Top 5 Data & Analytics Predictions & Trends for 2024
We’re well into 2024, and the data landscape is evolving faster than ever. As organizations of today manage heaps of data, navigating the currents and extracting valuable insights is crucial for success. With that said, here are five predictions & trends that will likely shape the data landscape in 2024.
Rise of Data Fabric & Data Mesh
44% of organizations surveyed by Gartner stated that they were at the stage of activating their metadata to support their intended data fabric architecture. More than 75% of enterprises have either adopted data mesh or are planning to embrace it.
Data Fabric is an architectural approach that aims to unify and manage data across diverse environments, enabling easy access and utilization for various purposes. Imagine it as a seamless web connecting data sources, regardless of their location, format, or underlying technology.
Data Mesh essentially views data assets as products owned and managed by specific business domains. This decentralized approach to data management empowers businesses to analyze their data faster and more independently.
Increased adoption of the Data Lakehouse Architecture
2024 will see organizations leaning towards the Data Lakehouse. Reports suggest that 70% of enterprises will perform at least half of their analytics on their Data Lakehouse in the next three years. 42% moved from a Data Warehouse to a Modern Data Lakehouse platform as a unified solution for their analytics needs.
Data Lakehouse is a modern data management architecture that bridges the gap between Data Lakes and Data Warehouses, offering the best of both worlds – combining the flexibility and scalability of Data Lakes with the structured querying and performance optimizations inherent in Data Warehouses.
Innovation in Open Table Formats
2024 might see greater adoption of the Open Lake Format for Data Lake and the Data Lakehouse, which translates to greater flexibility, lower costs, and smoother data sharing, ultimately unlocking the true power of data, regardless of storage & vendor choices.
Open table formats like Iceberg, Hudi, and Delta Lake hold immense potential for flexible data management. However, their current lack of interoperability creates roadblocks. Open Lake Format & cross format querying are changing D&A for the better. Soon, enterprises can use any tool, analyze any data format, and break free from vendor lock-in.
Increased AI and Gen-AI Adoption in the Enterprise
According to Forrester, 90% of the global Enterprise AI decision-makers have concrete plans for Gen-AI implementation for internal and customer-facing use cases. 2024 may prove to be highly bullish in terms of Enterprise-AI adoption – including but not limited to Generative-AI and private (custom-built/tuned) LLMs for the enterprise.
These new capabilities added onto the Enterprise’s data stack can enhance analytics capabilities & outcomes while improving productivity and cost savings because of improved efficiency. However, Enterprise AI initiatives can be compared to a double-edged sword if implemented without being backed by adequate governance, compliance, and security capabilities.
Data Governance, Privacy & Security Solutions
According to a Gartner report, managing security, privacy, risk, legal, and ethical implications is the second most significant stressor (61%) for Generative AI initiatives, and 70% of D&A leaders expect collaboration with key risk stakeholders such as security and privacy officers to be a higher priority through 2024.
This suggests increased interest in robust Data Governance, Privacy, and Security solutions as a critical trend in Data & Analytics in 2024. This interest isn’t solely driven by fear but by the explosive growth of data, complex regulations, and the increasing adoption of emerging technologies like Generative AI. Organizations are realizing the value of responsible data management not just for compliance but also to mitigate risks, build trust, and unlock the full potential of their data assets.
While these trends provide a glimpse into the future of data in 2024, the possibilities are truly endless.
