AI, ML & Data Analytics trends
- Some interesting Technology trends which have bearing on the AI impact for AI & ML driven Data Analytics practices. This is per the latest Gartner Report on Top Technology Trends for 2022:
- By 2025, cloud-native platforms will serve as the foundation for more than 95% of new digital initiatives, up from less than 40% in 2021
- By 2023, more than a third of large organizations will have analysts practicing decision intelligence including decision modeling
- By 2025, the 10% of enterprises that establish AI engineering best practices will generate at least three times more value from their AI efforts than the 90% of enterprises that do not.
- By 2025, generative AI will account for 10% of all data produced, up
from less than 1% today
- As per a latest report from AIM which publishes Industry trends every year these are the 10 likely trends for the Top Data Science & AI Trends For 2022 Industry this year:
- ML ops will acquire weight in operationalizing and scaling AI/ML
- Responsible AI will gain significance in India
- Dearth of Data Engineers will be felt more than data scientists
- Large language models will become larger
- Further formalization of Data Science education will lead to specialized courses
- Holistic data fabrics will be at the centre of redefining data strategy
- Data science industry will see a consolidation of more IPOs or Acquisitions
- Analytics professionals will command higher salaries
- New age algorithms will see higher utilization in industries
- Efforts in AI/ML localization will improve
- It’s no secret that big data technology has transformed almost every aspect of our lives — and that’s especially true in business, which has become more tech-driven and sophisticated than ever. The financial and accounting sector has been particularly impacted by these developments. The market size for financial analytics was worth $6.7 billion last year. That figure is projected to grow to $14 billion by 2026 as per the report by SmartDataCollective.com
- Augmented Analytics utilizes Machine Learning & Natural Language Generation for automating data insights for data preparation, discovery, and sharing. The insights gained by leveraging Augmented Analytics improve the process of making business decisions. The insights are available throughout the organization, reducing the workload of Data Scientists & Machine Learning (ML) professionals allowing them to invest their time in more significant business goals. By 2025, the global Augmented Analytics market size is projected to reach $29,856 million, as per an Allied Market Research report.
- Predictive analytics is a practical application of Big Data and Business Intelligence. Many organizations are successfully leveraging various Big Data analytics features to forecast potential future trends. This includes utilizing oceans of market data, new customers, cloud applications, social media, or product performance data to perform predictive analytics. A recent Facts and Factors report predicts that the Global Predictive Analytics market will reach USD 22.1 billion by 2026.
Investment Trends in the Fintech, AI, ML Industry
- Some of the forecasts of the primary trends that will shape the VC industry in 2022 as per Pitchbook’s report on 2022 US Venture Capital Outlook are outlined as follows – More than 1,500 corporate investors will make a deal in the US during 2022. Each of the top 10 venture ecosystems will see more than 400 completed deals in 2022. US Investors will make more investments outside the US than ever before. Public listings of VC-backed businesses will show a YoY increase in count in 2022.
- Financial services was the leading sector for venture investment in 2021 with $134 billion invested, marking a whopping 177 percent year-over-year growth as per a latest report by Crunchbase. That compares with overall global venture capital investment, which grew by a still astonishing 92 percent. With fintech emerging as the leading sector for startup sector investment, key trends worth watching in 2022 are Fintech apps, Embedded services will power further growth, B2B payments will become more digitized, Buy now, pay later platforms, will expand into new markets amid concerns. In 2022, there will be innovation in the infrastructure layer, consumer fintech and business payments and continued growth in investing in crypto assets. Investments in financial services will continue to be a leading sector for late-stage investments in 2022, as well as newer entrants to the market.
Data Science – People related
- There is a rising interest in data science experts all over the planet. These open positions would keep on flooding past 2021, adding more than 1.5 lakh new positions. This pattern is a characteristic reaction to information being a significant asset for associations in the digital age. According to Analytics India Insight, these are the highest paying data science jobs in 2022.A survey recorded the main 10 most lucrative data science occupations in India including Infrastructure Architect, Enterprise Architect, Applications Architect, Applications Architect, Data Scientist, Machine Learning Engineer, Business Intelligence Analyst, Data Analyst, Machine Learning Scientist and Statisticians.
- Growth in digital economy, fuelled by the increasing Cloud enablement among tech giants, is a primary contributor to the surge in demand for digital skills as per a report by business services provider Quess. The top five digital skill domains in demand in in the last quarter of calendar year 2021 were Testing, Platform Technologies, Java, Cloud Infra, and Data Analytics. There has been an exponential growth in demand for roles in Cloud Infra (131%) and Data Analytics (454%).
- A report by the World Economic Forum found that 96% of companies are definitely planning or likely to plan to hire new staff with relevant skills to fill future big data analytics related roles in 2022. This is most likely going to be the most in-demand role in 2022.
- Big data analytics forecasted to be the most in-demand skill in 2022 as per a latest Monster Annual Trends Report. 6% of companies are definitely planning or likely to plan to hire new staff with relevant skills to fill future big data analytics related roles in 2022. This is most likely going to be the most in-demand role in 2022, says the Monster Annual Trends report.