Prominent emerging technologies, Artificial Intelligence (AI), and Data Analytics are bound to play a prominent role in enhancing organizational efficiency and productivity in 2022 and beyond; the AI software market is projected to reach $62 billion in 2022, and the big data analytics market is set to reach $103 billion by 2023.
With the pandemic, the past years have shown how unpredictable the market can be, and with the eCommerce, cloud computing industry constantly evolving, businesses need to be in tune with trends to plan and get ahead.
In this article, we compiled ten crucial AI and data analytics trends for 2022 to give businesses an idea of where the industry is headed and enable them to plan strategically to meet future market demands.
Let's get started.
Ten critical AI and data analytics will influence crucial business-making decisions for many organizations in 2022 and beyond. Let's discuss them below:
The General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) are new data protection policies founded to enhance cyber security and influence how businesses take control of their customers' data.
In 2022 and beyond, businesses will not be able to sell and use their customer's data without their customers' consent, allow users to opt-out of the sale of their personal data, create a process to submit a report on how they manage and control their customers' data when required.
These policies mean more power to consumers, and while it may be a bit restricting for businesses, they will offer some critical advantages.
For example, businesses will have better access to accurate consumer data to work with and make improved business decisions as they will only acquire their data from legitimate sources, such as asking customers for their information directly.
Additionally, they will mitigate data breaches and other forms of cybersecurity, avoid sanctions and build a good reputation to generate trust with customers and businesses who want to partner with them in the future.
For further reading on the California Consumer Privacy Act, check out Osano's informative guide to the CCPA.
Artificial Intelligence will help many businesses cut hiring costs by better managing skills shortages in 2022 and beyond. Since expert data scientists are difficult and expensive to hire, businesses will look for alternative ways to work things out by making the positions accessible to everyone.
For example, businesses with Automated-Artificial Intelligence (AutoAI) may make the analysts' positions available to scientists of varying experience levels to perform the activities of experienced data analysts such as analyzing data streams, producing real-time insights, and generating machine learning models.
This will enable these businesses to scale quickly because they will save costs and improve their efficiency.
Low-code and no-code AI may become more relevant in the coming years because limited experienced data scientists are available to fill vacant positions.
Low-code and no-code AI will allow businesses to automate manual coding processes to facilitate application development. They will also reduce manual coding to the minimum to deliver results quickly.
Rather than work with experts to build and develop apps, low-code and no-code platforms will allow people with basic knowledge of computer science or software engineering concepts to design and build apps with the right resources.
This will enable businesses and organizations to build and develop faster and cheaper applications for their users. Additionally, they will collaborate better with existing teams to develop better functional apps.
Also, low-code and no-code AI will close the gap between organizations with expert data scientists and businesses without data scientists by allowing them to compete and stay ahead of the game with fast and affordable applications.
There has been an increase in the demand for cloud computing in the past years, and there is a higher chance that this trend will remain consistent in the coming years.
This is because there will be more data to manage, and managing them on the cloud is easier and better secured.
With cloud computing, businesses will safeguard precious data, manage and perform tasks better, thereby increasing businesses' efficiency and productivity.
In the coming years, businesses will likely skip manual processes and adopt Extensive Operational Performance Services, XOps to automate and reduce repetitive actions.
Businesses will adopt XOps to provide a sophisticated approach to data science. Encompassing different data analysis practices and operations such as DataOps, MLOps, AIOps, and more, XOps will speed up development processes and boost efficiency.
Additionally, because XOps encompasses different operations, data investigation and analysis will become seamless and more efficient for businesses to conduct in 2022 and beyond.
An augmented workforce in the digital space is one of the likely trends to happen in the coming years.
Machine learning and cognitive technology are already adopted by many businesses around the world, so rather than a future of the human workforce performing menial tasks, we should expect a future where humans can focus on the consumer while robots will handle repetitive tasks as they work collaboratively.
Establishing an augmented digital workforce will go a long way in helping businesses scale technologically, enabling their staff to skip time-consuming tasks to make faster and improved business decisions.
Organizations will prioritize and focus on building and establishing good relationships with their customers and combat challenges effectively as they come because a large part of the rigorous and monotonous tasks will be automated by the augmented digital workforce.
In 2022 and beyond, smarter and better efficient AI technology will emerge, and organizations will demand more from AI.
However, while AI will develop in the next few years, humans will continue to be critical to help businesses scale because there are specific activities that humans can do that AI won't have the ability to perform.
When humans are empowered with the right tools, they will be able to identify issues and fix them efficiently.
Hyper-automation is likely to increase in 2022 and beyond. Businesses will be eager to automate all processes that can be automated to reduce stress and boost their productivity.
Hyper-automation involves both AI and machine learning and is designed to automate a wide range of processes to enhance efficiency.
It will improve businesses' agility as they can adapt to changes when they need to, they will also be able to keep up with the market's evolving demands.
It will also improve work quality because businesses will have access to advanced technologies to automate tasks.
Additionally, all companies' systems will be connected to be accessed from a centralized place, which will improve easy access to data and allow easy collaboration across teams in an organization.
Based on the shift in the way people shop and attend to their customers the past year, the need for voice AI is projected to grow in 2022 and beyond; Voice AI is projected to reach 22.0 billion by 2026.
Businesses will likely use voice AI to conduct business meetings, offer customer support and provide immediate responses to their consumers.
Voice assistants will be tailored to meet the business's unique needs and work with other systems to deliver unique experiences for customers.
Voice AI will help businesses communicate better and become more conversational in their interactions with their customers.
Organizations will leverage this communication process to scale. They will be able to respond timely and meaningfully to their customers' requests, understand their customers' queries, and improve their engagement practices.
AI will be present in many aspects of our lives in the coming years because it simplifies and speeds up activities. In the business and administrative space, AI will be introduced to streamline processes and automate activities that are consistently repeated.
By 2022 and beyond, AI will likely perform more complex tasks and handle repetitive and rigorous activities through Robotic Process Automation (RPA).
AI will be able to build applications, create documents, fill online forms and do so much more. Their ability to perform these tasks will enable businesses to streamline their processes and get more things done.
The RPA technology will go beyond theories, and organizations will begin to put real-life situations in context and expect them to deliver expected results by automating activities, helping brands to improve their structure and work faster.
AI will help organizations perform administrative, store, and manage data, among other responsibilities, in the coming years.
AI and data analytics are here to stay, and as time passes, new trends about them evolve. It is, therefore, critical to stay updated on upcoming trends to stay prepared. In this article, we discussed the top 10 AI and data analysis trends of 2022 and beyond.
These trends reveal where AI and data analysis will be in the coming years and the new developments that will occur.
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