As artificial intelligence (AI) continues its upward push, several studies are exploring ways to improve existing consumer offerings, with the latest focusing on data management.
According to new research from IoT Analytics, proper data management systems could offer a slew of benefits for the broader AI ecosystem in the coming years, with developers and enterprise users poised to become the biggest gainers.
In its Data Management and Analytics Market Report, IoT Analytics mentions seven data management components necessary for efficient AI systems, starting with data sources and ingestion processes. Other elements include data storage, transformation from one form to another, governance, and security.
Finally, the report explores orchestration and analytics as key areas in achieving safe and efficient AI systems. The study predicts the growth of data management in AI over six years and a market valuation of 500 billion by the end of the decade.
Currently, large-scale data centers and cloud service providers offer all-in-one data management services to enterprise users, a feat that sees them corner over 50% of the market. However, the report highlights the rise of new data management vendors with specializations in certain components that may give them an edge over hyperscalers.
“There are also some quickly growing data management scale-ups that are regarded as having a best-in-class offering and are subsequently enjoying strong market traction,” said IoT Analytics CEO Knud Lasse Lueth. “It will be interesting to see whether companies will opt for the convenience of having everything from one vendor or settle on three to five main data management solutions on top of their cloud architecture.”
While enterprises are marching headlong into AI, the report highlights a dearth of proper data management processes by C-level executives. A significant number of corporations are sinking funds into integrating AI with existing processes while neglecting a robust data management strategy to underpin the efforts.
The report noted a rise of emerging players in the space, a growing market share and the increasing complexity of data could force the hand of companies to explore data management processes.
Headlong into emerging technologies
A growing number of corporations have unveiled ambitious strategies to incorporate AI and other emerging technologies into their processes, either through the development of in-house solutions or through partnerships with technology partners.
Despite the strategy employed, a common denominator across the board is the earmarking of a significant portion of their budgets to AI. One report predicts that corporate spending on AI could rise to 10% of annual budgets, with companies splurging on providing existing staff with AI training.
For all the push into AI, a cross-section of Chief Investment Officers (CIOs) say that firms are unsure of a timeline to see a return on their AI investments, but the uncertainty does little to dampen enthusiasm.
Watch: Turning AI into ROI
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