The global data analytics market is forecast to be worth $190 billion in 2028, registering an 11.1 per cent compound annual growth rate (CAGR) between 2023 and 2028, according to a report on Tuesday.
With data volumes projected to exceed 175 zettabytes by 2025, organisations must leverage advanced analytics tools to extract actionable insights, said GlobalData, a leading data and analytics company.
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The traditional data analytics vendors are being disrupted by AI-native vendors that aim to help companies automate operational decision-making using machine learning.
“Furthermore, the emergence of generative AI (GenAI) tools has led data analytics vendors to embed those solutions in their platforms, democratising access to data science capabilities,” said Isabel Al-Dhahir, Principal Analyst, Strategic Intelligence at GlobalData.
For instance, Microsoft has launched Copilot, embedding ChatGPT into analytics products such as Excel and PowerBI.
Data governance is all about data quality and reliability; good, trustworthy data is essential to data analytics.
While data governance is augmented by technology, it is fundamentally about individuals and companies implementing rigorous protective policies and procedures, said the report.
“The ability of GenAI to create highly sophisticated models and simulations from vast datasets raises significant concerns about the potential misuse of personal information,” said Al-Dhahir.
The risk of exposing sensitive data increases as these AI systems become more adept at generating detailed, realistic outputs. This calls for stringent data governance frameworks.
Organisations must attract, train, retain, and upskill their current workforce to fill these roles. Companies may also attempt to plug the data-skills gap by encouraging less technical employees to act as citizen data scientists, said the report.
As the market evolves, innovation across data management, AI integration, and governance will shape the future of data-driven strategies, Al-Dhahir said.
