05/06/2024 | Press release | Distributed by Public on 05/06/2024 07:06
Global Research Shows More Than Half of Enterprises Need Significant Data Management Investment, and Over a Quarter Are Diverting IT Budgets to Meet GenAI Goals
SANTA CLARA, Calif., May 6, 2024/PRNewswire/ --Couchbase, Inc. (NASDAQ: BASE), the cloud database platform company, today released the findings from its seventh annual survey of global IT leaders. The study of 500 senior IT decision makers1 found that investment in IT modernization is set to increase by 27% in 2024, as enterprises look to take advantage of new technologies, such as AI and edge computing, while meeting ever-increasing productivity demands. There is a clear demand for modernization and tech investment: 59% are worried their organizations' ability to manage data won't meet generative AI's (GenAI) demands without significant investment. With the right approach to this investment, enterprises will be better prepared to overcome productivity challenges and satisfy end users who demand continuously improving experiences.
Enterprises plan to spend an average of $35.5 million on IT modernization in 2024. More than a third of that will be on AI, with the average enterprise investing over $21 million on the technology in 2023-24, and $6.7 million on GenAI specifically. The drivers for this are clear: rapidly prototyping and testing new ideas, making employees more efficient, and identifying and capitalizing on new business trends. Yet enterprises recognize there are challenges ahead - from ensuring AI can be used effectively and safely, to having sufficient compute power and data center infrastructure in place.
"Enterprises have entered the AI age, but so far are only scratching the surface," said Matt McDonough, SVP of product and partners at Couchbase. "Almost every enterprise we surveyed has specific goals to use GenAI in 2024. If used correctly, this technology will be key to managing the challenges facing organizations. From keeping pace with end-user expectations for adaptable applications, to meeting ever-accelerating productivity demands, GenAI-powered applications can provide the agility and productivity enterprises need. Enterprises must be certain that their data architecture can cope with GenAI's demands, as without high-speed access to accurate, tightly managed data it can easily guide individuals and organizations down the wrong path."
Key findings include:
"Investing in the right data management and infrastructure architecture will help unlock GenAI's transformative potential," continued McDonough. "For instance, organizations don't need vast, complex 'jack of all trades' applications to improve productivity and meet expectations, nor do they need multiple, costly databases to meet their needs. An adaptive application that can use GenAI to enhance a specific end-user experience will be equally effective while also having a much faster time to market. And a modern multipurpose database with all necessary functionalities will help keep architectures and costs as streamlined as possible."
Read the full Couchbase report here and the blog here.
Additional resources
About Couchbase
Modern customer experiences need a flexible database platform that can power applications spanning from cloud to edge and everything in between. Couchbase's mission is to simplify how developers and architects develop, deploy and run modern applications wherever they are. We have reimagined the database with our fast, flexible and affordable cloud database platform Capella, allowing organizations to quickly build applications that deliver premium experiences to their customers - all with best-in-class price performance. More than 30% of the Fortune 100 trust Couchbase to power their modern applications. For more information, visit www.couchbase.com and follow us on X (formerly Twitter) @couchbase.
1 Methodology: Couchbase commissioned an online survey, conducted in February-March 2024 by Coleman Parkes (https://colemanparkes.com/), an independent market research organization. 500 senior IT decision makers, such as CIOs, CDOs and CTOs, in organizations with 1,000 employees or more in the U.S., UK, France, Germany and Turkey were surveyed.
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SOURCE Couchbase, Inc.
James Kim, Couchbase Communications, [email protected], (650) 417-7500