Big data is the new age technology that has made ground-breaking insights available in real-time. Business, governments and even NGOs can benefit by leveraging the insights offered by big data analysis. With time the access to data has also increased multifold. Today, data is in fact everywhere. From every search on Google to each second spent on Facebook, everything is converted into data. Now with smartwatches, glasses and even smart clothes the world will become a data collection mechanism. But we often discourage the potential of this technology because of us failing to understand its capabilities. We went through some research studies performed on big data and gathered statistics that will help you understand this tech in further detail.
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The Increasing Volume of Data:
- Data is growing at a rapid pace. By 2020 the new information generated per second for every human being will approximate amount to 1.7 megabytes.
- By 2020, the accumulated volume of big data will increase from 4.4 zettabytes to roughly 44 zettabytes or 44 trillion GB.
- Originally, data scientists maintained that the volume of data would double every two years thus reaching the 40 ZB point by 2020. That number was later bumped to 44ZB when the impact of IoT was brought into consideration.
- The rate at which data is created is increased exponentially. For instance, 40,000 search queries are performed per second (on Google alone), which makes it 3.46 million searches per day and 1.2 trillion every year.
- Every minute Facebook users send roughly 31.25 million messages and watch 2.77 million videos.
- The data gathered is no more text-only. An exponential growth in videos and photos is equally prominent. On YouTube alone, 300 hours of video are uploaded every minute.
- IDC estimates that by 2020, business transactions (including both B2B and B2C) via the internet will reach up to 450 billion per day.
- Globally, the number of smartphone users will grow to 6.1 billion by 2020 (this will overtake the number of basic fixed phone subscriptions).
- In just 5 years the number of smart connected devices in the world will be more than 50 billion – all of which will create data that can be shared, collected and analyzed.
Cloud computing is the use of scalable computing services over the internet. Anybody can gain access to a shared network of computer systems and pay for only the level of computing services he/she uses. Before the advent of cloud services, many companies couldn’t leverage big data because of the associated costs of IT systems. Now, we can have all computing power we need just with a few clicks. Here are some insights on the impact of cloud computing on big data:
- By 2020, a minimum one-third of all data will be stored and analyzed using cloud computing.
- Shared computing (executing computing tasks over a network of processors in the cloud) is what makes big data analysis possible. Google uses this setup every day by leveraging about 1,000 computers for answering a single search query, all of which takes less than 0.2 seconds to complete.
- According to a study by Deloitte, the key influential reasons to move to a cloud include faster payback times (30%) and improved agility (29%).
- Hadoop, an open source tool for distributed computing, is expected to grow at a compound annual growth rate of 58% thus, reaching $1 billion by 2020.
- 76% of decision-makers surveyed foresee significant changes in the domain of storage systems because of the “Big Data” phenomenon.
Market Predictions on Big Data:
Find more statistics at Statista
Recent studies indicate that by improving the integration of big data, healthcare could save up to $300 billion a year— these boils down to reducing costs by $1000 a year for each person that has access to the facility.
The White House has invested a whopping $200 million in big data projects.
A nominal 10% upsurge in data accessibility can result in more than $65 million increase in the net income, for a typical Fortune 1000 company.
Out of the 85% companies who are trying to be data-driven, only 37% have been successful in their initiatives. This is a result of lack of clarity among the executives. Over time the remaining companies will also match up to the level.
As of this moment, only 0.5% of all accessible data is analyzed and used. Imagine the potential here.
With these big data statistics, you can ascertain the future this tech withholds. We specialize in making the best use of big data for businesses. If you are interested in using data analysis for your organization then feel free to get in touch.