Technology

“In Era of Massive Data Volumes, 3 in 4 Execs Look to GPUs”: SQream Releases State of Big Data Analytics Report

Published

5 months ago

August 5, 2024

With rise of AI, new report uncovers widespread data problems for US enterprises due to exorbitant running costs and frequent compromises that see 98% of companies experience project failure

NEW YORK, Aug. 5, 2024 /PRNewswire/ — In its 2024 State of Big Data Analytics Report, SQream sheds light on the growing disconnect for enterprises between the cost of analytic projects and the operational value being realized, highlighting the pressing need to change how companies handle huge volumes of data to reduce ‘bill shock’ and avoid the risk of project failures.

The advent of cloud computing combined with recent advances in generative AI has placed data analytics and powerful business insights in reach for large enterprise organizations. Yet these two tech trends are also responsible for producing massive and ever-increasing volumes of data, causing IT costs to exponentially increase at an unsustainable and unprecedented rate.

To get to the crux of why data analytics are draining enterprise budgets and how to change this, SQream surveyed 300 senior data management professionals from US companies with at least $5M+ annual spend on cloud and infrastructure. Despite the already substantial budgets at play, 98% of these companies still experienced ML project failures in 2023.

Adding more compute power has in the past been the go-to way to yield better AI results. However, SQream’s survey highlights that doing so indefinitely is an untenable approach for modern, data-driven enterprises, with the complexity of queries and volume of projects being compromised due to skyrocketing bills and IT costs.

“This survey underscores the widespread nature of these data management challenges for large enterprises,” said Deborah Leff, Chief Revenue Officer of SQream. “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.”

The State of Big Data Analytics Report includes a range of detailed insights and findings for team leaders, innovation executives and data-oriented professionals, including:

Most organizations experience analytics “bill shock”: Although billing cycles vary from company to company, when asked how often they experience bill shock, 71% of respondents (more than 2 out of 3 companies) reported they are surprised by the high costs of their cloud analytics bill fairly frequently, with 5% experiencing bill shock monthly, 25% bimonthly and 41% quarterly.41% of companies report high costs as the leading challenge: As with data analytics, the cost-performance of ML projects is key to successful business predictions. However, given that in ML the more experimentation a company conducts, the better the final result – it is no surprise that 41% of companies consider the high costs involved in ML experimentation to be the primary challenge associated with ML and data analytics today.98% of companies experienced ML project failures in 2023: The top contributing factor to project failures in 2023 was insufficient budget (29%), which is consistent with findings throughout the report. In addition to cost concerns, the other top contributing factors to project failures were poor data preparation (19%) and poor data cleansing (19%).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.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 – especially in relation to cloud resources and compute loads. 92% of companies are actively working to “rightsize” cloud spend on analytics.

“To get ahead in the competitive future of AI, enterprises need to ensure that more big data projects reach the finish line. Constant compromising, including on the size of data sets and complexity of queries, is a huge risk factor that corporate leaders need to address in order to effectively deliver on strategic goals,” said Matan Libis, VP Product at SQream.

The State of Big Data Analytics Report is available for download here.

About SQream
SQream specializes in data processing and analytics acceleration, revolutionizing the way organizations approach big data analytics and AI/ML workloads with its unique GPU-patented SQL engine. SQream’s solutions are designed to meet the needs of enterprises grappling with massive or complex datasets, offering unparalleled performance, scalability, and cost-efficiency. Tailored for industries ranging from finance to telecommunications, SQream empowers businesses to unlock actionable insights from their data with unprecedented speed and efficiency.

Contact
Global Media Contact:
Name: Conrad Egusa
Phone: +1 203-293-8941
Email Address: conrad@publicize.co

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Technology

BingX Introduces ALTCOIN Index Futures Trading: One Click, Countless Trends

Published

41 minutes ago

December 27, 2024

VILNIUS, Lithuania, Dec. 27, 2024 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to announce the launch of ALTCOIN Index, the first futures trading pair involving top altcoins. This innovative trading product offers users a one-click solution to efficiently track and trade major cryptocurrency trends with ease.

Traditionally used in stock markets, a futures index is a financial derivative that tracks the performance of a group of assets, such as stocks of commodities. These instruments were first introduced to simplify trading by allowing investors to speculate on or hedge against the collective movements of selected market sectors. Instead of purchasing individual stocks, traders are able to access broad market exposure in a single transaction, saving time and reducing costs.

In the cryptocurrency market, this new ALTCOIN/USDT futures trading pair works similarly by bundling the performance of the top mainstream cryptocurrencies by market capitalization, excluding Bitcoin (BTC) and stablecoins. The current index includes ETH, XRP, SOL, BNB, DOGE, ADA, TRX, AVAX, and SHIB. This approach is more efficient compared to buying individual cryptocurrencies or ETFs as this allows for direct speculation using tiered leverage options without the need to manage multiple positions, effectively diversifying trading risks associated with individual asset volatility.

Vivien Lin, Chief Product Officer of BingX, commented on the new offering: “By aggregating a range of leading cryptocurrencies into a single trading instrument, we’re giving users a practical and efficient way to better capture market trends. This index trading pair should help our less experienced users with their trading goals more easily, particularly when they are unsure which asset to trade and just want to trade major altcoins in general with leverage.”

BingX users can take advantage of tiered leverage options and competitive rates consistent with the platform’s perpetual futures terms, simplifying open order management and enhancing trading efficiency. The platform also ensures that the index composition remains current, with regular quarterly adjustments and temporary updates in response to market conditions.

About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

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SOURCE BingX

Technology

Lyric’s first solid-state battery front-end equipment is shipped to customer in United States

Published

41 minutes ago

December 27, 2024

BEIJING, Dec. 26, 2024 /PRNewswire/ — Recently, Lyric’s first solid-state battery front-end equipment has been shipped to a customer in the United States. Relying on its deep accumulation in the field of solid-state battery technology, Lyric has achieved strategic development on the global stage.

As of now, Lyric’s Z-shape stacking machine has reached the forefront of the industry, achieving an efficient stacking speed of 0.1s/pcs and ultra-high precision alignment of ≤ ± 0.3mm, setting an industry benchmark. At the same time, with the innovative design, the double planetary mixer realizes the efficient mixing of various viscosity materials, showing extraordinary flexibility, and significantly enhances the safety and efficiency of the production process through the iterative upgrade of automation technology, and provides customized services to accurately meet customer needs.

Looking to the future, Lyric will continue to expand its global footprint, based on the deep accumulation in the field of solid-state batteries since 2020, and its patented technology of dry electrode and stacking process and self-developed equipment advantages, Lyric not only demonstrates excellent capabilities in the manufacture of solid-state battery production equipment, but also provides a full range of solutions. Covers customized delivery from a single station to the entire production line. In terms of international cooperation, Lyric is actively seeking cooperation opportunities with more overseas enterprises, aiming to promote China’s solid-state battery equipment technology and solutions to the global market, further enhance its influence and competitiveness in the global renewable energy industry chain, and jointly explore unlimited possibilities in the field of renewable energy.

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Technology

Life-Space Wins Prestigious 62nd Australian Export Awards

Published

41 minutes ago

December 27, 2024

MELBOURNE, Australia, Dec. 27, 2024 /PRNewswire/ — At the prestigious 62nd Australian Export Awards held at Parliament House in Canberra, Life-Space, Australia’s No. 1 probiotic brand, proudly claimed the title of ‘E-commerce Winner of the Australian Export Awards 2024’. This incredible achievement underscores Life-Space’s unwavering commitment to delivering world-class health solutions to global consumers, fuelled by innovative digital strategies and a robust e-commerce presence.

Celebrating Australian Export Excellence

The Australian Export Awards, established in 1963 and presented by the Australian Trade and Investment Commission (Austrade) in collaboration with State and Territory awards programs, is a premier national program. It recognises the achievements of Australia’s most outstanding, innovative, and inspiring exporters, highlighting their significant contributions to the nation’s economy.

A Global Leader in Consumer Health

Life-Space has established itself as a trusted name in probiotics, offering products that support gut microbiome and whole-body health. Exporting to over 20 countries, including China and key Southeast Asian markets, Life-Space continues to redefine the global consumer health landscape. The brand’s dedication to scientific innovation, high-quality manufacturing, and consumer education has made it a household name worldwide.

Driving E-commerce Excellence

The award recognises Life-Space’s exceptional ability to adapt to the ever-evolving digital marketplace. Through strategic collaborations, robust online platforms, and consumer-centric marketing campaigns, Life-Space has consistently delivered value to its customers while expanding its global footprint. Notably, Life-Space has seen explosive growth in China’s cross-border e-commerce market, alongside outstanding performance in Southeast Asian countries such as Singapore, Vietnam, and Malaysia. The Singapore market, in particular, has recorded an impressive 140% annual growth rate for three consecutive years.

‘This recognition is a testament to the passion and hard work of the entire Life-Space team,’ said Alan Yi, Life-Space Group’s General Manager – Global Business, ‘We are proud to represent Australia on the global stage and remain dedicated to bringing the best in probiotics to consumers worldwide.’

Looking Ahead

As Life-Space celebrates this milestone, the brand is focused on forging new market opportunities, advancing health education, and introducing cutting-edge products that enhance everyday health and well-being.

“Our vision for 2025 includes expanding our export capacity and preparing to introduce our products to the U.S. market,” added Yi. “This achievement further reinforces our position as a global leader in consumer health.”

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SOURCE Life-Space