hand, private clouds are more secure but are costly and may not be suitable for small and medium-sized enterprises (SMEs). A hybrid cloud provides a viable solution that balances cost and security to deliver greater agility. This approach optimizes enterprise resources and performance.
6. Focus On Edge Intelligence
According to predictions made by Gartner and Forrester, edge computing is expected to become a mainstream process by 2023. Edge computing, also known as edge intelligence, involves performing data aggregation and analysis in close proximity to the network.
Businesses across various industries are keen on leveraging the Internet of things (IoT) and data transformation services to incorporate edge computing into their systems. This increases scalability, flexibility, and reliability, improving enterprise performance.
The reduction in latency and increase in processing speed are other advantages of adopting edge computing. When combined with cloud computing services, edge intelligence allows employees to work remotely while simultaneously boosting productivity and enhancing its quality and speed.
7. Hyperautomation
A major trend in the field of data science in 2023 is hyper-automation, which originated in 2020. According to Brian Burke, the Research Vice President of Gartner, hyper-automation is an inevitable and irreversible process, and any task that can be automated should be automated to enhance efficiency.
Hyper-automation combines automation with artificial intelligence, machine learning, and intelligent business processes to achieve a higher level of digital transformation in businesses.
The fundamental principles of hyper-automation are advanced analytics, business process management, and robotic process automation. In the upcoming years, the trend is expected to continue expanding with a greater emphasis on robotic process automation (RPA).
8. Use Of Big Data In The Internet Of Things (IoT)
The Internet of Things (IoT) is a network of physical objects that are equipped with software, sensors, and advanced technology to enable connection and data exchange between devices over the Internet.
Integrating IoT with data analytics and machine learning can enhance the system’s flexibility, and the machine learning algorithm’s response accuracy can be improved.
Although many large-scale businesses already employ IoT, small and medium-sized enterprises (SMEs) are gradually adopting the trend to manage data better.
This shift is expected to cause significant disruption to conventional business systems, leading to substantial changes in the development and utilization of business processes.
9. Automation Of Data Cleaning
In 2023, simply having data will not be enough for advanced analytics. As previously mentioned, data that is not properly formatted or contains errors, redundancies, or duplicates are useless for analytics purposes.
This can result in a slower data retrieval process, wasting businesses’ time and money. In fact, the losses incurred by enterprises due to these issues can be significant, amounting to millions of dollars in some cases.
Consequently, many organizations and researchers are seeking ways to automate the process of data cleaning or scrubbing to accelerate data analytics and obtain accurate insights from big data.
Artificial intelligence and machine learning are expected to play a major role in automating the data-cleaning process.
10. Increase In Use Of Natural Language Processing
Initially, a branch of artificial intelligence, Natural Language Processing (NLP), has evolved into an essential part of business operations that involves analyzing data to identify patterns and trends.
Predictions indicate that by 2023, NLP will enable immediate retrieval of data from repositories, providing access to high-quality information that can lead to valuable insights.
Moreover, NLP offers sentiment analysis capabilities, which allow businesses to understand their customers’ opinions and feelings towards their products and services and those of their competitors.
This information can help companies to tailor their offerings to meet customer expectations and improve overall satisfaction.
11. Quantum Computing For Faster Analysis
Quantum computing has become a popular research topic in the field of data science. Google is currently working on this technology, which doesn’t rely on binary digits 0 and 1 for decision-making. Instead, it uses quantum bits from Sycamore’s processor, which can solve complex problems in just 200 seconds.
Despite its potential, quantum computing is still in its early stages and requires significant refinement before various industries can widely adopt it. However, it has already impacted and is expected to become an essential component of business processes.
The goal of utilizing quantum computing is to merge data sets for faster analysis and a better understanding of the relationship between multiple models.
12. Democratizing AI And Data Science
We have observed the rise in popularity of DaaS, and now a similar trend is emerging for machine learning models. Cloud services have become more in demand, which has made it easier to offer AI and ML models as part of cloud computing services and tools.
If you require data visualization, NLP, and deep learning, you can contact a data science company in India to utilize MLaaS (Machine Learning as a Service). MLaaS would be an ideal solution for predictive analytics.
Investing in DaaS and MLaaS means you would not need to establish a dedicated data science team in your organization, as offshore companies provide these services.
13. Automation Of Machine Learning (AutoML)
AutoML, which stands for automated machine learning, can automate several data science procedures, including data cleaning, model training, result prediction and interpretation, and other similar tasks.
Normally, data science teams are responsible for performing these duties. We have already discussed the possibility of automating the data-cleaning process to speed up analytics.
As more companies begin to incorporate AutoML into their operations, other manual processes will likely follow suit. However, this technology is still in its early stages of development.
14. Computer Vision For High Dimensional Data Analytics
According to Forrester’s predictions, over a third of businesses will utilize artificial intelligence to minimize disruptions in the workplace. Due to the COVID-19 pandemic, organizations have been compelled to change their operational procedures significantly.
Remote work has become necessary for most businesses, and many consider automation a preferable alternative to relying on human workers. One of the latest data science trends for 2023 is utilizing computer vision for high-dimensional data analytics.
This technology helps businesses identify discrepancies, conduct quality checks, ensure safety protocols, accelerate processes, and perform similar functions. Computer vision is particularly prevalent in manufacturing, automating production monitoring and quality assurance.
