Numerous factors such as rise in adoption of digital devices to enhance the lives, growing demand of data science for personal smart devices, increased implementation of IT technology in personal lives, evolving workday, improved performance and quality are some of the factors which are key driving factors for the growth of the factor.
However, a lack of awareness and data privacy and security of personal data may hinder the growth of the personal analytics market. Furthermore, increased awareness of the internet of things, artificial intelligence and increased adoption of cloud technologies are expected to boost the opportunities for the market.
Organizations are able to see the numerous benefits offered by data science and thus implement the same algorithms on personal data in order to provide personalized and detailed analysis. The data generated from personal analytics is huge such as tens of thousands of rich, accurate, longitudinal data points which can be collected from their social, wearable for the analysis.
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Integration of these data with machine learning data can be set for the sentiment analysis. Thus, huge data generated from personal accounts can be integrated with data science is expected to boost the opportunities for the market.
Data associated with personal analytics software is highly confidential and personal, leakage of this data may cost a huge amount to both individuals as well as organizations and usually, the data is prone to cyber thefts. Hence, sharing the data on the software is still not appropriate and thus concerns for data safety may hinder the growth of the market.
Organizations are able to see the most valuable asset to the organization which is human resources. Traditional intelligence would only be able to deliver the big picture of the process, roles and structure.
However, with personal analytics enterprises would be able to see a more detailed and personalized analysis which will also enable employees to enhance their personal productivity in terms of their desired versus their actual way of working.
In addition to this personal analytics also helps to explore their own data in order to achieve a range of objectives and benefits across their work and personal lives. Personal analytics also helps to improve and enhance time management skills, communicational skills, and organizational skills. It also helps to identify the highly influential and impactful people to the user. Thus, enhanced productivity is driving the growth of the market.
Impact of COVID-19 on Personal Analytics Market:
1. The emergence of COVID-19 pandemic has severely affected almost all industries across the globe. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted supply chain of electronic components & networking equipment. This, has led to delay in supply of electronic components required in manufacturing of the network equipment.
2. Companies have continued to expand cloud services and application development service during the pandemic. Before the pandemic took hold various organizations were providing manual release of applications to customers .
3. New learnings among companies with respect to work-from-home (WFH) and data accessibility during the lockdown period has resulted in increasing enquiries for space and services at data centers and this trend is expected to create opportunities in for the market during the forecast period.
4. There is an increase in use of automation and even after situation returns to ‘normal’, the work style will continue to be data center-driven, with demand growth for higher penetration of e-commerce, digital payments, and widespread deployment of Big Data, apart from policy level push for automation.
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