Big data refers to the field of analyzing large chunks of information that are way too complex to be dealt with through classic data-processing application software.ÂÂÂÂÂÂÂÂÂÂ
- Big Data growth statistics – 2021
- The rise of big data: by Popularity
- Big Data Industry size: by the Statistics
- Business Big Data adoption: by the Numbers
- Big Data Jobs Statistics
- Big Data Future Trends
The big data analytics segment is expected to reach a total of $103 billion by 2023.
Big data statistics show that this industry is constantly growing, due to a larger number of companies in need of these information collectors and processors.
$3.1 trillion per year is the cost of poor data quality throughout the United States.
Having all the big data facts in one place makes it easier for companies and business owners to understand the big picture of their economical landscape. This leads to easier decision-making and more efficient administration throughout an organization.
1.7 megabytes in just a second is the amount of data generated by a person in 2020.
These numbers are extremely interesting, but let’s dig a little deeper into some fascinating big data growth statistics.
Big Data growth statistics – 2021
All the research conducted in the field of big data shows that this industry is booming and it will continue to do so in the years to come, given it’s constantly increasing economic importance.
How much data is generated every day?
2.5 quintillion bytes is the amount of data generated daily by internet users.
To put things in another perspective, that’s the equivalent of 0.0025 zettabytes.
More than 70% of the digital universe and the data resulting from it is created by individuals.
However, companies are responsible for storing and managing 80% the global data.
How much data is there in the world?
18 zettabytes is the total amount of data worldwide, as of 2018.
In 2020, the numbers reached 40 zettabytes, according to studies made by market intelligence company IDC!
Big data increase expected to reach 175 zettabytes in 2025.
Talk about an impressive growth. There’s really nothing quite like it.
How fast is big data growing?
12.3% is the Compound Annual Growth Rate (CAGR) for the period from 2019 to 2027.
This growth is extremely impressive considering that the CAGR for Real Estate is “only†2.8% for the same period of time.
How big is the Big Data market?
$138.9 billion is the total size of the Big Data Market.
However, these numbers are likely to grow year over year.
700% is the projected growth for 2021 for big data in the financial industry.
These huge spikes are unprecedented.
The rise of big data: by Popularity
If we were to go back just a decade in time nobody spoke about big data. In today’s modern economy, data volume growth is such an essential topic, you can hardly read a financial article without stumbling across big data and how it affects the global business landscape.
The term “Big Data†was first used in the early 1990s.
Although no one knows exactly what it referred to back then.
In 300 BC, the ancient Egyptians were the first to try and capture all existing ‘data’.
They planned on having every bit of known information available then inside the library of Alexandria.
Big data has gone through 3 phases of popularity since the 1970s.
First phase lasted from the 1970s until 2000. Second phase went between 2000 and 2010, and the third phase of big data started in 2010 and it’s still ongoing today.
Approximately 64% of the global financial sector has already incorporated Big Data as a part of their main infrastructure.
This impressive percentage has been reached in 2013. Numbers continue to grow as more and more corporations realize the value of big data.
90% of all the data available today has been created in the last two years.
That’s a shocking statistic considering the thousands of years of history and date recorded since then.
Data production was 44 times greater in 2020 than it was in 2009.
It took only 11 years for big data to grow at such an unprecedented scale.
Big Data Industry size: by the Statistics
Looking at all the latest and most relevant statistics on big data, one conclusion seems to be clear. The industry will continue to have an exponential growth in the following years.
You could circle the Earth 222 times with the DVDs needed to store 175 zettabytes worth of data.
It’s truly amazing how far modern big data has come since it’s humble beginnings back in the 1970s.
In 2017, economists compared data to oil.
This just proves to show you how valuable big data actually is for the financial success of an enterprise.
$62.10 billion is the number projected for big data analytics in the banking sector.
This amount is expected to be reached by 2025.
Big Data has reached a market size of $12 billion.
Starting from 2015, when this number was achieved, the numbers have only gone up.
In 2019, Big Data in the banking analytics market had hit $29.87 billion.
That’s a very high growth which triggered a lot of attention to this constantly expanding field of activity.
10-25% is the estimated cost of bad data of an organization’s total revenue per year.
Judging by these numbers, it’s becoming clearer and clearer that companies can no longer afford not paying attention to big data.
Up to 50% of the average IT budget may be spent for “information scrap and rework”.
According to Lemonly.com’s infographic portraying the huge impact big data (or better yet, lack of big data) can have on a company’s budget.
$180,000 per year is the average amount wasted by a company due to bad data.
This is largely due to direct mail that has not reached the correct recipient due to inaccurate data.
$67.82 billion is the total worth for Big Data analytics in healthcare.
By 2025, this is the amount expected to be reached by this industry.
181 million years is the time needed to download all the data from the internet.
That’s, of course, if you were to start right now!
$430 billion has been gained by businesses in 2020 after opting for a data-driven approach.
According to a study conducted by Flat World Solutions.
Business Big Data adoption: by the Numbers
Whenever an industry experiences exponential growth, it’s bound to start being adopted by more and more companies and organizations.
TOP 4 countries based on fastest big data adoption rate
- Argentina (with a 20.8% CAGR – Compound Annual Growth Rate)
- Vietnam (with a 19.8% CAGR)
- The Philippines (with a 19.5% CAGR)
- Indonesia (with a 19.4% CAGR).
Only 0.5% of all data was analyzed in 2012.
This meant that 99.5% of the available data was not taken into consideration by companies and organizations.
37% of data is now being analized, since 2020.
According to The Economist, these numbers have witnessed an exponential growth.
Financial service companies have the lowest rate of big data adoption at 29%.
This is in contrast to the fact that the banking sector is the biggest data generator at the moment.
Approximately 80% of data collected by enterprises is unstructured and semi-structured.
This type of data (like JSON) makes up the large majority of currently collected data.
Fortune 1000 companies will gain $65 million in their net income by using big data.
Simply by increasing accessibility to big data by 10%.
2,000,000,000,000,000,000 bytes of data are generated every 24 hours across all industries.
Does this number look big to you? It’s huge!
$300 billion every year can be saved by the healthcare sector via big data.
Applying big data to their benefit will cut huge costs for the entire healthcare industry.
81.7% of companies have a mix of legacy and modern cloud technologies.
Which points to companies rapidly changing their focus to cloud data storing.
6 hours and 42 minutes is the time spent online by the average internet users.
That’s more than 25% of the time in a day. During this time, internet users generate data in various forms: posting articles, commenting, sharing information on social media and the list can go on and on.
33% of the total time spent online by the average user is spent on Social Media.
This makes Social Media the biggest source of big data because everyone can register an account for free, thus catering to a global audience.
528,780 tweets were sent every minute in 2020.
And this is just the big data generated by Twitter users in 1 minute.
16% of time is spent on TV streaming.
Which is one of the largest big data resources available today.
16% of time is spent for movie streaming.
An equal period of time is spent by people watching movies online.
13% of time online is spent on browsing news.
Surfing the internet for news and articles is behind TV and movie streaming online when it comes to big data generation.
22% of online time is spent on any other activity.
Most people spend their online time doing various activities that are all collected by big data centers.
Americans used 2,657,700 GB of internet data per minute in 2017.
The amount of internet data used per minute the following year, in 2018, was 3,138,420 GB.
$77.5 billion is the profit based on the contribution of big data analytics revenue for IT services in 2019.
Hardware purchases came second with $23.7 billion while business services came in with $20.7 billion.
Netflix saves $1 billion per year by using big data.
The amount saved by Netflix is largely coming from customer retention.
Netflix managed to influence 80% of content viewed by its subscribers.
This was only possible due to accurate data insights and correct applicability of big data.
300 new hours of video show up on YouTube every 1 minute.
That’s why Youtube’s servers have a capacity of over 1 billion gigabytes (1 exabyte).
73.4% of companies are still struggling with big data adoption.
The numbers also reflect AI integration and adoption.
Only 26% of companies consider that they have reached a data-driven culture.
Numbers will continue to grow in the near future, given the constant expansion of the big data industry.
Walmart collects more than 2.5 petabytes of data every hour.
And these numbers apply only from what the company gathers from its customer transactions. To get a better idea of what this means, 1 petabyte is one quadrillion bytes, or the physical equivalent of about 20 million filing cabinets worth of text.
40% is the average corporate data growth per year.
Basically, more companies are realizing the huge impact big data can have to their operations and they place a higher importance on collecting and analyzing it.
1 out of every 4 companies has reported not having a single specific source of truth for their centralized data.
This means that companies are getting data from various unverifiable sources.
A 60% increase in their operations margin is predicted for companies who make full use of their big data.
They just have to start implementing AI and big data processes to get the most out of their business potential.
A UK Financial Services company increased its revenue by 20% to 30%, simply by using big data.
And this is just the data provided by one company part of the Lemonly.com study on the cost of bad data.
A large institution realized a 12% sales benefit and 15% productivity improvement.
Based on the same study, that institution gained $64 million by analyzing its big data.
Only 14% of companies make their big data available to employees.
However, this percentage will most likely rise in the upcoming years.
Only 12% of the data owned by a company is analyzed.
Leaving 88% of data to go unanalyzed.
Big Data Jobs Statistics
With a constantly increasing demand for big data, the job market in this industry has seen a meteoric rise in the last 10 years.
2.7 million job listings for data science and analytics were available in 2020.
This number is extremely impressive, considering where big data was a decade or two ago.
The big data industry is now the 3rd most emerging domain for jobs in the United States and the 7th most emerging in the United Kingdom.
According to LinkedIn’s 2020 Emerging Job Report in these two countries.
The big data scientist job title has seen a 37% annual growth.
Based on the same report provided by LinkedIn.
8 million jobs in the United States alone and 6 million more worldwide have been created by big data since 2012.
Big data keeps proving itself to be a strong and constantly expanding industry.
2,283 permanent data science jobs were posted in the United Kingdom in the six months leading to March 2021.
However, this number is down from 3,162 from the same period in 2020. The trend followed in the US as well.
There’s a shortage of 250,000 professionals with security & data science skills.
These numbers apply for the year 2020.
The industry has seen a 14% salary increase in 2020.
Industry professionals have received an average raise of 14% as opposed to 2019.
67% of companies are increasing their big data departments.
Almost 7 out of every 10 companies are now hiring data scientists and other big data professionals.
79% of top executives feel like not implementing big data is equal to embracing bankruptcy.
They simply have a feel for the business world and they can spot and adopt a future trend when they see it.
48% of employees say that their companies do not offer or do not specify any sort of data training.
That’s close to half of all businesses worldwide.
83% of companies are now investing in big data projects.
If you were looking for a signal that big data is here to stay, this is probably the most relevant stat to prove it.
Only 3% of employees are capable of getting big data to answer their questions within a few seconds.
While this stat may seem gloom, more and more employees will start to have a better grip of the big data generated and obtained by their company.
There are 3 times more big data jobs postings than searches.
Big data scientists are still in huge demand in a constantly expanding economy focused on analyzing all the relevant data.
Big Data Future Trends
The big data industry has shown impressive growth numbers throughout the past couple of years and people working in this field predict a very fruitful future for their branch.
4.1 billion people are currently online, as of 2019.
In 2012, there were “only†2.5 billion internet users and with the growth of people using the web comes the growth of big data.
1,2 billion years is the total time spent online by people.
All big data industry trends show that the more people start using the internet, the more data they will generate.
71% of business experts have a desire to improve their big data literacy skills.
This will lead to another impressive growth down the line for the big data sector.
49% of the world’s data will be stored in public cloud environments by 2025.
According to IDC’s latest report, almost half of the global data will be stored via cloud services.
Each connected person will have at least one data interaction every 18 seconds.
This prediction applies for 2025, based on the same study.
$274.3 billion in worldwide spending is the projected amount for Big Data analytics solutions by 2022.
Some industries have witnessed impressive evolutions even throughout the COVID-19 pandemic. In 2019, global spending on Big Data was worth $180 billion.
Conclusion
By now, if you weren’t aware of just how huge the big data industry actually is, you can easily look over the latest big data statistics and big data facts we have present throughout this article.
Some industries take decades to grow and become an economic force to be reckon with, while some industries skyrocket overnight.
If there’s something to be said about the future of big data and the entire industry behind it, that’s the fact that everything looks more than promising, hitting record-high numbers year after year.
Do you use big data in your line of work? If so, how important is this area to your business, brand, or organization?
