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Rockset 2024 Predictions: New Moves for Real-Time AI in 2024

vmblog-predictions-2024 

Industry executives and experts share their predictions for 2024.  Read them in this 16th annual VMblog.com series exclusive.

New Moves for Real-Time AI in 2024

By Dhruba Borthakur, Co-Founder and CTO of Rockset

The new year will continue to be all about Artificial Intelligence (AI). Adding on the real-time layer makes it that much more powerful. With real-time AI, enterprises will save on costs, while delivering more competitive intelligence. Financial, retail and the war machine will benefit big. And, I see some exciting developments coming from visual technology. As we go deeper into the AI era, it will be critical for enterprises to adapt, which will greatly benefit business' bottom lines.

In 2024, Enterprises Get A Double Whammy from Real-Time and AI - More Cost Savings and Competitive Intelligence

AI-powered real-time data analytics will give enterprises far greater cost savings and competitive intelligence than before by way of automation, and enable software engineers to move faster within the organization. Insurance companies, for example, have terabytes and terabytes of data stored in their databases, things like documentation if you buy a new house and documentation if you rent.

With AI, in 2024, we will be able to process these documents in real-time and also get good intelligence from this dataset without having to code custom models. Until now, a software engineer was needed to write code to parse these documents, then write more code to extract out the keywords or the values, and then put it into a database and query to generate actionable insights. The cost savings to enterprises will be huge because thanks to real-time AI, companies won't have to employ a lot of staff to get competitive value out of data.

Financial Service, Retail and Especially Industries Related to the War Machine will Reap the Benefits of Real-Time AI

Financial companies will continue to move the needle with fraud detection leveraging AI and real-time data analytics in the new year. Detection will be better and faster, saving banks and consumers billions.

The retail logistics industry will also benefit hugely by leveraging AI, combined with real-time analytics, to better predict which new items to pre-order, for example, to ensure they have the inventory they need on hand, which will enable faster delivery to customers.

Industries related to the war machine will also become smarter and more efficient. For example, geospatial companies that use satellite imagery of the world to convert said images will be able to use real-time AI techniques to search data and better understand where the conflict is happening during war time. Also related to war are sanctions and geospatial search. There are ample sanctions against certain countries right now. Some governments are closely watching ship traffic, for example, to make sure they are not going to countries that are indeed sanctioned. Real-time AI is very important because governments need to quickly detect bad players. Insurance companies are tracking ship's routes in realtime to determine insurances for cargo delivery.

Increased Visual Technology for the Modern World

Until now, it was a very difficult challenge for machines to truly visualize as humans do, but this technology will be more available in 2024. AI foundation models will drive quick advancement in self-driving cars. Previously, for each visual and machine learning application, software developers had to build a new machine learning model for each and every visual application. Today, this can all be streamlined with AI. We have seen this change already occur with augmented reality games and the metaverse. I, for one, could not be more excited about the visual innovations that are to come, thanks to AI.

The Rise of the Machines Powered by Real-Time Data and AI Intelligence

In 2024, the rise of the machines will be far greater than in the past as data is becoming more and more "real-time" and the trajectory of AI continues to skyrocket. The combination of real-time data and AI make machines come to life as machines start to process data in real-time and make automatic decisions!

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ABOUT THE AUTHOR

Dhruba Borthakur 

Dhruba Borthakur is CTO and co-founder of Rockset, responsible for the company's technical direction. He was an engineer on the database team at Facebook, where he was the founding engineer of the RocksDB data store. Earlier at Yahoo, he was one of the founding engineers of the Hadoop Distributed File System. He was also a contributor to theopen source Apache HBase project. Dhruba previously held various roles at Veritas Software, founded an e-commerce startup, Oreceipt.com, and contributed to Andrew File System (AFS) at IBM-Transarc Labs.

Published Monday, November 20, 2023 7:33 AM by David Marshall
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