BENGALURU: Companies are racing to deploy artificial intelligence (AI) but are quickly finding that ingesting and managing the massive amounts of data they need for accurate real-time decisions is very expensive at scale, said Subbu Iyer, CEO of Aerospike.
He was in Bengaluru recently for Aerospike Summit India 2024. He added, “Our customers lead their industries with some of the most successful, cost-effective AI deployments, and more organisations are turning to Aerospike to start and scale up their AI initiatives.”
Aerospike is the real-time data platform, and some prominent names associated with the company include Flipkart, Dream11, Adobe, Airtel, DBS Bank, Experian, PayPal and Snap, among others. Headquartered in California, the firm announced that fueled by AI demands, its Q2 2024 revenue surged by 51% year-on-year.
The company recently closed a $114 million investment to support growth and meet market demand. DB-Engines currently ranks Aerospike as the second most popular vector database and the third most popular graph database.
Subbu Iyer pointed out that a report by BCG-Nasscom predicts AI market size in India will grow at a compound annual rate of 25% to reach $17-22 billion by 2027. The growth will be driven by BFSI (banking, financial services, and insurance). “Structured, real-time, times-series and image, video and sound are critical data to AI,” he said, stressing on how vector and graph databases are going to be a gamechanger soon in the AI space.
Explaining the reasons why AI projects fail, he said it is due to miscommunication or misunderstanding problems to solve and also applying AI to problems that are too difficult. Real-time data challenges currently include performance limitations that include high application variability and hitting performance limits, apart from inefficient infrastructure.
Aerospike lets users pick the best data model for the job with one massively scalable database that handles vector search, key-value, and graph applications while still running on 80% lesser infrastructure than legacy or point solutions, the company’s top executives explained. Talking about the Indian market and its clients including Flipkart and Dream11, he said there has been a significant growth and huge opportunity.