The future of data integration is bright. This year’s integration technologies are more advanced than ever, and we are about to witness exponential growth in the next few years.
According to a recent survey by Verified Market Research, the data integration market size is expected to reach $22.28 billion by 2028 – up from $9.26 billion in 2021.
With that in mind, it’s clear that this year’s trends will begin to play a significant role in the future of integration. Let’s take a look at how they will affect data integration.
What is data integration?
Data integration is the process of bringing data from different sources and databases together to enable a business to understand its data and make decisions. The rate of change within data is so rapid that businesses struggle to keep up. Organizations that cannot integrate data quickly enough are missing out on opportunities for new insights, streamlined processes, and greater business value.
It is a challenge for every organization, no matter how large or small. However, the good news is that the opportunities to make data integration succeed are available to anyone who is willing to take action. The key is to understand where your organization stands, identify the opportunities, and align your team around the right actions that will lead to success.
Improved data quality and management
Data quality and management will be improved due to the ongoing technological trends such as data enrichment, data accuracy, and data integrity. These trends will lead to a reduction in the total cost of ownership and an increase in the business value.
Growth of spatial data
As the world becomes more connected thanks to technology and globalization, data is growing. This growth is driven by data collection, data management, and data integration. The rate at which data is collected is increasing. New technologies and devices collect data on a daily basis. Data integration is critical to managing this growth of data.
Data integration allows businesses to manage their spatial data, which refers to data that relates to locations. It can be used for things like tracking assets or people in real-time. Spatial data can be managed with a combination of big data tools and advanced analytics tools, such as Google Maps or Tableau. By leveraging these tools, companies can not only gain insights into their customers but also better understand how they are performing in different markets across the globe.
The growth of spatial data can be observed in industries like retail, healthcare, finance, and many more, across technologies like AR/VR and IoT. The AR/VR and IoT will have a positive impact on the growth of spatial data. For example, it can show you the weather in the area around your house or show the traffic near your office.
Data virtualization will take off
Data virtualization is an umbrella term for an approach to data management that converts data into a format that is easier to use and share. It allows organizations to take advantage of their existing data by making it more accessible and usable by people who need it.
The data virtualization trend will have a positive impact on the data integration process. It enables the data management team to ensure that data is easily accessible, searchable, and reusable. For example, you could extract your customer’s email addresses from your CRM system and import them into an email marketing platform so that you can send targeted emails to customers based on their interests.
The data virtualization trend can be used with many different types of sources including databases, spreadsheets, text files, web services, social media posts, and more.
Virtual and augmented reality integration
AR and VR are both promising fields, especially for the healthcare industry. AR and VR can bring patients closer to their doctors and therapists, allowing them to engage in new ways without ever leaving their homes.
AR and VR can also be used for training and education, bringing a new level of accessibility to information. They are useful for bringing data from multiple sources into one virtual space, allowing for easier integration, and can integrate data from multiple sources, such as a patient’s medical history, x-rays, the location of a breakable object, and more.
Data integration and the internal business process
Business processes at every level depend on data. Data drives policy and informs the creation of products and services. From marketing to finance to HR, data integration at this level helps organizations to understand the data that drives their decisions and creates common standards across teams and departments.
This also ties into another critical area: data policy. Data policy is the set of rules governing the use of data within an organization. It provides guidelines to help teams understand what they can use data for, how they should handle sensitive information, and what regulatory compliance standards they must meet.
Data policy is an essential element of data integration. It establishes standards and guidelines for how teams use data and establishes a single source of truth for the data within the company. Without data policy in place, teams operate independently and fail to coordinate their efforts.
The future of business
Data integration is crucial if businesses want to reap the benefits of data. Companies with poor data integration face many challenges. These challenges can be seen in the lack of data-driven decision-making, increased compliance costs, inefficient processes, and a lack of scalability. Poor data integration impedes the growth of the business, thus impacting the future of the organization.
A good data strategy must include data integration. This means bringing data technologies and data sources together, creating a common source of truth, as well as leveraging data across teams and departments while improving the quality of data.
Data integration gives businesses better insights from their data and helps them to make better decisions across products, services, and customers. Having good data integration will give your business a competitive advantage.
Gain deeper insights from your data
These data integration trends will play a significant role this year for businesses. It will help you understand your customers better and make better decisions.
To discover how to take advantage of these trends and obtain greater business insights, talk to the experts at Everconnect.