2023 predictions for the UK data and analytics
Even without a crystal ball, it’s a given that the field of data and analytics will experience substantial developments this year, as data continues to be a top priority for businesses. With this in mind, what are some of the top predictions for the data and analytics market in 2023?
Here’s a look at what’s on the horizon for the UK analytics market this year.
Analytics will become further democratised
One of the most important trends will be the continued empowerment of entire workforces–rather than just data engineers and data scientists–to put analytics to work.
This has become possible thanks to user-friendly tools that enable non-technical teams to access and glean intelligent insights from their data. This is happening in many different industries, not just in tech–for example, some law firms have started using natural language processing (NLP) to scan pages of documents of case law.
Research has found that companies that make data accessible to their entire workforce are 40 times more likely to say analytics has a positive impact on revenue.
Larger organisations may even consider implementing several analytics or BI tools. Gartner believes that 60 per cent of organisations will use analytics technologies that are composable–where businesses can combine components from multiple analytics solutions to build business applications that provide a more comprehensive view of their data.
Pay-as-you-go is set to grow
The increasing use of hybrid cloud services and cloud computation is also giving rise to other cost-saving technologies, such as data-as-a-service (DaaS).
DaaS allows companies to access data sources that have been collected by third parties via cloud services, on a pay-as-you-go or subscription billing model. This reduces the need for organisations to build their own expensive data collection and storage systems. DaaS companies also offer analytics tools as-a-service allowing businesses to work with data without constructing and maintaining specialised data science operations.
As more businesses turn to the cloud to streamline their infrastructure and workloads, we are likely to see surges in the DaaS market, which is predicted to reach $61.42 billion by 2030.
Automation will impact employment and costs
New and innovative automation, Artificial Intelligence (AI) and ML technologies will continue to have a significant impact on the costs associated with the handling and management of large-scale data collected from various sources. These tools will improve both the speed and accuracy of analytics, meaning there’ll be less need for human involvement in the process.
But the ripple effect of increasing automation will also be felt by employers across numerous industries. In 2023, those who do not empower their employees to be more efficient and productive with automation and self-service will likely lose talent to those that do.
Candidates want to know that they are joining an organisation at the forefront of technological innovation and will be drawn to those that embrace intelligent automation, since it frees them up to work on less manual tasks and take on increasingly strategic activities.
We’ll see an uptick in regulation and data governance
Increasing data governance will also influence data and analytics hires this year, as more governments introduce laws designed to regulate the use of personal and other types of data.
In the wake of the European General Data Protection Regulation (GDPR) and Chinese Personal Information Protection Law (PIPL), other countries are likely to follow suit and introduce legislation to protect their populations’ data. Gartner has predicted that by 2023, 65 per cent of the world’s population will be covered by regulations similar to GDPR. This will be reflected across the business community, as organisations are required to review and improve their internal data handling and processing operations, to ensure they are compliant.
Of course, prioritising data compliance to make processes watertight will have the added benefit of better-protected data against passive leaks and proactive cyber-attacks, both of which can be financially and reputationally devasting. Investing in these systems prior to data loss is a minor price to pay for avoiding non-compliance fines or the misuse of consumer data.
To adhere to these shifting regulations, businesses will be looking to supplement their teams with candidates that have the necessary knowledge to overhaul and operate compliant systems, and the demand for talent experienced in data management and protection will surge.
Looking for your next big role in this fast-moving sector, or need to source exceptional talent? Take a look at our latest Data jobs or get in touch with one of our expert consultants to find out more.