On route to AI, business analytics to see strong growth in APAC
IN ORDER FOR companies to leverage technologies such as artificial intelligence (AI) and the internet of things (IoT), they need to get their data and business analytics platform in order.
In the Asia Pacific (APAC), with pioneers demonstrating the benefits of advanced technologies and regulators providing financial incentives, companies are putting in the resources to go digital.
This is why GlobalData’s recent forecast sees the APAC data and analytics market growing at a compound annual growth rate (CAGR) of 25.5 percent between 2017 and 2022 — at the end of which, the market will be worth US$89.6 billion.
According to the team, India, China, Indonesia, Australia, and Malaysia will witness the highest CAGR amongst the APAC countries.
In terms of the overall market size, China, Japan, India, Australia, and South Korea will together account for nearly 85 percent of the overall market in the region.
“With the growing inter-device interactions expected to become automatic, predefined and adaptive, intelligent and real-time analytics via AI Platforms and Enterprise IoT platform will gain predominant adoption,” said GlobalData Lead Technology Analyst Sunil Kumar Verma.
“Not surprisingly, almost all enterprises are seeking to join the data and analytics bandwagon in a bid to understand the trends and derive insights from the myriad data points that are now available.
Further, GlobalData believes that China and Japan will account for more than three-fifths of the overall data and analytics market in 2022, and sees e-commerce and manufacturing driving the adoption.
Business analytics platforms will feed into AI projects
For companies to really turn themselves around in the digital era, they need AI — it’s what business leaders are betting on.
Recently, GlobalData, who track 300 of the world’s leading CEO’s from blue-chip companies and unicorns, said that AI is the technology that is getting the most attention right now.
“Most CEOs concur that AI will have a fundamental impact on their organizations by enhancing the extraction of data to augment the adequacy of their activities and upgrade the customer experience,” said GlobalData Influencer Research Head Amandeep Gill.
In order for organizations to truly leverage AI, they need data and business analytics platforms.
Since these platforms sort the massive volumes of data that flow into an organization, they’re not only able to provide valuable insights to decision-makers, but also make that information available to train AI models and then feed into AI platforms for intelligent automations and solutions.
Once companies have gained business analytics capabilities, they can truly harness their data to leverage AI and create new opportunities for themselves.
Finally, an interesting thing to note is that companies often invest in data and analytics platforms with the intention to use it to fuel their AI projects.
However, the process of developing and implementing the platform is what actually helps identify gaps in data and helps create a more robust pool of data for AI models — which only increases the company’s chances of success with technology overall.
At the end of the day, business analytics is key to surviving in the digital era. In the coming days, more and more organizations will invest in building such platforms and prepare themselves for greater success with technology in the future.