Unlocking the future: Key data trends shaping 2024
Investment in IT will exceed one trillion dollars in Europe in 2023, as recently published by the Gartner firm, representing a 5.5% increase compared to 2022. In this regard, spending on data centers has recorded a 3.1% increase, exceeding 46 billion dollars.
This figure highlights the continued importance of data in companies’ decision-making and business expansion. To enable organizations to optimize their data processes and harness their full potential, PUE has identified the 5 key data trends that will define 2024.
1. GenAI
Next year, companies will continue to assimilate the latest advancements in machine learning at a rapid pace, with a particular focus on large language models (LLM) using GenAI techniques to learn complex patterns of natural language based on vast amounts of data.
Despite natural language processing (NLP) remaining dominant in many use cases, companies will accelerate the adoption of LLMs such as OpenAI’s GPT and Google’s Gemini. This will result in advances in the quality of interaction with providers and customers, automation of natural language processing tasks, development of prototypes and applications in this field, as well as improvements in information extraction and creative content generation.
2. Consolidation of lakehouse as a storage solution for data management
Regarding storage for data management, an increasing number of companies will adopt data lakehouse architectures in 2024, an innovative solution that combines the advantages of datalakes and data warehouses. Specifically, data lakehouses leverage the flexibility offered by datalakes, where storage is done in a raw, unprocessed manner, with the analytical capability and data structuring of a data warehouse.
3. Creation of data spaces for sharing information between entities
Sharing information between companies in Data Spaces is set to become a practice that gains more prominence in business collaboration in the coming year. These are virtual environments where datasets from different sources are shared under common rules, facilitating the sharing of such data among companies.
These spaces significantly contribute to optimizing efficiency, transparency, and effective collaboration in various contexts. For example, in the retail sector, they allow for a personalized ‘customer journey,’ facilitating specific offers and recommended products that improve the user experience based on information about their interests and purchasing habits.
In the healthcare sector, sharing patient history data enables entities involved in their recovery to have better control and monitoring of the process. Furthermore, data sharing between medical institutions, pharmaceutical companies, and laboratories accelerates research efforts and the development of drugs and new treatments.
4. Design of data products specifically for data governance
Companies will also venture into creating their own data products to optimize the governance of their data and address specific needs of their business. The key aspect of these tools is that they go beyond storing data to transform it into useful information that improves processes.
Thus, the design of data products involves the development of new platforms that facilitate the management, access, quality, and analysis of data in the organization to generate value in strategic decision-making.
For example, interactive panels and dashboards for visual and intuitive data viewing, productive model-based forecasting solutions to anticipate market fluctuations, monitoring and alert systems to predict stock shortages, virtual assistants integrating customer service…
5. Data federation as a solution in hybrid and multicloud environments
In terms of integration, data federation will be the dominant trend in 2024. It responds effectively to the challenge of providing access to distributed and decentralized data without the need to physically consolidate them in a single central repository, thus maintaining the autonomy of their origin.
This is a successful solution for companies that, due to the complexity of their processes, operate in hybrid and multicloud environments. In this regard, data federation allows maximizing the value of data without having to move them physically, providing an advantage in cost reduction, resource optimization, and acceleration of procedures.
The future of data is full of innovations and changes, from automation to new storage systems or the rise of data products. That’s why at PUE we focus on delivering the best data solutions for your business and implementing a successful data strategy so you can focus on your business success.
Explore with us the data trends that will define 2024 and beyond.
