2024
Kdb Market Intel:
Data & Analytics Report
Amid Uncertainty,
Opportunities Emerge…
Published March 2024
By Caspian One’s Data & Analytics (kdb) Practice
Intro: Innovation in Data & Analytics
2023, fair to say, was a turbulent year for most.
Economic uncertainty loomed large as layoffs and sluggish tech hiring prevailed. Meanwhile, the rapid integration of AI into mainstream applications began reshaping coding practices and challenging traditional approaches to skill development within companies.
But amid this uncertainty there lies vast opportunities for innovation. By 2029, the big data analytics market is projected to surpass 655 billion U.S. dollars, a substantial leap from its 2021 valuation of around 241 billion. This rapid growth highlights the profound impact of data analytics across industries, driving transformative change at every step.
Here at Caspian One, we're dedicated to driving innovation and excellence in the field of data analytics. Our enduring partnership with KX, the architects of kdb, reflects our commitment to fostering advancements in this area. With connections throughout the kdb community and access to subject matter experts, we're uniquely positioned to provide valuable insights.
In this report, we explore the latest trends, challenges, and opportunities shaping the future of data and analytics. From emerging technologies like GenAI to strategic implementations, we navigate the complexities of the data landscape, offering actionable insights for 2024.
Thoughts to share or need guidance?
Reach out to us at hello@caspianone.com or connect on LinkedIn
2023 and the year ahead;
State of the tech market
In 2023, the tech hiring market saw its fair share of challenges, but amidst the ups and downs, one area stood out with unwavering demand: data and analytics-related skills.
Despite initial concerns about economic stability, the latter half of 2023 brought promising signs of recovery. Throughout this period, data and analytics professionals remained in high demand, reflecting the critical role they play in driving innovation and growth across industries.
Python - a key language in the realm of data science and analytics - saw a surge in demand, closing the gap on Java's longstanding dominance.
This shift underscores the increasing emphasis on data-driven technologies and artificial intelligence, where Python excels. Referencing HackerRank’s 2024 Developer Report - Python set to overtake Java in HackerRank testing. “In 2022, Python’s test creations were just 32% of Java’s. In 2023, they accounted for 74%.”
The rise in AI-related skills, particularly in the third quarter of 2023, reflects the growing importance of artificial intelligence in shaping the future of work.
From machine learning to natural language processing, proficiency in these areas has become essential for organizations seeking to harness the power of data.
Referencing 365 DataScience - “We observe a noticeable spike in companies seeking various skills related to developing AI models. Most notably, the demand for natural language processing skills has increased from 5% in 2023 to 19% in 2024.”
Roles in data engineering have proven resilient amidst fluctuating demand, highlighting the enduring need for professionals skilled in managing and analysing vast datasets.
Additionally, the widespread adoption of AI tools like ChatGPT and GitHub Copilot further emphasizes the industry's embrace of cutting-edge technologies.
Looking ahead to 2024, optimism abounds among data and analytics professionals, with the majority anticipating better conditions and new opportunities for advancement.
As the demand for data-driven insights continues to rise, those equipped with the necessary skills and expertise are poised to thrive in an increasingly data-centric world.
Q&A: trends, challenges, skills & strategy
In this Q&A section, we feature insights from James Corcoran, SVP of Ecosystem Development at KX and Ben Rutter, Global Strategic Practice Manager for Data & Analytics at Caspian One - as they share their perspectives on industry trends, challenges, and strategies.
Meet Ben Rutter of Caspian One
Global Strategic Practice Manager
Data & Analytics (kdb)
Meet James Corcoran of KX
SVP of Ecosystem Development
Data, AI, Timeseries, Vector
2023 Trends Overview: "What were the key trends in data and analytics (particularly related to kdb technology) - that you observed in the financial services industry in 2023?"
In 2023, the financial services industry witnessed a surge in data and analytics investment, driven by advancements like AI and new technologies such as Starburst, Databricks, and Snowflake. James highlighted, "A lot of organizations are investing more heavily in data & analytics due to the rise of AI."
Ben noted the significance of AI offerings, allowing clients to analyse large volumes of unstructured data rapidly. Moreover, the integration of PyKX with kdb facilitated greater accessibility and integration, catering to a broader user base.
Technology Impact: "How has kdb technology specifically influenced data handling and analysis in financial services over the past year?"
In the financial services industry, kdb technology has significantly enhanced data handling and analysis capabilities over the past year. James emphasized its pivotal role in delivering faster query performance, efficient management of large datasets, and support for real-time processing. He noted, "New innovations including fully SQL and Python support make it easier to adopt kdb tech on platforms such as Databricks and Snowflake."
Ben highlighted kdb's adaptability to user needs, with the introduction of new products and advancements such as AI capabilities for analysing unstructured data. He also noted the significance of PyKX, stating, "PyKX allows Python to be more integrated into the core product, opening up to a wider user channel."
Challenges and Solutions:
"What were the most significant challenges faced by financial institutions in implementing and optimizing kdb technology in 2023, and how were these challenges addressed?"
In 2023, financial institutions encountered various challenges when implementing and optimising kdb technology. James highlighted integration complexities, data security concerns, and the need to optimise system performance as the most significant hurdles. He noted, "Financial institutions addressed these challenges through collaboration with experienced technology partners, rigorous testing, and implementing robust security measures." Additionally, Ben highlighted the challenge of meeting the high demand for skilled professionals during implementation, underscoring the complexities of securing SMEs.
Skills and Talent:
"Regarding kdb, what specific skills and expertise became most valuable in 2023, and how did this impact talent acquisition strategies?"
For kdb technology in 2023, the most valuable skills and expertise centred around q, Python, and Cloud, according to James. He emphasized, "With most KX customers increasing their usage, upgrading to the latest product offerings, and migrating on-prem environments to the cloud, the most important skills were q, Python, and Cloud."
In contrast, Ben highlighted the broader impact of market challenges and the expanding technology community on talent acquisition strategies. He noted a shift towards new industries such as aerospace, defence, space, broadcast, and e-commerce - signalling opportunities for skills acquisition beyond the financial services sector.
Emerging Technologies:
"Are there emerging technologies or innovations that you foresee integrating with or impacting the use of kdb in financial services in the near future?"
For the integration of kdb in financial services, James highlighted the dominance of GenAI in emerging technology conversations.
He pointed to forthcoming technology partnerships between KX and major players like AWS, Microsoft, Google, Snowflake, and Databricks, emphasizing the potential for combining data management, security, scalability, analytics, AI, and GenAI.
Ben equally mentioned Starburst, Databricks, and Snowflake as emerging technologies impacting the use of kdb in financial services.
Strategic Implementation:
"What strategic advice would you give to C-suite executives looking to leverage kdb technology for competitive advantage in 2024?"
For C-suite executives seeking to harness kdb technology for competitive advantage in 2024, James recommended, "Take a use-case-driven approach. Start with what internal and external customers are looking to achieve. Design for security and scalability. Make talent your #1 concern."
In line with James's insights, Ben also recommended prioritising strategic partnerships and exploring innovative applications to drive growth and diversification.
Regulatory Considerations:
"How do you see regulatory changes impacting the use of data and analytics, particularly kdb technology, in financial services in 2024?"
James, "Regulatory changes concerning data usage in AI platforms will likely emphasize privacy, security, and ethical use. Data lineage will emerge as a crucial feature of data platforms to ensure explainability in genAI use cases." In a response complementing James's insights, Ben highlighted the importance of proactive compliance measures and strategic partnerships with regulatory experts to navigate evolving regulatory landscapes effectively, ensuring continued adherence to compliance standards while leveraging the full potential of kdb technology.
Future Skills Landscape:
"How do you anticipate the skills landscape for kdb and data analytics evolving in the financial sector, and how can organizations prepare?"
In anticipating the skills landscape evolution within the financial sector, James stressed the importance of continuous learning programs and the increasing relevance of genAI, LLM, and vector database skills. He stated, "Cloud and security are table stakes."
On the other hand, Ben emphasized the perpetual need for data skills, particularly highlighting the significance of tick data management, stating, "Tick data is essential to financial markets."
2024 Predictions:
"Based on your experience and observations from 2023, what are your predictions for data and analytics trends in the financial sector for 2024, especially concerning kdb technology?"
Looking ahead to 2024, Ben predicts significant growth in PyKX and AI-associated add-ons, indicating a trend towards enhanced functionality and integrations within the Kdb ecosystem. (Cont. below)
Meanwhile, James forecasts…
Vector databases will become the most widely implemented data technology, and enterprises will implement knowledge bases and hunt for gold in enterprise data lakes.
Cloud teams
will optimise data pipelines for FinOps.
AI will change the current approach to data management, and knowledge graphs will become essential for linking data between different enterprise silos.
Enterprises that combine AI with real-time data will make the most advances.
We thank you, Ben and James, for sharing your valuable insider insights. Next, explore KX's impressive transformation story!
If you're intrigued by what’s been shared so far and would like to learn more or discuss your circumstances, contact our practice at Caspian One or the KX team.
KX’s Evolution:
A Technical Deep Dive
In the dynamic landscape of 2024, KX distinguishes itself through a profound technological evolution, transitioning from a specialised database provider to a pioneering force in generative AI and advanced analytics. This transformation is underscored by a significant enhancement of its core technologies, broadening its market applicability and embracing the future of data-driven decision-making.
Central to KX's technical evolution is the refinement of its unique three-part engine. This engine synergises three advanced capabilities:
Embedded Complex Event Processing (CEP)
Facilitates real-time analysis and decision-making by processing streams of data from various sources, enabling immediate response to complex event patterns.
Historical and Real-Time Data Storage
Offers the ability to store, query, and analyse data across time dimensions, providing insights from both historical trends and real-time data flows.
High-Performance Time-Series Database
Maintains its status as the world’s fastest time-series database, optimised for high-velocity, high-volume data, crucial for applications requiring nanosecond precision.
The democratisation of KX's technology, through the integration of Python and SQL functionalities, represents a strategic pivot towards inclusivity and accessibility.
This approach not only expands the addressable market but also significantly lowers the entry barrier for developers unfamiliar with KX's traditional q programming language. By aligning with widely used languages and technologies, KX facilitates a smoother adoption curve and fosters a more vibrant developer ecosystem around its products.
A pivotal aspect of KX's technical strategy is its foray into generative AI with the introduction of Kdb AI. Leveraging the inherent speed and efficiency of its vector database, KX aims to unlock new potentials in AI applications, from natural language processing to complex data analytics.
The vector database's architecture, emphasising columnar storage and efficient data compression, becomes a cornerstone for AI-driven queries, enabling rapid access to large datasets and facilitating the advanced analytics that generative AI models require.
Addressing the challenges of the modern data landscape, KX's evolution reflects a commitment to solving the intricate problems of data volume, velocity, and variety. The shift towards a more accessible and versatile technology stack, including the strategic inclusion of Python and core SQL functions, marks a significant milestone in KX's journey. This transition not only enhances KX's appeal to a broader audience but also cements its position as a leader in the next wave of technological innovation.
In conclusion, KX's story in 2024 is one of technical mastery, strategic foresight, and the relentless pursuit of innovation.
By redefining its technological foundations and embracing the challenges of the future, KX is poised to lead the charge in the exploration and exploitation of the next frontier of data analytics and artificial intelligence.
Drawing from KX's narrative of transformation, our own company's evolution stands as a testament to strategic growth and diversification. Much like KX's expansion from a niche player to a leader in data analytics and AI, we have broadened our horizons beyond our original scope, emerging as a comprehensive professional services provider.
Reflecting on the transformation, a quote from Mark Bannon, President of Global Financial Services at KX during our recent partner meetup captures the essence of this journey:
"The biggest flip was the introduction of Kdb Insights, Insights Enterprise with Python and core SQL functions, which began to democratise how the core datasets can be used."
This statement encapsulates the strategic reorientation towards making complex data analytics more accessible and impactful across industries.
We now address the multifaceted challenges within the financial services and broadcast industries, delivering resource, skills, and experience-based strategies with the same emphasis on speed, cost efficiency, and commercial flexibility that KX applies to its data solutions.
Caspian One’s integrated service propositions - spanning Professional Services, Resource Augmentation, and Specialist Skills - parallel KX's multifaceted approach, ensuring both companies remain at the forefront of innovation and operational excellence in our respective industries.
As you've just explored KX's remarkable evolution, we're reminded of the invaluable partnership we share with them. Together, we're pioneering innovations in data and analytics that drive industry progress.
If you're eager to explore how this partnership can benefit your organization or if you have any questions about KX's offerings, don't hesitate to reach out to us at Caspian One or directly to the KX team. We're here to help you leverage the power of data for transformative results.
Our Data & Analytics (kdb) Narrative
This year marks Caspian One’s twentieth in business - a tremendous landmark. Ours has always been a story of innovation and adaptation.
In our time, the economic and technological playing fields in which we operate have undergone vast transformations… as we have reflectively as a company.
From our grassroots in specialist financial services recruitment, over two decades, we’ve matured and optimised our potential. In 2024, we’re most recognised and credited for our abilities to solve technology-driven, resource-based, and project delivery challenges that demand speed, scale, and commercial flexibility.
Our Data & Analytics (kdb) Practice is no exception to this transformative process.
Originating from a simple kdb+/q skills enquiry back in 2010, the Practice (within the safe hands of Global Strategic Practice Manager Ben Rutter) today services the resourcing requirements of more than 40 financial institutions throughout the UK, USA, Canada, Europe and APAC.
Our team of resources spans a diverse range, from Senior kdb Developers to Quant Developers, kdb Analysts, Architects, Infrastructure Developers, Market Data Engineers, and Support Professionals, ensuring we deliver tailored solutions to our clients' unique needs.
More than this, having earned our place in the close-knit kdb community through credible achievements and reputation, our team now sits centrally between both our clients and SME networks.
This empowers us to help both parties succeed in their goals... be those personal stories of career development or successes aligned with skills acquisition and project deliverables.
Our practice caters to a diverse clientele, including investment banks, hedge funds, prop trading firms, and crypto clients, with outreach into broadcast and telecommunications markets. Beyond kdb, we cover a wide range of technologies, including Snowflake, AI, KX Insights, Cloud, Java, JavaScript, C#, C++, Scala, Haskell, Kotlin, Python, Ruby, PHP, Node.JS, React, Angular, HTML, UX, DevOps, BA/PM, QA, Infrastructure, and Support.
With a unique partner-led practice model, combined with a rich network of SME partners and backing from kdb creators, KX, we are positioned as leaders in the field. Leveraging our market dominance within kdb+ and across mid-senior talent markets, we offer unparalleled access to niche kdb, data, and analytics SME resources. With a focus on quality, expertise, and risk mitigation, we empower clients to make informed decisions and maximize the value of their investments.
Talking of KX, when asked about our partnership, James Corcoran has this to say:
“The recent partnership with Caspian One as system integrators for kdb technology signifies a commitment to enhancing implementation efficiency and customer support. This collaboration is aimed at providing clients in the financial sector with seamless integration, enhanced services, and reliable support.”
" To create partnerships where technology, innovation, and human ingenuity combine seamlessly, empowering individuals and organizations to reach their full potential and thrive on transformative change. "
As we celebrate our twentieth year in business, we remain firmly aligned with our brand vision. With a proven track record of success and a dedicated team of experts, we look forward to continuing to exceed expectations, forge strong partnerships, and drive positive outcomes in the years to come. Connect with us today, and let's embark on the next chapter of success together.
In conclusion
This report underscores the robust demand for data and analytics skills, particularly within the domain of kdb technology, against a backdrop of dynamic market conditions.
Noteworthy trends include Python's ascendancy, the growing importance of AI-related proficiencies, and the resilience of data engineering roles.
Looking forward, a sense of optimism pervades, with a strategic focus on harnessing AI, cloud technologies, and targeted talent acquisition strategies to foster innovation and gain competitive advantage.
Our Data & Analytics (kdb) Practice stands poised to address our clients' evolving needs, offering tailored solutions, unparalleled expertise, and strategic partnerships aimed at unlocking the full potential of data-driven insights.
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