Shifts in the tech landscape in 2020 are driving increased revenue, the adoption of business intelligence and data-driven decision making in 2021, according to “Trends in Software Development and Analytics 2021“. This is the second annual survey from Reveal, the embedded analytics platform from software maker Infragistics.
Notably, companies in the software space approached challenges in 2020 as opportunities to explore new technologies, invest in digital transformation and redefine their market offerings. Thirty eight percent (38%) of respondents, for instance, saw increased revenue. And of those, more than a third saw a revenue increase of more than 30%.
But while many took advantage of opportunities, 50% reported having to make do with less in 2020. Of those, 23% saw projects canceled or postponed, with some respondents indicating lost funding (14%) and staff reductions (14%).
Business Intelligence is becoming a mainstream offering. More than a third of respondents (39%) said they increased their investment in data analytics tools and technology, and 41% saw an increase in customer requests for access to data and analytics.
Moreover, companies look to achieve continuous intelligence by using embedded analytics to fuel data-driven decision making. Embedded analytics are already in use by a third of respondents. Respondents cited the ability to gain a competitive advantage (33%) as the top motivation for embedding analytics, while 23% selected “data-driven decision making” as a key motivator.
Also, 16% of respondents indicated plans to implement machine learning in the near future, a strong increase over the 6% of respondents who are currently embedding it. Respondents also indicated plans to embed these advanced technologies: predictive analytics (14%), edge analytics (10%) and natural learning (7%).
Nearly a fifth of tech companies (18%) plan to expand into new markets as part of their 2021 growth strategy. Almost a quarter (22%) of respondents reported that they expect to take on new projects. Seventeen percent plan to adopt new applications/technologies and 11% anticipate hiring additional staff.
“While 2020 was a difficult year for many businesses, including the transition to remote work, lockdowns and budget freezes, we have seen rapid software innovation and acceleration of digital transformation as a result of the pandemic,” said Jason Beres, SVP of Developer Tools at Infragistics. “This allowed many technology companies to thrive in 2020 and we expect an even better 2021 as the need for new applications burgeons.”