The Data analytics landscape
So, what all this fuzz is about data analytics? Data analytics is am umbrella term used to describe a collection of techniques and tools for data modelling, data inspection and data processing. Their goal is extract insights from a large volume of data. For this purpose, there is a large number of techniques that can be employed such as artificial intelligence, data mining and statistical methods. Data analytics are very popular within enterprises since large businesses deal with huge amounts of data. Therefore, the data analytics market is a growing one and is expected to grow more in the following years.
During the past few years, more than 85% of the total digital volume is generated. This growth is attributed to the growing trend of inter-connected devices (Laptops, Desktops, IoT, mobile phones, security systems, cameras etc.) and thus, organizations require access to this data in order to optimize their decision-making. Although estimates vary, most expert agree that the global data & business analytics market size was valued very high (200 – 600 Billion dollars) and is expected to reach USD 684 Billion by 2030, having at least a 13% annual growth rate. It is clear that emerging technologies such as cloud computing and IoT play a significant role for this increase. Also, the growing need for better insights for company planning, as well as rising trends such as social media analysis, are likely to provide growth opportunities for the data analytics solutions. One other major factor driving the growth is the COVID-19 pandemic, which has increased the demand for digital commodities, and positively affected the demand for remote services, while also increasing the need for real-time information to track and monitor the COVID-19 spread. Another growth-contributing factor is the constantly growing infrastructures (edge computing, 5G) and emerging technologies (such as edge storage, edge computing and Industrial Internet of Things).
Digital data generation from 2010 to 2025. Figure taken from: https://www.statista.com/statistics/871513/worldwide-data-created/
Data analytics in the energy sector
Data analytics solutions usually specialize in different market sectors such as banking, financial services and insurance (BFSI), governance, manufacturing, information technologies, healthcare and energy. Despite the fact the BFSI sector has acquired the largest share of the market, the energy and utility industry (amongst the “other” sectors of the following figure) is currently undergoing a large-scale transformation due to the advent of advanced technologies. Here, we should also consider the scarcity of fossil fuel, the ongoing energy crisis and the turn to alternate sources of energy such as solar, wave, and wind turbines. All these factors have increased the demand for analytics tools to understand the behaviour or adaption of these (green) sources of energy.
Global data analytics market by vertical. Figure taken from: https://www.fortunebusinessinsights.com/big-data-analytics-market-106179