Sep 12, 2024
Key Takeaways from Snowflake's Data Trends 2024 Report
Sep 12, 2024
In a world where data is the new oil, the way we manage, govern, and utilise it has never been more critical. Snowflake’s latest report, “Data Trends 2024,” offers a glimpse into the evolving landscape of data infrastructure and AI. At Worldteam, we believe that staying ahead of these trends is essential for any enterprise looking to thrive in an increasingly data-driven world. Here’s a closer look at the key insights from the report and what they mean for your business.
Strengthening the Data Foundation
1. Python: The Heartbeat of AI Programming
The report highlights that Python has emerged as the preferred language for AI development, and it’s easy to see why. Its simplicity, combined with a vast ecosystem of libraries, has made it the go-to language for data scientists and developers alike. According to the report, Python’s adoption surged by an impressive 571% over the past year, outpacing all other programming languages. This trend underscores the growing need for Python expertise within development teams, particularly as organisations venture deeper into advanced AI projects.
2. Unleashing the Power of Unstructured Data
Snowflake’s report shares that unstructured data—everything from videos to documents—has long been an underutilised resource in many enterprises. However, this is starting to change. The report indicates a 123% increase in the processing of unstructured data, signaling a significant shift in how organisations are leveraging their data assets. This is particularly crucial for AI development, as unstructured data provides the raw material needed to train sophisticated models, giving companies a competitive edge in the AI race.
💡 +123%
Processing of unstructured data
from July 2023 to Jan 2024
3. The Evolution of Data Governance
The report focuses on the evolving role of data governance, emphasising that it’s no longer just about keeping data secure; it’s about making it accessible in a controlled and compliant manner. The report shows a 142% increase in queries against protected data objects, alongside a broader adoption of refined governance practices. This trend illustrates the growing recognition that effective governance is key to unlocking the full potential of data.
💡+142%
Cumulative number of jobs run
against policy-protected objects
Making AI Accessible
1. The Democratisation of AI
One of the report’s key takeaways is the increasing accessibility of AI. AI is no longer the exclusive domain of data scientists and engineers. The report reveals that advancements in platforms like Snowflake Cortex have enabled more users across various functions to harness the power of machine learning. Since the introduction of key features in mid-2023, the number of active accounts utilising ML-based functions has grown by 67%. This democratisation of AI is breaking down barriers and opening up new possibilities for innovation across the enterprise.
2. The Proliferation of LLM-Powered Applications
The report highlights the explosion of large language models (LLMs), with over 20,000 developers in the Streamlit community working on more than 33,000 LLM-powered applications in the last fiscal year. This surge in LLM development underscores the fact that AI is no longer a distant future—it’s here, and it’s rapidly becoming a core part of enterprise technology stacks.
3. The Rise of Conversational AI
According to the report, there’s a growing shift towards more sophisticated, conversational interfaces. In just eight months, the proportion of LLM applications that are chatbots has jumped from 18% to 46%. This trend reflects the increasing demand for AI solutions that can engage in natural, human-like conversations, offering richer and more interactive user experiences.
4. A Unified Data and Application Platform
The report discusses the increasing value enterprises place on having their data and applications housed within a single, unified platform. The Snowflake Native App Framework has seen a staggering 311% growth in the number of applications built on the platform, with usage nearly doubling since its public preview in mid-2023. This trend highlights the advantages of a unified platform, from streamlined data management to enhanced security and governance, all of which contribute to a more efficient and effective AI-driven enterprise.
💡 “Given the choice, users want to build applications within their data platform—where the data is—rather than export copies of the data to external technologies.” - Snowflake Data Trends 2024
Conclusion: Navigating the Future of Data and AI
The insights from Snowflake’s “Data Trends 2024” report paint a clear picture of where the industry is headed. As data becomes more central to business strategy, the ability to harness, govern, and leverage it will determine which enterprises thrive and which fall behind. At Worldteam, we’re committed to helping our clients navigate these trends and stay ahead of the curve in the rapidly evolving landscape of data and AI.
