When you think about data, think about the zeros.
As in 18 zeroes. As in, more than 2,000,000,000,000,000,000 bytes (or 2 quintillion) of data created each day. As in, holy guacamole.
This exorbitant amount of data relates to all things — our behavior, our interactions, and seemingly endless activity across our businesses. It is often associated with internet-connected devices and our (or our clients’) relationships with them. Big data software helps companies take heaping servings of this data — millions of scraps at a time — and turn them into actionable insights.
Big data has been a buzzword on everyone’s lips in recent years, especially in enterprise tech companies. Now that we’re a data-woke society, we’re likely to continue in that direction. The term “huge data” is coming into use, as our insatiable hunger for data continues to grow.
As in, Night of the Living Data.
Businesses and even government entities are reshaping their practices around big data analytics software and the hawk-eyed perspective it offers. Many organizations are even making their data available to the public. Because of the competitive advantage, those lagging behind could feel the burn if they don’t adapt.
We’ve previously answered the question “What is Big Data?” For this post, we’ve gathered some recent big data statistics that illuminate the topic, its relevance, and its trajectory. Regardless of your company’s current methods, it’s helpful to know the scope and the impact of this ongoing revolution. You’ll not only be hearing about it everywhere you go, but seeing it implemented in everyday life.
General big data statistics
- 53 percent of companies are adopting big data analytics. (Forbes, 2017)
- 55 percent of North American businesses have adopted big data analytics. (Forbes, 2017)
- 45 percent of companies run at least some big data workloads in the cloud. (ZDNet, 2019)
- 95 percent of businesses need to manage unstructured data. (Forbes, 2019)
- 40 percent of businesses say they need to manage unstructured data on a frequent basis. (Forbes, 2019)
- People generate 2.5 quintillion bytes of data each day. (IBM, 2016)
- More than 150 zettabytes (150 trillion gigabytes) of data will need analysis by 2025. (Forbes, 2019)
- 90 percent of the world’s data was created between 2015 and 2016 alone. (IBM, 2016)
- The big data industry will be worth an estimated $77 billion by 2023. (Entrepreneur, 2019)
- The worldwide big data market is projected to grow from $42 billion in 2018 to $103 billion in 2027. (Forbes, 2018)
- The education vertical currently has the lowest adoption of big data among vertical industries, but educators are most likely to say they may use big data in the future. (Forbes, 2017)
Business intelligence statistics
- 90 percent of IT professionals plan to increase spending on BI tools. (Forbes, 2019)
- Big data ranks 20th across 33 key technologies when businesses were asked their top technologies and initiatives strategic to business intelligence. (Forbes, 2017)
- The number of IT professionals using descriptive and predictive analytics grew from the mid-40th percentile to high 60th percentile between January 2018 and January 2019. (Forbes, 2019)
- Content analytics usage among IT professionals increased from 43 percent to 54 percent between January 2018 and January 2019. (Forbes, 2019)
- The big data software market was worth $31 billion in 2018, growing 14 percent from the year before. (Forbes, 2018)
Benefits of big data
- Businesses that use big data saw a profit increase of 8–10 percent. (Entrepreneur, 2019)
- Businesses that use big data saw a 10 percent reduction in overall cost. (Entrepreneur, 2019)
- Data warehouse optimization is considered the most important big data analytics use case, and is considered critical or very important by 70 percent of businesses. (Forbes, 2017)
- Customer/social analysis is considered the second most important big data analytics use case, followed by predictive maintenance. (Forbes, 2017)
- 79 percent of enterprise executives say that not embracing big data will cause companies to lose competitive position and risk extinction. (Forbes, 2018)
- 83 percent of enterprise executives say they’ve pursued big data projects to gain a competitive advantage. (Forbes, 2018)
- Nearly 50 percent of businesses say big data and analytics have fundamentally changed business practices in their sales and marketing departments. (Forbes, 2018)
- More than 30 percent of businesses say big data and analytics have fundamentally changed business practices in their research and development departments. (Forbes, 2018)
- 62 percent of retail businesses see competitive advantages from information and analytics. (Towards Data Science, 2018)
- 98 percent of sales representatives at construction companies that adopt analytics and geographic data reported dramatic decreases in their time frame for providing price quotes. (Towards Data Science, 2018)
Banking and big data
- In the banking sector, investments in big data analytics were estimated at $20.8 billion in 2016. (The Hill, 2019)
- The amount of data generated each second in the banking sector will grow 700 percent by 2020. (The Hill, 2019)
For large amounts of raw data, many businesses utilize repositories called data lakes. Learn more by reading What Is a Data Lake and Why Is It Essential for Big Data.
- 70 percent of investment professionals use “alternative data” or plan to do so in the next year. (The Hill, 2019)
- 36 percent of investment professionals use web scraping to derive data. (The Hill, 2019)
- 29 percent of investment professionals use search trends to derive data. (The Hill, 2019)
- 29 percent of investment professionals use expert networks to derive data. (The Hill, 2019)
- 21 percent of investment professionals use web traffic to derive data. (The Hill, 2019)
- 14 percent of investment professionals use credit card and POS software data to derive data. (The Hill, 2019)
Other big data findings
- 59 percent of executives say big data at their company would be improved through artificial intelligence (AI). (Forbes, 2018)
- 53 percent of CEOs consider themselves the primary leader of their company’s analytics agenda. (McKinsey Analytics, 2018)
- 60 percent of businesses believe it is harder to source talent for data and analytics positions than for any other roles. (McKinsey Analytics, 2018)
- 61 percent of businesses that recognize the effect of data and analytics on their core business practices say their companies either have not responded to these changes or have taken only ad hoc actions rather than developing a comprehensive, long-term strategy for analytics. (McKinsey Analytics, 2018)
- Analytics leaders are nearly twice as likely as others to report enacting a long-term strategy to respond to changes in core business practices. (McKinsey Analytics, 2018)
- 26 percent of businesses say data and analytics have significantly changed the nature of industry-wide competition. (McKinsey Analytics, 2018)
- 8 percent of businesses say data and analytics have fundamentally changed the nature of industry-wide competition. (McKinsey Analytics, 2018)
- 50 percent of businesses say data and analytics significantly impacted new entrants launching data and analytics businesses that undermine traditional competitors’ value propositions. (McKinsey Analytics, 2018)
- 30 percent of businesses consider the Spark software framework critical to their big data analytics strategies. (Forbes, 2017)
- 73 percent of businesses consider Spark SQL critical to their analytics strategies as a big data access method. (Forbes, 2017)
If you’ve got a 10-person operation and can track certain metrics on your fingers, you may not be rushing into a big data approach in 2019. With that said, this unprecedented data revolution shows no signs of letting up, so it deserves your attention.
It may affect your business in unexpected ways. It’s sure to affect the world around you in unpredictable ways. So keep your ear to the ground and stay up on big data developments as the “march of quantification” carries on.