Data democratisation seems to have grown in importance amongst business corporations and other entities. From data governance to data analytics, all these aspects are considered vital for shaping the overall data democracy concept. With developing times, data has seemingly become accessible without intricacies, which has raised the question on how it’ll progress in upcoming years. “In today’s landscape, trends intend to be shaping the way organisations approach data. Furthermore, the demand for data quality and management practices seems to be on the rise, acknowledging their role in enabling data utilisation. These trends aim to redefine the modern data landscape,” Manoj Kumar Panda, director – data engineering, Visionet, a digital technology solutions company, told FE TransformX.
The analogy behind data democratisation
It is believed that data democratisation will be the enabler of business intelligence for different organisations. Market experts suggest that democratisation of data enables individuals to access all sorts of data for creation of all kinds of output. For organisations, data democratisation can help provide solutions to partnerships, business clarity, managerial management, economical costs, among others. “I believe data democratisation is about making data accessible and understandable to everyone. This shift is enabled by user-friendly tools that facilitate data interaction, promoting insight generation and decision-making across the organisation. Data democratisation also means that we’re seeing a shift from holding data in silos to sharing it securely,” Satyamohan Yanambaka, CEO, Writer Information, an information management company, said.
Going by market reports, so far this year, in CY2023, data ethics has grown in stature to benefit data democratisation prospects. Moreover, accessibility and automation of data analytics, along with enhancement of data mesh popularity, Data-as-a-Service (DaaS), DataOps, data clean rooms, artificial intelligence (AI) for metadata management, among others are some of the aspects of managing data, which will continue to grow. It is further believed that cloud-backed appliances, in combination with data analytics and AI, can help platforms with data democratisation across different fields. Reportedly, Indian companies such as Federal Bank, Apollo Hospitals, ESSAR Group, among others, utilise cloud-based data analytics for functions such as marketing, human resource (HR), supply chain administration, and financial and operational supervision.
“This year so far the data governance market has been growing. It’s no longer limited to a few industries; businesses across the board are embracing data governance. Data privacy regulations, such as GDPR 2.0 and evolving US state laws, seem to be steering this growth. Market consolidation and a focus on skills development should define the landscape, with organisations seeking solutions and building in-house data governance expertise,” Ranjan Chopra, MD and CEO, Team Computers, an information technology (IT) consulting firm, said.
The current affair and the roadmap
According to Exploding Topics, an online content tool, for 2023, the global data and analytics market is expected to clock a $274 billion worth valuation. Also, 328.77 million terabytes of data get created on a daily basis, with a sum total of 120 zettabytes of data to be achieved this year. As per the platform, in 2023, the amount of data created globally is expected to increase, year-on -year since 2010. Estimates have shown that 90% of global data creation happened in the previous two years itself. By 2025, the 120 zettabytes amount of data is expected to heighten by more than 150%, reaching 181 zettabytes. “Investing in data and democratisation is considered the cornerstone of success. Moreover, it aims to reflect our commitment to data usage, safeguarding businesses and reputation. In short, it intends to be an investment for our future, growth, and competitiveness,” Chopra emphasised.
Furthermore, the future of data democratisation is expected to uphold the need for data security and governance. The entrance of more organisations, in creation of data-oriented techniques for data democratisation, can create more futuristic trends. As per Gartner, an increase in the number of organisations, for creation of data democracies, should result in 80% of technological products and services being created by non-IT individuals by 2024. “There are trends in data governance for 2023, including adoption of AI and machine learning, data privacy and compliance, data quality management, real-time data governance, and the emergence of data lakes and data catalogues. These trends aim to enhance data management capabilities, align with regulatory requirements, and leverage data as an asset for business success. Overall, data governance will continue to evolve and play a role in organisations’ data management strategies beyond 2023,” Panda concluded.
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