Back in 2010, New York and Israeli-based startup SQream made a bet on the potential of GPUs as a cornerstone for enabling the querying of big datasets.
That early investment has paid off — not only because of the rise of AI, as highlighted by the success of companies such as NVIDIA, but also due to the vast amount of data that individuals across the globe produce every day.
Now, SQream is announcing its new 2024 State of Big Data Analytics Report, signaling we may be at just the start of the booming GPU market.
The report included 300 executives at US enterprises being surveyed, and looked to bring light on the disconnect between the cost of analytic projects and the value being realized, emphasizing the need to change how businesses handle massive volumes of data.
According to a press release from the company, the emergence of cloud computing combined with recent advances in GenAI has placed data analytics and business insights in closer reach. Yet these two tech trends are also responsible for producing an ever-growing avalanche of data, which has caused costs to rise exponentially.
Insights from the report, which can be found here, include:
3 out of 4 executives are looking to add more GPUs in 2024: 75% of those surveyed said that adding GPU instances to their analytics stack will have the most impact on their data analytics and AI/ML goals in 2024.
Most organizations experience analytics “bill shock”: Although billing cycles vary from company to company, when asked how often they experience bill shock, more than 2 out of 3 companies reported they are surprised by the high costs of their cloud analytics bill fairly frequently.
98% of companies experienced ML project failures in 2023: The top contributing factor to project failures in 2023 was insufficient budget.
Close to half of the respondents admitted they compromise on the complexity of queries: 48% of the respondents admitted to having compromised on the complexity of queries in an effort to manage and control analytics costs.
Said Deborah Leff, Chief Revenue Officer of SQream, “This survey underscores the widespread nature of these data management challenges for large enterprises. Leaders are increasingly recognizing the transformative power of GPU acceleration. The immense value of an order-of-magnitude performance leap is simply too valuable to be ignored in the race to become AI-driven.”
SQream’s report follows a succession of wins at the company, including a large funding round in 2023.
The startup’s name comes from its initial focus. Led by CEO Ami Gal, the original idea was to focus on SQL database analytics. In more recent years the company has continued to lead here and also expanded, including with its acquisition of the startup Panoply.
According to an earlier interview from the company in TechCrunch, while AI undoubtedly is the technology and application on everyone’s mind right now, “Gal is realistic and knows that some of that business — especially around buzzy Generative AI — is bound to level out and even somewhat recede over time. But the bigger data needs will not cease”.
