Big data is one of the fastest–growing sectors currently, affecting companies around the globe. It refers to the vast datasets companies produce continuously, which are processed for business improvement. By 2023, the big data market will be worth $103 billion!
As a business owner, you can’t handle these growing datasets using traditional methods. Tools like Hadoop and Apache Spark will be useful. Your data scientists can analyze these datasets to derive patterns that help in better decision-making.
If you’re researching big data and are curious about its importance, this blog is for you. Check out the significant big data statistics for more clarity on the domain.
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Big Data Market Statistics and Facts
The international market of big data was worth $271.83 billion in 2022. As big data is fuel for many world-class organizations, the projected worth has increased. So, the market can be worth $745.15 billion by 2030 with a CAGR of 13.5%.
Big data analytics adoption is increasing as every corporate sector becomes more competitive. Companies like Google and Amazon use big data to create better customer solutions. The data analysis is also helping them enhance existing business strategies.
Let’s focus on the general big data statistics that shed more light on the field.
Google Search Data Facts
Users make around 3.7 billion searches on Google daily and approximately 40,000 searches per second. That’s why the approximate size of Google’s search index is 100,000,000 GB.
Companies track their target user’s behavior using search results and online browsing activity. Google Analytics is a helpful tool for creating reports about user activity. These will include details about their device usage, website dwell time, CTR, and purchase history.
So, Google helps companies understand their audience better through Google Analytics, which is powered by Big Data fundamentally. As Google is the most used search engine, these numbers will keep increasing, and so will its search index!
The Steady Increment of the Big Data Production
In 2020, the approximate amount of data generated globally was 64.2 zettabytes. Moreover, the data interactions increased to 5000% between 2010 and 2020.
Times have changed, and the number might be around 180 zettabytes by 2025. You will be surprised to know that almost 328.77 million terabytes of data get generated daily!
This rise in data production started in 2020 during the COVID pandemic. Along with companies, the general public generated a lot of data as they were working and studying from home.
Online searches, purchases, interactions, and similar activities increased data generation.
So, more storage space will be needed to handle this enormous amount of data. Experts suggest that devices will have greater storage space, which may increase the production of hard drives.
Data Creation Statistics from Different Media Channels
You might consume content through audio, video, and social media channels. All these channels generate a ton of data and lead us to interesting big data statistics! For example, video channels like YouTube and Tik Tok are responsible for most worldwide data traffic.
53.72% of the global data belongs to these video platforms. Social media platforms like Facebook are also catching up, as around 51% of the content shared is video. Other sources of massive data generation include the following –
- Gaming
- Web browsing
- E-commerce websites
- Messaging
- File sharing
- Audio content streaming
Video and audio streaming platforms like Netflix and Spotify, respectively, also contribute to this data production. As people have become more inclined to their mobile devices, the statistics will likely grow.
Impact of Big Data on Various Industries
Large corporations utilize big data analytics to improve customer service and product development. Around 82% of companies plan to invest in big data in 2023 to enhance decision-making. This involves domains like information technology and healthcare heavily.
Business Intelligence and Analytics Software Industry
The average organization does not utilize 60% to 73% of its business data. It automatically hampers their decision-making and customer analysis.
That’s why the business intelligence and analytics software market is booming. Experts suggest that the market will amount to $17.6 billion by 2024. So, the usage of big data related tools like Apache Spark, Tableau, MongoDB, Presto, and Talend will increase. Due to this growth, the global analytics market can be worth $68 billion by 2025.
The major companies looking to invest in these big data technologies include Amazon Web Services, IBM, Oracle, and HPE. Upcoming tools you need to know are –
- Cloudera Distribution for Hadoop
- KNIME
- Datawrapper
- Rapidminer
- Apache SAMOA
- Lumify
Big Data in Healthcare
Big data in healthcare plays a vital role in improving patient-centric solutions. Medical institutions use data analytics to analyze patient data, create healthcare databases and enhance patient care.
The market for Big Data in Healthcare can be around $71.6 billion by 2027. Between 2022 and 2027, the domain may experience a CAGR of 14.1%. Medical researchers are implementing big data analytics to develop diagnosis and treatment methods.
The most notable companies in the healthcare analytics market include –
- Cognizant Technology Solutions
- Epic Systems Corporation
- GE Healthcare
- Cerner Corporation
- Dell Inc.
- McKesson Corporation
The global regions where big data is most used for healthcare solutions are North America, Asia Pacific, South America, Africa, the Middle East, Eastern Europe, and Western Europe.
Further, the need for medical research and organizing unstructured data will boost the need for big data in healthcare.
Big Data in Banking
Data analytics enables financial Institutions to derive patterns from their datasets and gain a comparative advantage. Along with data-driven marketing, banks use big data to analyze their current operations and strategies.
That’s why the Analytics market in banking is expected to go beyond $28.11 billion by 2031. Moreover, 42% of financial leaders may utilize predictive analytics. It will help them in financial forecasting and making accurate decisions.
Other applications of big data in the banking and financial industry include –
- Augmented data analytics will offer better financial insights
- Data operations can ensure the data is consistent, error-free, and compliant
- Composable data analytics enables banking professionals to combine complex datasets and address business issues
In addition, financial institutions will also utilize cloud-based data solutions to process and evaluate banking information.
Big Data and the Entertainment Industry
Big data is essential for the entertainment industry as it helps create enhanced services. OTT platforms like Netflix and Amazon Prime use big data to offer a personalized experience to users.
For instance, Netflix uses data analytics to understand user behavior and watching preferences. Their data-driven and AI-based recommendation systems suggest shows accordingly. The past 6-7 years, the company has saved almost $1 billion using big data.
Platforms like Hulu, Apple, and FX use data to examine content consumption patterns. It helps them improve their content library and customer retention rates. Video streaming service revenue is expected to be over $139 billion by 2027.
The Future of Big Data
As companies want better revenue and customers need enhanced services, big data will have many applications in the future. By 2025, more than 180 zettabytes of information will be produced by companies and the general public.
More companies will operate a remote workforce, so the data generation might keep increasing. Also, students taking classes from home can contribute to this growth. Let’s look at some interesting big data statistics that’ll make waves in the future.
More Employment Opportunities for Data Scientists
The number of data science jobs is expected to increase by 30% by 2026. That will be almost 12 million job opportunities. The demand for data scientists will continue increasing as organizations produce data for analysis and processing.
Companies like Deloitte, Discover Financial Services, Cobblestone Energy, Amazon, Google, IBM, and Diverse Lynx will offer multiple jobs.
Ethical Practices for Data Collection
Most companies collect user data to improve products and services. The common data sources include social media, IoT devices, search engines, and streaming platforms. Companies might sometimes gather sensitive data that the customer may not want.
So, big data will be useful for creating ethical data collection practices and making customer consent a big priority. They’ll ensure laws like GDPR and CCPA are maintained during data gathering.
Real-Time Data Analytics
Companies will implement real-time data analytics in the future to improve decision-making processes. They’ll access the latest data in real time, which can lead to faster decisions. Moreover, they can detect data patterns quickly and gather insights conveniently.
It will automatically improve their operation and efficiency and give them a competitive edge. Organizations can improve their existing strategies by utilizing relevant information in real-time.
In addition, social media marketing and trading can benefit from this analytics strategy. Traders can use real-time data to make financial predictions and invest accordingly. Also, social media marketers can create content based on the most trending news or data.
The Bottom Line
The big data market might experience annual growth of 10% in 2023 and 7% to 9% in the upcoming years. As firms and the general public keep producing more data, these big data statistics will change.
Companies need to prepare better data storage, collection, and processing techniques. This way, they can deliver improved customer service and secure their information. However, this might significantly increase the requirement for data scientists and analytics professionals.
So, the future of big data holds plenty of opportunities for companies, customers, and professionals.
