7 Popular Data Trends in 2024: A Brief Overview
Do you plan on getting the maximum out of Gen AI and unstructured data from your organization? Then these 7 popular Data Trends will help you achieve this feat. These data trends have not only revolutionized the way organizations handle data but also analyze them. Read this blog further to learn more!
Important Data Trends to Follow
Rising Popularity of Python Programming Language
Python has become a popular choice for developers in recent years. According to a recent report by Snowflake, the use of Python has increased by almost +571%. There are several reasons which make Python the programming language of choice for developers. These reasons are:
This robust use of Python allows developers to focus on implementing trends which will be beneficial to organizations and overcome challenges in AI/ML projects.
Utilizing Untapped Unstructured Data
A common problem faced by many organizations is the inability to utilize their unstructured data. In recent years, we have seen that there has been a surge of unstructured data propelled by the arrival of smartphones and social media. Therefore, extracting data from unstructured sources has been challenging.
Moreover, after the unstructured data are extracted, managing them posed a bigger problem. With the help of Snowflake, its users have been able to get substantial value from unstructured data with the help of AI and ML (Machine Learning). These data types are also being processed by data engineers and data scientists using Python, Java, and Scala programming language.
Focusing on Data Governance
Recently, there has been a major focus shift on data governance by both large- and small-scale enterprises. It is to be noted that now, when there is a huge surge of data, implementing data governance has become crucial, especially for formulating AI strategy. With the help of data governance, companies can now cut down major losses from the outputs that are generated from Large Language Models (LLM) and Gen AI.
Moreover, it has also been observed that nowadays many users pay extra attention to the adoption of data governance features, as these help in catering to both data regulations and customers’ privacy concerns. These users have also been using more tags which are related to access and use of their data. This allowed their customers to use data without having to compromise on any interruption from unauthorized access. It gives you the power to control access and use of sensitive data.
Simplifying the use of Artificial Intelligence (AI)
With LLMs and Gen AI, today even individuals who do not have enough technical expertise to leverage data can do so seamlessly. Through various tools provided by Snowflake, significant time savings are achieved, reducing the burden on data scientists. In Snowflake, ML-based functions became readily available, which helped the users to use AI seamlessly.
Utilizing LLM
There has been a huge LLM explosion in recent years. This means there has been rapid growth and advancement which led to widespread adoption of LLMs. Moreover, with the help of vector databases and vector search, there has been an improvement in the creativity of the LLM app.
From a report from Snowflake, it has been observed that the Streamlit developer community had worked on 33,143 LLM apps between April 27, 2023, and Jan 31, 2024. These developers have been able to make connections between similar topics instead of making exact word matches.
Increasing demand for Chatbots
The best part of technological advancements is the invention of conversational interfaces most known as “Chatbots”. To enhance customer experience and reduce the workload on business operations, these Chatbots are being deployed by almost all sizes of business organizations.
The developer community has been increasingly improvising on chatbots, which help organizations solve even the most difficult problems on the go. However, it is to be noted that, even though there has been a huge demand for the implementation of chatbots, the demand for LLM apps is likely to make a significant impact in the market.
Rise in Demand for Unified Data Platform
There are many advantages to keeping all your LLM applications on the same platform. If all your data is in a unified platform, then you don’t need to struggle to move your data across several environments. Moreover, organizations can also reduce a considerable amount of costs because of keeping all their data in the same place.
The Snowflake Native App Framework, which was introduced in 2023, allows users to deploy numerous applications within the Data Cloud. This platform is responsible for 311% growth in the number of Snowflake Native Apps published. This choice allows users to build applications within their data platform which prevents them from creating multiple export copies of the data to external technologies.
Conclusion
We will help you provide solutions for your data with the help of Snowflake. We will also provide you with cutting-edge solutions which will help you manage your vast amount of data. By democratizing AI and creating a common data platform for your organization, bid farewell to all your problems. Contact us if you want to streamline your business operations with these helpful data trends!
