In 2023, it is likely that the use of Excel for data analytics will continue to be popular, especially in smaller companies or those that do not have access to specialized data analytics software. However, with the development and improvement of other software and programming languages, the usage of Excel may decrease in larger organizations and in specific fields like machine learning or big data, where Excel may not be sufficient to analyze the size and complexity of the data.
Utilization of Excel today
Excel is a very powerful tool that has a wide range of capabilities, but the extent to which it is utilized can vary. Some users may only use a small portion of its features, such as basic mathematical functions and simple data visualization, while others may take advantage of more advanced features like macros, pivot tables, and complex data analysis.
Excel is widely used in businesses of all sizes, as well as in many other industries such as finance, healthcare, marketing, and education. It is used for tasks such as budgeting, forecasting, data tracking, and financial modeling. The ability of Excel to handle large amounts of data and the fact that it is widely available on most computers make it an attractive choice for data analysis.
However, in specific fields such as machine learning and big data, Excel’s capabilities may be limited compared to other specialized software. Some organizations may also prefer using other tools such as Python, R, or SQL for specific tasks that Excel is not suitable for.
Overall, Excel is a very versatile and widely used tool, but it is not always the best option for every task. It all depends on the nature of the data, the size of the data set, and the specific requirements of the analysis.
What’s the potential?
There have been several studies that have looked at the potential of Excel in the current market. In general, these studies suggest that Excel is a widely used tool that is likely to continue to be popular in the future.
One study by MarketsandMarkets predicted that the market for Excel-based business intelligence (BI) and analytics software is expected to grow at a CAGR (compound annual growth rate) of 9.6% between 2020 and 2025. This is attributed to the increasing demand for self-service BI and the ability of Excel to handle large amounts of data, allowing users to easily perform complex data analysis.
Spreadsheets are the most widely used data discovery tool, according to a Gartner study, with Excel being the most widely used spreadsheet program. The study also predicts that, in the near future, spreadsheets will continue to be the primary tool for data discovery, with Excel remaining the most widely used spreadsheet program.
90% of survey respondents said they used Excel for data visualization, making it the most widely used tool among business users, according to a different study by Dresner Advisory Services.
These studies collectively indicate that Excel is a widely used tool that is anticipated to remain so in the future, especially for tasks like data analysis, business intelligence, and data visualization. Excel may be replaced in some specific fields, such as big data and machine learning, where its capabilities may be limited in comparison to other specialized software.
Future of excel
Excel is likely to remain a popular tool in the market for the foreseeable future, especially for jobs like data analysis, business intelligence, and data visualization. As the demand for self-service business intelligence and the ability to handle large amounts of data increases, Excel’s capabilities in these areas make it an attractive choice for many users.
However, with the rise of other technologies such as cloud computing and big data, Excel’s capabilities may be limited in certain areas. These technologies allow for much larger data sets to be analyzed and can handle the complexity of data analysis. This could lead to some companies replacing Excel with specialized software such as data visualization tools, big data platforms, and machine learning tools.
Additionally, the use of programming languages such as Python, R, and SQL, with their powerful data manipulation and visualization libraries, could also diminish Excel’s usage. These programming languages are widely adopted in the data science and machine learning communities; they could become more popular among data analysts and scientists, who may prefer to use them over Excel.
That being said, Excel’s wide availability and user-friendly interface make it an accessible option for many users who might not have the technical knowledge of these languages. So, Excel will still have a substantial user base.
Overall, the future of Excel may be affected by the emergence of new technologies and trends, but it will still likely remain a widely used tool in the market, particularly for tasks that don’t require specialized software and programming skills