6 HOTTEST DATA ANALYTICS TRENDS TO PREPARE AHEAD OF 2025

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2. THE WORLD IS NOW AWASH IN DATA AND WE CAN SEE CONSUMERS IN A LOT CLEARER WAYS MAX LEVCHIN Founder & Visionary, PayPal and Slide Every click, swipe, and purchase generates a digital footprint, and businesses are increasingly reliant on harnessing this information to make informeddecisions. As we pivot through 2024, several key trends are shaping the data landscape, with exceptionally exciting predictions; beholding a strong future of data analytics GLOBAL DATA ANALYTICS MARKET ANALYSIS CAGR 29.9% Market value projection 2030 USD 329.8 Billion ASIA- PACIFIC Fastest Growing Region NORTH AMERICA Domination Region Source: Acumenresearchandconsulting.com With the above presentation showcasing a staggering growth in the global market value for Data analytics; it is a huge message for an astounding demand for data specialists worldwide. Adding to the above; OpenAI has paved a tremendously gainful pathway for a career that commands high respect and expects massive skill to deploy strategic data-driven technologies in place. It is time we delve deep into what the future of data analytics holds for the global business panorama. Read on to explore six of the hottest data trends and predictions that will define how we collect, analyze, and utilize data in the coming years. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

3. 1 DATA UNIFICATION IN THE CLOUD For years, businesses have struggled with data silos – isolated pockets of information stored in disparate systems. This fragmented approach hinders data analysis and limits the ability to extract valuable insights. In 2024, data unification is undergoing a significant shift towards more advanced and automated solutions, primarily driven by the cloud. Cloud platforms offer a centralized location for storing and managing all an organization's data, breaking down silos and enabling a holistic view of information. This trend is expected to gear up in 2024 as the companies are recognizing the benefits of cloud-based data unification, such as: Improved Accessibility Data becomes readily available to authorized users across the organization, fostering collaboration and knowledge sharing. Enhanced Analytics Unified data sets allow for more comprehensive analysis, leading to the discovery of hidden patterns and trends. Cost Savings Cloud storage can be more cost-effective than maintaining on-premise infrastructure, especially for large datasets. However, data unification in the cloud also presents challenges: Security Concerns Ensuring the security of sensitive data in the cloud environment is paramount. Organizations need robust security protocols and access controls. Compliance Issues Complying with data privacy regulations like GDPR and CCPA becomes more complex when data resides in the cloud. Careful planning and adherence to regulations are essential. Despite these challenges, the benefits of data unification outweigh the surmounting risks. As cloud security continues to enhance and compliance solutions evolve; we can expect a significant increase in cloud-based data unification throughout 2024 and beyond. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

4. 2 THE RISE OF "SMALL DATA" AND WORKLOAD OFFLOADING Traditionally, big data has been the driving force behind data analytics. However, a growing trend in 2024 is the focus on "small data." This refers to smaller, more targeted datasets that are often more manageable and can yield valuable insights specific to a particular business need. There are several advantages to using ‘Small Data’ Faster Analysis Smaller datasets require less processing power, leading to quicker analysis and quicker decision-making. Reduced Costs Managing and analyzing smaller datasets is less expensive than working with massive big data sets. Actionable Insights Smaller, focused data sets can provide highly relevant insights that are easier to translate into actionable business strategies. In conjunction with the rise of small data, another trend gaining traction is Workload Offloading. Data teams are strategically migrating resource-intensive queries to cost-effective query engines in real time based on demand. This frees up valuable resources for more complex tasks and optimizes data processing efficiency. 3 THE CONTINUED EVOLUTION OF DATA PRODUCTS Data is no longer just an asset; it is becoming a product. 2024 is expected to be the year of the data product, with organizations leveraging data to create innovative solutions that deliver value to customers and stakeholders. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

5. There are two main types of data products emerging Embedded Analytics and AI Integrating analytics and AI capabilities directly into existing products or services. For instance, a financial institution might offer a data-driven budgeting tool as part of its mobile banking app. Standalone Data-Driven Solutions Creating entirely new products or services built around the analysis and interpretation of data. An example could be a company offering personalized healthcare plans based on an individual's health data. The rise of data products necessitates a shift in perspective within organizations. Data specialist teams must collaborate closely with product managers and user experience designers to ensure these products are not only insightful but also user-friendly and valuable to the target audience. BIG DATA IS AT THE FOUNDATION OF ALL OF THE MEGATRENDS THAT ARE HAPPENING TODAY; FROM SOCIAL TO MOBILE TO THE CLOUD TO GAMING CHRIS LYNCH Senior Operations Researcher @RAND 4 ARTIFICIAL INTELLIGENCE (AI) AND MACHINE LEARNING (ML) FOR ADVANCED DATA ANALYSIS AI and ML are no longer futuristic concepts; they are becoming increasingly integrated into data analysis workflows. In 2024, we can expect to see AI and ML play a more prominent role in areas such as: www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

6. Automated Data Preparation Automating tasks like data cleaning, normalization, and transformation frees up data scientists' time for more strategic analysis. Advanced Predictive Analytics AI and ML algorithms can analyze vast amounts of data to identify patterns and predict future trends with greater accuracy. Natural Language Processing (NLP) Extracting insights from unstructured text data, such as customer reviews and social media posts, is becoming more efficient with the help of NLP 5 DEMOCRATIZATION OF DATA SCIENCE Data Science has traditionally been the domain of highly skilled professionals. However, with the emergence of user-friendly tools and platforms, data analysis capabilities are becoming more accessible to a wider range of users. This trend, known as the Data Democratization, empowers business users with the ability to: Explore and Visualize Data Users can leverage self-service analytics tools to explore data, identify trends, and create intuitive visualizations. Build Simple Models Pre-built templates and automated workflows enable users to build basic machine-learning models without extensive coding knowledge. While Data Democratization will not replace the need for experienced data scientists, it empowers businesses to extract value from their data at all levels. This fosters a data-driven culture where data insights inform decision-making across the organization. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

7. 6 PRIORITIZATION OF DATA SECURITY AND COMPLIANCE As data becomes more centralized and accessible, concerns surrounding security and compliance are paramount. In 2024, organizations are placing a greater emphasis on data protection strategies to ensure adherence to ever-stricter privacy regulations. We can expect to witness an increased investment in sophisticated security systems like encryption and secure multi-party computation (SMPC) to safeguard sensitive data. Additionally, new security-focused roles within data teams and the adoption of robust data governance practices will become crucial for maintaining trust and ensuring compliance THINKING OF BECOMING AN EXPERT DATA ANALYST YET? WORLDWIDE DATA ANALYST SALARIES IN 2024 CANADA | CAD 68,165 UK | GBP 34,996 UAE | AED 73,430 USA | USA 107,928 GERMANY | EUR 60,500 INDIA | INR 6,25,341 SOUTH AFRICA | ZAR 337,169 SAUDI ARABIA | SAR 215,884 Source: Glassdoor, Salary.com, Indeed If you are someone who wishes to build a thriving career trajectory in data science and take home a massive salary as an experienced data analyst as shown above; it is time to start building your skills now. Master core Data Visualization techniques, and other trending credentials that are predicted to challenge you as a data expert in the future. Begin with the most trusted data science credentials that are recognized not only worldwide but also assure a staggering hike in your salary expectation of about 40%. Earn the most nuanced skillsets in data science and master data analytics with the best! www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

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