Revolutionizing Data Storage in 2024: The Path to AI Empowerment
Feb 15, 2024

Vultr: Exploring Data Storage Trends in 2024

The Vultr team has been exploring current tech trends, most recently examining the full cloud-native integration of artificial intelligence (AI) and machine learning (ML). This week, we're looking at trends in data storage. In the ever-evolving landscape of technology, one thing remains constant: data is king. As we enter 2024, the ubiquity and importance of data have never been more apparent. However, as the volume of data continues to skyrocket, traditional data storage strategies need help to keep pace. It's time for a revolution in how we think about and manage our data.

The data dilemma

Data is everywhere, but storing, managing, and utilizing it effectively is a challenge that many enterprises need to grapple with. The sheer size of datasets has reached unprecedented levels, making it increasingly difficult to transfer and store data efficiently. The rising costs associated with data transfer and storage are putting a strain on organizational budgets. One recent study found that 94% of IT leaders see cloud storage costs rising, with 54% confirming that this spend is growing faster than overall cloud costs.

The security imperative

In addition to the logistical challenges, data security has never been more critical, and predictions estimate that cybercrime will cost the world $10.5 trillion annually by 2025. With the proliferation of cyber threats and data breaches, enterprises must prioritize data security to safeguard sensitive information. The potential misuse of data looms large, necessitating robust security measures to protect against unauthorized access and breaches.

The rise of AI/ML

AI and ML are at the heart of this data revolution. These technologies hold immense promise for enterprises, enabling them to extract valuable insights from vast troves of data. McKinsey & Company's latest research estimates that generative AI could add $2.6 trillion to $4.4 trillion annually to the world economy. However, organizations must first address the underlying challenges associated with data storage and management to unlock this profit and potential.

Reimagining data storage strategies

In 2024, enterprises will need to adopt a holistic approach to data storage that encompasses sourcing, securing, transferring, and ensuring governance and compliance of large-scale datasets. This will involve leveraging cutting-edge technologies and reimagining traditional storage architectures to meet the demands of the digital age.

Cloud-native solutions

Cloud-native solutions have become indispensable in the realm of data storage. Cloud computing has emerged as a game-changer, with around 60% of corporate data now stored in the cloud, which has at least doubled since 2015. Cloud-native solutions offer scalability, flexibility, and cost-effectiveness, allowing enterprises to quickly store and process vast amounts of data. By embracing the cloud, organizations can offload the burden of managing on-premises infrastructure while gaining access to a wealth of advanced data management tools and services.

Data governance and compliance

As data regulations become increasingly stringent, enterprises must prioritize data governance and compliance. This entails implementing robust policies and procedures to ensure the responsible collection, storage, and use of data. By establishing clear guidelines and frameworks, organizations can mitigate the risk of regulatory fines and reputational damage while fostering trust with customers and stakeholders.

The road ahead

The 2024 data revolution is underway, and enterprises must rise to the challenge. By embracing emerging technologies, adopting cloud-native solutions, and prioritizing data security and governance, organizations can harness the power of their data to drive success this year and beyond.

Want to see more of what's coming in 2024? See our predictions for the year here, and watch our blog for more posts in this series!