According to Fortune Business Insights, the global Cloud Storage Market size is projected to reach USD 376.37 Billion by 2029, at a CAGR of 24.0% during the forecast period, 2022-2029.
According to Fortune Business Insights, The global healthcare predictive analytics market size hit USD 7.88 billion in 2021.
As per the Gartner Reports, The global market for business intelligence (BI) solutions and related services, including data science and machine learning, is expected to grow from $6.5 billion in 2020 to $13.3 billion in 2023. This represents a compound annual growth rate (CAGR) of 9.1% between 2020 and 2023.
As per Fortune Business Insights, the global cloud computing market size will reach around $791.48 B by 2028, showing a CAGR of 17.9% between 2022-2028. Hence, this progressive approach has the power to transform the business landscape in the next five years.
As per the report by Research & Markets, Big Data Analytics (BDA) classifies the market into 2 major categories: Data Discovery and Visualization (DDV) and Advanced Analytics (AA). The BDA market accounted for $8.5 billion in 2017, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 29.7% to $40.6 billion by 2023.
Key Events & Reports of the Year 2023 – Data Analytics, AI & Data Science world
The top Data Science and AI Trends for 2023 trends as per the Annual Data Science and AI trends report by Analytics India Magazine are: 1) Data Privacy by design/legal framework will gain prominence 2) Big IT firms will move towards automating processes internally 3) Role of Chief Data Officers will be more encompassing and they will have to exhibit a more synergetic role aligned to business strategy and executive management 4) Enterprises will focus on the optimisation of cloud computing capabilities and multi-cloud strategy 5) All organisations will try to achieve a single source of truth across functions through data governance or democratisation 6) Data scientists’ focus will shift towards the software side of the tech stack to improve the processing time of training models 7) Citizen data scientists to grow in the backdrop of the rising popularity of no- code, low-code platforms 8) Companies to adopt Data Fabrics to integrate enterprise applications and data sources into the cloud 9) Generative AI will become more powerful and accessible/mainstream for SaaS platforms and product companies 10) Recession will significantly impact the hiring or letting go of data professionals
The top ten AI trends for 2023 which will redefine technology in the year 2023 as per Analytics Insight publication are1) Popularity of Predictive Analysis, 2) The pace through which Hyperautomation is growing, 3) AI and Cybersecurity, 4) Augmented Process and AI, 5) The Rising Popularity of AIOps,6) Machine learning and Automation (AutoML), 7) Expansion of Natural Language Processing, 8) Introduction of Virtual Agents, 9) Quantum Artificial Intelligence and 10) Edge Artificial Intelligence
The Top 10 Strategic Technology Trends for 2023 as per Gartner are Digital Immune System, Applied Observability, AI Trust, Risk and Security Management (AI TRISM), Industry Cloud Platforms, Platform Engineering, Wireless-Value Realization, Superapps, Adaptive AI, Metaverse and Sustainable Technology.
Key Events & Reports of the Year 2022 – Data Analytics, AI & Fintech world
The analytics industry recorded a substantial increase of 34.5% on a year-on-year basis in 2022, with the market value reaching USD 61.1 billion as per a report titled Analytics India Industry Study 2022 done by Analytics India Magazine (AIM) earlier this year .
As per the report by Gartner, their analysts estimate that by 2025, more than 50% of enterprise-critical data will be created and processed outside the data centre or cloud.
According to research and markets “Cloud Infrastructure Market in India 2021” report, the Indian Cloud Infrastructure Market was valued at INR 301.40 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 29 per cent during the 2021 – 2025 period to reach INR 1,169.23 billion by 2025.
According to India Brand Equity Foundation, the Indian Data Analytics industry is expected to hit the $118.7 billion mark by 2026.
As per IBEF reports, the Indian Data Analytics market is anticipated to play an integral role in driving the future of the fourth phase of industrialization.
As per the report by Economic Times by 2025, the demand for expertise in advanced technologies like AI, robots, and data science will be 20 times larger than the supply.
Global IT research firm Gartner forecasts the AI and data science platform market is to grow to over $10 billion by 2025 at a 21.6% compounded annual growth rate.
Data and analytics have entered the era of the cloud with two-thirds of analytics for both development and production expected to be performed in the cloud by 2023, according to a Gartner report.
As per the research by MarketsandMarkets predicts that graph database software sales will grow from $1.9 billion in 2021 to $5.1 billion by 2026.
By 2025, Gartner predicts that over 75% of governments will operate more than half of workloads using hyperscale cloud service providers. Such providers use their significant investment capabilities to outpace competition in the drive for product innovation, security and cost-efficiency.
As per a report by Gartner, By 2024, at least 60% of government AI and D&A investments will directly impact real-time operational decisions and outcomes.
As per the Analytics India Industry Study 2022, the Analytics industry recorded a substantial increase of 34.5% on a year-on-year basis in 2022, with the market value reaching USD 61.1 billion. The overall Analytics industry is projected to reach a size of $201.0 Billion by 2027 at a CAGR of 26.9%.
