Data Driven Digital Market Predictions and Trends for 2023
There is no doubt that 2023 is set to be a year full of change. In the data-driven sector, companies on a global scale are adapting to fast changing, and at times, volatile circumstances in the wake of the war in Ukraine and rising global inflation.
As a result, predictions and trends for 2023 are heavily based on technological advances and changing attitudes that will pave the way to finding solutions to some of the most relevant current affairs.
We’ve compiled a bulletin of the biggest changes coming in the data driven industry in 2023. Read on to find out how you can benefit from the changes coming this year.
The New Era of Google Analytics
Google Analytics has been the cornerstone for analysing customer trends and performance online since 2005, and it’s safe to say that data such as session length, conversion rates and bounce rates are some of the most comprehensive ways to understand customer behaviour. Now, Universal Analytics software (GA3) is disappearing in favour of Google Analytics 4 in July 2023.
There is one main difference to this update; while GA3 is based on data from sessions and pageviews, GA4 is based on events and parameters, and uses more enhanced methods of collecting data than GA3, like outbound click link and scroll depth.
The Rise of Data Privacy
The importance of General Data Protection Regulation has risen in recent years due to a number of high profile data leaks, like Apple and Meta’s data breaches in March 2022. This has resulted in a growing number of privacy laws worldwide that have served to highlight the importance of user privacy and data security.
As a result, 2023 will see a greater call for transparency in the collection of data, and greater sanctions for those failing to comply with data protection laws.
Consequently, the global market value of data protection software is predicted to rise by 11% to $188.3 billion in 2023.
Advertising for Netflix
The last twenty years have seen the astronomical rise of streaming services, with subscription-based software like Netflix earning around 223.1 million monthly subscribers, and placing serious competition alongside licence-based services like the BBC for the first time.
However, as of 2023, streaming services like Netflix will be moving towards connected TV advertising (CTV) as a way to support a loss of subscribers and account sharing. This will also allow them to compete with services like Hulu, who offer a lower priced subscription for $6.99 alongside CTV advertising.
The Integration of Artificial Intelligence with the Cloud Industry
The cloud industry has seen enormous growth over the last three years due to the Covid-19 pandemic, and the subsequent rise in remote working.
As such, the integration of artificial intelligence and cloud computing provides a natural solution for cost cutting and data management, and 2023 will see this trend growing. The integration of AI into cloud computing can also help to enhance the performance of the software overall.
The Rise of DaaS in the Aftermath of Covid-19
2023 will also see an uptake in Desktop as a Service (DaaS). This service allows for an entire desktop to be transmitted from one device to another, and the industry is projected to reach a value of $10.2 billion by 2023.
The advantages of working with DaaS are numerous and lucrative; not only can an employee access data from almost anywhere, but the risk of data destruction if a device becomes broken is minimal. Additionally, using a DaaS service will remove the need to purchase multiple software licences for each user, rather, users can share a single licence from one desktop to use remotely.
Although it is clear that 2023 will likely be a globally tumultuous year for the data-driven industry, there are a number of technological advancements that are set to further the future of the data science, programmatic, cloud and analytics industries.
If you want to tackle the new year with an exciting new career path, take a look at our latest job vacancies. If these new trends and developments mean you need to grow your team, take a look at how Digital Republic can take your company to new heights.
