5 In-demand Data Technology Skills to Master in 2023
2023 started with its foot on the accelerator when it came to taking the road to new technologies. With impact ranging across sectors from Healthcare to FinTech, data technology skills have their roots spread out far and wide.
This blog discusses 5 of the most important data tech skills to learn in 2023 that are monumental in predicting the future of other sectors in the market. Before we check out the list, let’s cover some basics first.
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What is Data Technology?
Imagine a market specializing in products that improve other market sectors. Big Data Analytics, Artificial Intelligence, and Machine Learning algorithms are some examples of how the Data Technology market is supporting other sectors.
Year after year, both humans and machines generate loads of data. Companies are in need of technologies that help them control and utilize this data to make a profit. The Data Technology sector helps manage big data sets and integrate data from several online and offline sources.
There are two types of Data Technology – Operational and Analytical. Operational technologies deal with the daily handling of information from multiple sources. Analytical technologies are mostly used in decision-making sectors as it involves detailed analysis of data.
The Importance of Learning These Data Technology Skills
Every action you take on the internet results in data generation, be it a simple search, a comment on a social media post, or an online transaction. With proper extraction, processing, and analysis, these data and the resulting trends are valuable to identifying patterns and decision-making.
5 Data Technology Trends for 2023
If you are a data professional, a business owner, or simply eager to learn about the latest trends and developments in technology, this section of the blog talks about the most in-demand tech skills that will be hot in the market in 2023.
1. Artificial Intelligence and Machine Learning
The AI market is predicted to be valued at $1597.1 billion by 2030. All the hype around language models came true with the introduction of Chat GPT by OpenAI in the market. Foundation models trained with larger amounts of data do not only search for patterns but also accumulate knowledge.
They find use in content generation, coding, summarization, as well as customer support, changing the work landscape in terms of scalability. MultiModal Machine Learning is on the rise with multiple sources and forms of input data. Embedded Machine Learning will enable these technologies to run on different devices
2. Edge Computing
The AI storm has been discussed in the first point and it is very likely that cloud providers will increasingly focus on edge computing to scale AI delivery. This will enable the model to be rolled out to end-users resulting in faster delivery.
More businesses will gear up to deploy on-demand servers in the overseas market. Edge Computing will be used along with new cloud computing technologies to maximize operational efficiency. Another emerging trend powered by Edge Computing is Cloud Gaming. The content is streamed from an edge server. This helps gamers save battery power and access a wider range of content irrespective of the hardware used.
3. Blockchain technology
Web 3.0 based on Blockchain technology is all the rage in the market right now. It is popular because of the three promises it provides – decentralization, online freedom, and data security. The Blockchain market is estimated to be valued at $164 billion by 2029. E-commerce, Real Estate, FinTech, and Healthcare are some sectors that are increasingly incorporating Blockchain services.
It has changed the traditional financial system with the adoption of digital currencies. Non-fungible Tokens (NFTs) have found momentum among the gaming and fashion industries. Users now create digital products through Blockchain-as-a-service (BaaS) projects. Privacy breaches, data control, and content authenticity are being addressed on social media through Blockchain technologies.
The world of MetaVerse and its unforgettable digital experience is also built on Blockchain fundamentals. You can now evaluate and baseline your skills in Blockchain through this assessment.
4. Hybrid Cloud Solutions
80% of enterprises use a hybrid cloud strategy and this market is predicted to reach $128 billion by 2025. This strategy is gaining popularity because of the two-fold advantage it provides. The hybrid cloud model provides the power and infrastructure similar to that of a public cloud, it also provides the security and predictability that comes with a private infrastructure.
The benefits of this new technology include a higher performance with reduced latency, lower operational costs, enhanced security and regulation, better infrastructure, and increased scalability. Hybrid cloud solutions provide agility and help improve your operation by mitigating downtime.
5. IoT and Analytics
The Internet of Things is cited as a social and technological wonder. It is now being used with data analytics software and AI, taking its applications to the next step. A variety of sectors are implementing this technological amalgamation in predictive maintenance and data collection. By 2025, you can expect 27 billion connected IoT devices.
New developments include changes in computer architecture that will affect data storage and processing. More specialized and denser chip-based systems will be in demand. The landscape will gradually incorporate smart cities using data-driven technologies.
The data technology space is going to be exciting this year. There are a number of stalwarts awaiting to pave the way for innovation and advancement.
Each of these trends is a wide umbrella topic with various sub-domains that need to be addressed in detail. As the field expands, new roles with updated skills are popping up in the tech market.
Keep yourself abreast of the changing tides in technology by constantly updating and testing your skills. SkillZap enables you in this journey through its dynamic and up-to-date assessment library that helps you envision your skill map and chalk out a strategy from the assessment results.