Gartner: Top 10 data and analytics 2021 industry predictions
As we enter into the final months of 2020, Business Chief North America, takes a look at the top 10 data and analytics industry predictions for 2021
With the impact of COVID-19 driving more and more businesses to rapidly evolve and adoption digital technologies in order to maintain their business operations, Gartner predicts that “Over the next few years, data and analytics programs will become even more mission-critical throughout the business and across industries.”
In its report, Gartner identifies its predictions when it comes to data and analytics in 2021 for 10 core industries: banking and investment services; education; energy and utilities; oil and gas; government; healthcare; insurance; life sciences; logistics; and manufacturing.
Banking and investment services
“Limited innovation, despite investment in R&D and fintechs, has resulted in an industry wide failure to develop and implement new business models, and to deliver new products and services that reflect true digital transformation,” commented Gartner.
By 2021, the consultant company predicts that those in wealth management who do not deploy robo-advisors, will experience a 30% decline in revenue for its investment management fees.
Education
As we look to 2021, Gartner identifies that “organisations and institutions will require new strategies to leverage existing, and new technologies to maximise benefits.”
By 2021, it is estimated that over 30% of institutions will have to apply a personalisation strategy to its operations in order to maintain enrollment. In addition Gartner predicts that in order to maintain a competitive advantage, the top 100 higher education institutions will need to adopt artificial intelligence (AI) technologies.
Energy and utilities
Similar to the oil and gas industry, Gartner predicts that new ecosystems and core business processes will emerge as a result of the increase in digitalisation of the energy and utilities industry.
It is expected by Gartner that by the end of 2020 at least 25% of new monitoring and control systems in the utility sector will use IoT to enhance the algorithmic business capabilities.
Oil and gas
Gartner reflects that its predictions for the oil and gas industry are the result of the rise of digitalisation, As oil and gas organisations continue to digitally transform their operations, Gartner believes that this will have a significant impact on not only IT and applications, but core business processes and ecosystems.
Government
As societal and technological changes associated with digital transformation continue to grow and evolve, Garnter expects performance and value to rise. AS a result, the government will have the capability to offer more data and interactions digitally.
Gartner predicts that by the end of 2020, at least 30% of government agencies with a cloud first strategy, will adopt a ‘public cloud only’ strategy for new initiatives, while over 20% are expected to generate revenue from value added open data.
Healthcare
While digital, genomics and biometrics were certainly on the rise prior to COVID-19, with new social distancing measure implemented as a result of the outbreak, Gartner’s prediction that by 2021, “25% of healthcare delivery organisations (HDOs) with greater than US$1bn in net revenue will be providing real-time, genomics-based, clinical decision support at the time of prescription writing,” could be Surpassed with the need for digital alternatives to physical methods.
Insurance
Elsewhere in the report, Gartner highlights that new business models, “pose significant risks for the competitiveness of insurance organisations.” As a result in the coming months, businesses will need to rapidly respond to this challenge in order to maintain their competitive advantage.
Life sciences
“Industry fluidity is impacting the life science industry, and new approaches to delivering patient centric and outcome-focused solutions enabled by digital technology are rapidly occurring,” commented Gartner.
Key predictions for 2021 from Gartner when it comes to life sciences include the creation of data connections and business partnerships with non-traditional ecosystems will be made by 75% of the top life science, research and development IT organisations.
Logistics
“Global logistics organisations persist under constant pressure to adapt to changing business conditions to ensure their companies remain competitive, in terms of business capabilities, as well as cost-effectiveness,” comments Gartner.
Defining the industry as a “complex and volatile” industry has never been more true in light of the pandemic. Gartner predicts that with organisations looking to become more proactive, forward looking and strategic, by 2021, under 1% of long-haul, over-the-road freight is expected to be carried by autonomous trucks.
Manufacturing
“Manufacturers are increasingly adopting digital business, including the digital thread among design, manufacturing and service, and software as part of manufactured products, comments Gartner, who predicts that by the end of 2020 at least 50% of automotive manufacturers will adopt advanced analytics to connected vehicle data to identify and correct defects. While robotic 3D printers will be used by 10% of industrial organisations in their manufacturing processes.
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