Snowflake shares a report entitled “How to Win in Today’s Data Economy,” which highlights key trends and predictions for 2023. In this article, we summarize their findings.
1. Cybersecurity: Harnessing the Modern Data Stack
Omer Singer, Head of Cybersecurity Strategy at Snowflake, anticipates a rise in security teams leveraging modern cloud data lakes. This approach allows for a consolidated view of security data, alongside business and IT data, enhancing an organization’s security posture. The adoption of the Open Cybersecurity Scheme Framework (OCSF) as a vendor-neutral standard for security data is also expected to accelerate.
2. Democratization of Data: Python as a Key Enabler
Torsten Grabs, Director of Product Management at Snowflake, predicts that Python will play a pivotal role in democratizing access to data and insights. Business users are increasingly eager to extract insights themselves, reducing their dependence on data scientists and ML engineers. Python is expected to become the primary medium for data democratization, with improved enterprise readiness, simplified runtime infrastructure, enhanced security, and a more user-friendly interface.
3. Low or No-Code Platforms Transform Application Development
Adrien Treuille, Head of Streamlit at Snowflake, envisions a future where application development becomes a collaborative workflow between producers and consumers. The emergence of user-friendly low-code or no-code platforms simplifies the creation and sharing of interactive applications. This blurs the lines between traditional roles, allowing consumers to provide real-time feedback and actively participate in application development.
4. Data-Powered Applications: A New Frontier
Christian Kleinerman, SVP of Product at Snowflake, predicts a renaissance in software development, where applications rely on centralized, data-powered sources. Instead of copying data into applications, developers will connect their applications to central data sources. This shift is expected to reinvent every application category, enabling platform providers to handle security, governance, privacy, distribution, and monetization, while freeing developers to focus on innovation.
5. Advertising: Sports Betting and Data Clean Rooms
Bill Stratton, Global Head of Media, Entertainment & Advertising at Snowflake, forecasts that sports betting will emerge as a growing advertising category, even amidst economic uncertainty. Additionally, data clean rooms will gain wider adoption across the advertising and marketing ecosystem, benefiting both media companies and marketers with improved collaboration, privacy, and campaign performance.
6. Financial Services: Deeper Collaboration for Operational Efficiency
Rinesh Patel, Global Head of Financial Services at Snowflake, expects increased collaboration within the fragmented financial services industry. Firms across various domains will seek to unify critical data from different systems, streamlining processes, reducing costs, and delivering a seamless, frictionless data experience for pre-trade, trade, and post-trade activities.
7. ESG Initiatives and Advanced Analytics Take Centre Stage
Rosemary DeAragon, Global Head of Retail and CPG at Snowflake, identifies two key trends for retail and consumer packaged goods (CPG) companies. Firstly, data marketplaces will gain popularity to address the lack of standardization in Environmental, Social, and Governance (ESG) data. Secondly, advanced analytics capable of handling unstructured data will play a significant role in healthcare data strategies, enabling improved patient outcomes and research capabilities.
Snowflake’s insightful predictions for 2023 highlight the transformative power of data across various industries. Learn more about the predictions presented here and see their report here.
