Although vector databases have been around for decades, their application prior to genAI was limited. But going forward, their potential is huge to get insights from untapped data assets. In our 2024 predictions, Forrester predicted that vector database adoption would increase by 200% in 2024 to support the rapid growth of genAI initiatives. Enterprise IT organizations will be leveraging vector databases to enable the development of custom applications while technology vendors will be embedding vector into their solutions behind the scenes to support things like chatbots and custom data platforms. Organizations are already using vector databases to improve customer recommendations, for real-time anomaly detection with IoT data, and for fraud detection.
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