Big data statistics have come to the forefront of technology, but most people aren’t sure what these statistics mean or how they affect our every day lives. In this article, you’ll learn how big data statistics are changing our world and what you can do to use them to your business’s advantage.
Big Data Statistics in 2022
The world has more data than ever before, and the amount of information being collected each day continues to increase by exponential amounts. As the demand for high-tech data analysis rises, it’s important to learn how to properly read and interpret statistics. This will help you make informed decisions about how you should proceed with your business or job responsibilities.
You may ask: what is big data in statistics? This guide will teach you everything you need to know about big data statistics and how big data can make your life easier and more efficient.
What is Big Data?
The term big data, also known as massive or high volume data, refers to datasets that are so big they’re difficult to process and analyze using traditional means. It includes data from the Internet of Things (IoT), social media, machine sensors, mobile devices, and more.
Big data is far larger than what was traditionally collected and stored in a database. What does this mean? Well, for starters, most big data sets are voluminous, meaning there’s so much of it that it becomes difficult to deal with and store. Secondly, big data is often unstructured—there isn’t a specific format in which all of it has can be entered into a dataset.
With the increased availability of data from all kinds of industries and domains, new statistical techniques have become necessary to process and understand the information. And with big data statistics, you can discover trends or patterns in your dataset to improve your business and make smarter decisions.
General Big Data Statistics
The data we generate is growing at an exponential rate, meaning that big data is about more than just mining for patterns. Now, it’s about finding new ways of making sense of data in meaningful ways. Before looking at the general and specific statistics, let’s scan through these key trends in big data:
- As per a study by IDC, there are 127 new devices connected to the internet each second. This number could expand to over 41 billion by 2025.
- IoT-connected devices generate 5 quintillion bytes of data every day. With this, the amount could rise to 79.4 zettabytes of data by 2025.
- The ratio between replicated and unique data will be 10:1 by 2024.
- Moreover, big data will increase by a CAGR of 26% in the next three years.
- Worldwide spending on big data analytics tools and software will be worth more than $270 billion this 2022.
- Furthermore, it’s predicted to grow at a compound annual growth rate of 13.2% between 2020 and 2022.
- Due to the increasing implementation and usage of big data, data science jobs will increase by about 28% by 2026. This percentage is equivalent to 11.5 million new jobs worldwide!
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General Big Data Statistics
Is big data a future trend? Look at these general statistics.
- According to a recent survey by IT Chronicles, companies generate approximately 2,000,000,000,000,000,000 bytes of data per day. This data is expected to be worth $77 billion by 2023.
- Big data can be beneficial. However, 63% of companies admitted that they can’t gather insights from big data.
- Moreover, 39% of business experts revealed that they’re clueless about what it means to be data-driven.
- For US businesses, the biggest challenge to data access is IT budget constraints at 50%. Next to this are integration challenges at 40%, data security concerns at 36%, and lacking technical expertise at 34%.
- Despite the issues and challenges, 94% of business organizations say data is essential to their growth.
- Moreover, the industries investing the most into data analytics are the telecommunication, hospitality, and retail sectors.
- Analytics may be the primary reason for using big data. However, studies revealed that 73% of data are never used for analytical purposes.
- 36% of enterprises regard big data as crucial to their business operations.
- In terms of countries, the US is the biggest market for data at 57%. This is followed by European and Middle Eastern countries at 32% and Asia at 8%.
- Data creation will grow to over 180 zettabytes by 2025.
- You may wonder: how much data is on the internet 2021? As per recent big data statistics, it would take a person around 181 million years to download all data from the internet.
- On a daily basis, internet users produce about 2.5 quintillion bytes of data.
- If you’re asking, “what percentage of companies use big data,” 97% of companies are investing in AI and big data.
Big Data Industry Growth Statistics
Big data statistics show that companies have been investing in big data solutions since 2010. Let’s examine the growth of different industries using big data for their business operations.
- As per a report by SoccerNurds, the big data analytics market in banking could escalate to $62 billion by 2025.
- On the other hand, the market for big data analytics in the healthcare industry could be worth $67 billion by 2025.
- Cyber scams and issues have risen to 400% at the start of the COVID-19 pandemic. The most famous download campaigns and malware installations are from the threat group TA505.
- If you’re asking, “how many companies use big data,” 59% of organizations around the globe use big data analytics.
- Big data is also now used by every industry, but the entertainment and media sector takes the top spot for predictive analytics.
- Take Netflix, for example. This video-streaming service was able to influence 80% of content viewed by its 100 million subscribers due to accurate data insights.
- Moreover, Netflix was able to save $1 billion a year on customer retention by using big data.
- Overall, manufacturing and banking are the biggest industries for big data.
Big Data Usage Statistics
It’s tempting to believe that big data can help companies do everything better. But in reality, many organizations struggle with how best to use all of that information. Businesses often find themselves asking: do we really need big data? Check out these statistics to find out.
- According to a study by Dresner Advisory Services, data warehouse automation and forecasting are the topmost use cases for big data analytics.
- Moreover, 70% of respondents agree that customer and social analysis and fraud detection are ideal use cases for big data.
- When it comes to online platforms using big data, Google remains the highest shareholder among search engines with over 3.5 billion searches daily.
- Meanwhile, WhatsApp users send and respond to up to 65 billion text messages daily.
- As showcased in current big data statistics, users spend about 6 hours and 42 minutes on the Internet. This accounts for the rapid big data growth online.
- On the other hand, social media accounts for 33% of the total time users spent online.
- As per big data growth statistics, there are more than 2 billion active users on Facebook per month. With this, the social media platform has around 1.8 billion visitors daily.
- Twitter users post more than half a million tweets per minute. According to reports, there are over 30 billion tweets posted on the platform in less than 1.5 months.
Big Data Market Statistics
Businesses are becoming more aware of how important it is to take advantage of big data to gain an edge over their competition. These big data market statistics will prove it.
- As per data by Statista, the big data analytics market for services and software is expected to be worth $103 billion by 2023.
- Furthermore, this figure is forecast to double by 2027.
- The big data analytics market for customer experience management is estimated to be worth $14 billion by 2024.
- Meanwhile, the big data market in China is expected to reach a value of over $22 billion by 2023. This figure is based on the country’s 23.5% compound annual growth rate between 2014 and 2020.
- It’s been estimated that by 2020, almost $200 billion will be spent on big data technologies and analytics.
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Benefits of Big Data Statistics
To delve deeper into big data, let’s look at some of its benefits to business organizations.
- According to a report by McKinsey & Company, data-driven organizations are 23 times more likely to acquire new customers.
- Moreover, companies that utilize big data are 19 times more likely to maintain a profitable status.
- Recent big data statistics revealed that Fortune 1000 companies could generate incredible outcomes even with a small data visibility increase.
- For example, a 10% rise in data visibility could yield up to $65 million in additional income.
- Better decision-making is the top benefit of using big data at 69%. The two other benefits include improved control of business operational processes at 54% and improved customer understanding at 52%.
- Another report from McKinsey & Company revealed that companies investing in big data could increase their operating margins by 60%.
Businesses’ Perception of Big Data
To give you a full grasp of the impact of big data on business organizations, let’s talk about how businesses view it.
- Big data statistics from NewVantage showed that 97% of business organizations worldwide are focusing on big data and AI investments.
- However, a recent survey found that over 80% of businesses don’t trust big data, citing a lack of security as their main concern.
- Moreover, 88% of respondents agree that big data are irrelevant to companies.
- Despite the lack of trust in big data, 58% of organizations around the world are still planning to implement big data technology into their business operations.
- 21% of business organizations consider big data statistics and security analytics as important tools in today’s operations.
- Furthermore, 13% of companies that work in velocity, big data volume, and variety claim that they highly consider big data security analytics in their regular processes.
- Recent big data statistics revealed that people in the United States use an average of more than 3 million GB of internet data per minute.
- With the increasing use of big data worldwide, experts predict that it will offer 2.7 million job opportunities in the US alone.
- On the other hand, US college institutions are selecting the brightest and best students by using big data.
The Future for Big Data in Business and Research
So, what is the future of big data analytics? The future of big data in business and research is a bit cloudy. Although we’ve been generating huge amounts of digital information for years now, most data stored is still unstructured. With so much data, it will be difficult to process it all in a timely manner, but that doesn’t mean we’ll slow down in doing so.
The combination of consumer demand and technological advances will allow businesses and researchers to pursue more analysis in real-time. In fact, IBM predicts that by 2022, there will be 5 exabytes of data created every single day. By 2025, we should see over 1 million gigabytes of data being collected per person on the planet!
These figures are huge! And it’s not surprising that companies are seeking every opportunity to capture as much data as possible. As reported by McKinsey & Company, big data could be the next frontier for innovation, competitiveness, and productivity. And big data isn’t just being used in businesses across all sectors but also more and more in research.
To explore further the many advances in technology, read this article: “5G Statistics 2021: Adoption, Benefits, and Challenges.”
Sources:
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