Top 5 Trends in the Data Industry for 2024

The data industry is huge, ranging from the origination of terabytes of data each second to using such data to optimize how billions of dollars are made and spent. For 35 years it’s been our primary focus. Below we list in order of increasing importance this year’s trends having the greatest impact on the industry and its customers.

5. Edge Computing

Edge computing increases data processing speed by bringing the processing function physically closer to where the data resides. That enables real-time data analysis. The trend is driven by growing demand for faster application responses by certain niche markets -- autonomous vehicles, smart cities, and automated production lines.
  • EdgeVerve: EdgeVerve specializes in real-time analysis of industrial IoT data, allowing manufacturers to monitor and optimize production processes instantly.
  • HPE (Hewlett Packard Enterprise): HPE “EdgeLine” systems are used in smart cities for traffic and environmental monitoring and control.

4. Data Privacy and Compliance

As regulations like GDPR and CCPA become more stringent worldwide (but especially in the EU), companies increasingly focus on protecting users’ data. To do so requires implementing robust data governance frameworks, albeit more to avoid fines than to innovate industry practices.
  • OneTrust: OneTrust automates GDPR compliance including cookie consent and data subject rights management.
  • TrustArc: Tools for comprehensive privacy assessments and monitoring to ensure compliance with constantly changing regulations.

3. Cloud Data Platforms

Specialized cloud data platforms continue gaining traction as organizations move their data storage and processing to the cloud for scalability, flexibility, and cost savings.
  • Snowflake: Snowflake's cloud data platform allows huge data generators like Capital One to unify its data across various sources while performing advanced analytics at scale.
  • Databricks: Databricks' platform enables organizations like Shell to use machine learning for more efficient and effective energy exploration and production.

2. Artificial Intelligence and Machine Learning Integration

AI and ML are being integrated into data platforms themselves in order to lower cost and increase speed. Both technologies optimize decision-making on a variety of functions from finance to operations to public relations.
  • DataRobot: DataRobot's ML platform helps companies like United Airlines predict flight delays and optimize scheduling.
  • H2O’s “Driverless AI” platform automates the creation of ML models. PayPal uses them to detect fraud.

1. Data-Driven Decision-Making

Originating, storing, analyzing and manipulating data in the service of AI and ML is rapidly affecting the lives both of organizations and individuals in ways no one yet fully understands. But at least from the perspective of for-profit businesses, it is creating remarkable advances in the optimization of sales, marketing, operations, customer experiences, and strategic decision-making.
  • Palantir: Palantir's data analytics platforms are used in the intelligence and defense functions of the U.S. government.
  • Tableau: Offers data visualization tools used by companies like Verizon to gain insights into how to improve customer service and network performance. One hopes that as a result, Verizon’s chatbot will eventually answer simple questions with relevant responses.
Energy East retained a Kuhn Capital team member to provide strategic advisory services to its CH4 trading platform
Financial and market data conglomerate Primark retained a Kuhn Capital team member to initiate the acquisition of leading market research vendor Yankee Group
Pioneering trading data vendor Bridge (BIS) retained a Kuhn Capital team member to initiate a capital raise from State Street
Oil field pipeline data vendor Apex retained Kuhn Capital team members to deliver strategic advisory services
Financial and market data conglomerate Primark retained a Kuhn Capital team member to initiate the sale of utility consultancy Lodestar