The term Big Data has been in existence since the 1990s but was not largely heard and utilized until 2005 when Roger Mougalus from O'Reilly Media created the name. With the rise in technology usage such as mobile phones, IoT devices, and autonomous devices such as robots, the rate at which data is being generated daily has resulted in Big Data.
Big Data is a copious amount of data generated daily from various sources. These data are way too difficult to be processed with just any traditional data processing application tool or on-hand database system tools. And this is because there is too much data to process.
Before now, data was not as enormous beyond what the traditional tool could handle, but now, with the advent and enhancement of several programs, data has been on a constant increase which will require some advanced tools to break the data into smaller chunks for proper and easy utilization. Some of these tools include Hadoop, Spark, Hive, and Apache Hbase amongst others.
Statistics have shown that most of the fortune 1000 business today sources their information from Big Data. Before data can be classified as Big Data there are 5Vs that come to play, which are Volume, Variety, Velocity, Veracity, and Value. And with these comes several tools to help organize these data into structured, unstructured, and semi-structure.
If you are a business owner seeking to know how huge and the general statistics related to Big Data then this article has been written for you. Below are some of the key statistics related to Big Data you need to be aware of.
Key Big DataStatistics in 2023
- 5 quintillion bytes of data are generated each day by Internet users worldwide.
- The Big Data market in China is estimated to reach a value of more than $22 billion by 2023.
- By 2027, the Big Data analytics market is projected to reach $103 billion.
- 2% of the fortune 1000 organizations worldwide are looking to invest in Big Data.
- The global Big Data industry is worth $274.3 in 2022.
- 95% of businesses thrive to manage unstructured data.
- US economy losses up to $3.1 trillion annually because of poor data quality.
Top 15 Big Data Statistics & Facts to Know
1. How Fast is Big Data Growing?
Looking at how data evolves, keeping track of how fast chunks build up to become Big Data is very integral. The growth of Big Data calls for several factors to be considered as significant growth is the interest line that businesses must take advantage of.
In terms of the growth of Big Data, the Global Tech Council in 2020 wrote that vendors were expected to earn more than $76 billion in 2020, with a Compound Annual Growth Rate (CAGR) of 10%.
In two years, the revenues will surpass $210 billion at a CAGR of 11.9%. This means that the Big Data market will grow to become a $123.2 billion market by 2025.[Source: Codelantic]
2. What is the Worth of Big Data in 2022?
Several statistics have shown the quick rise of Big Data in just a few years and these have been tremendous. With such, what should be on the next line of thought is how worthy industries would have weighed this Big Data haven seen its enormous growth in utility. The worth of Big Data shot up from $169 billion in 2018 to $274 billion in 2022. A 62% increase. This is certainly a good figure within a short period of time.[Source: Explodingtopics]
3. How Many Businesses Use Big Data?
The utilization of Big Data has made a wide range of diversity across several businesses and companies. 60% of companies around the world use Big Data to drive process and cost-efficiency. 53% of businesses adopted Big Data analytics in 2017 and 78% of organizations believe that they are using data and analytics effectively.
Among some of these companies and businesses, few will be looked into.
How Netflix Uses Big Data to Drive Success:
Streaming on Netflix has always been loudly heard. 80% of the content we watch on Netflix with users' interests hooked on has been recommended by Big Data utilization. In 2009, Netflix came up with a $1 million giveaway to a group that came up with the best algorithm for predicting how customers would like a movie based on previous ratings. The algorithms help Netflix save $1 billion a year in value from customer retention.[Source: Inside Big Data ]
WhatsApp Big Data Statistics:
Available in more than 180 countries and is accessible in 60 different languages across the globe. In respect to the December 2020 tweet from Will Cathcart (Head of WhatsApp), more than 100 billion messages are sent each day on WhatsApp.
The volume of chats exchanged among users has increased by 53.84% since 2018. However, 5 million businesses across the globe are using the business version to stay connected with their customers.[Source: Backlinko]
How Universities Use Big Data to Increase Students' Graduation Rate:
1,400 Universities use Big Data to address low grades. Half of all college students were not able to complete their degree programs because of poor performance. Colleges with low graduation rates are sourcing Big Data to help spot trends and foresee students’ future squabbles. With the help of predictive analytics, Georgia State has boosted its graduation ratio by 23% since 2003.[Source: New America, Career Education Review]
4. How Much Big Data is Created Daily by Internet Users?
With the daily use of the Internet, and almost 80% of business and as well individual activities being tech-wise; enormous amounts of data are created resulting in Big Data. There are 2.5 quintillion bytes of data created each day at our current speed.
And that speed is only advancing with the growing popularity of the Internet of Things (IoT). This data creation rate will become even greater with every passing year so long as the Internet is the powerhouse of information storage.[Source: Forbes, SeedScientific ]
5. What is the Global Value of Big Data Software?
Big Data software is an important aspect when it comes to breaking and organizing chunks of Big Data into suitable folders for easy utilization. Over the years, there has been an increase in the frequent need for Big Data software owing to the substantial amount of data being generated by sensors from the Internet of Things (IoT).
The global Big Data software market attained a value of US $162.6 Billion in 2021. Looking forward, the market is expected to reach $314.1 Billion by 2027, showing a CAGR of 11.4% during 2022-2027.[Source: Imarcgroup]
6. How Much do Companies Spend on Big Data?
There is a constant demand for Big Data knowing its advantages. Most of the Fortune 1000 businesses globally have outsourced Big Data and are still ready to invest more money in this lane. Worldwide spending on Big Data and Business Analytics (BDA) is foreseen to reach $215.7 as of 2021. With a rise of 10.1% in 2020.
According to the worldwide updates on the Big Data analysis spending guide from International Data Corporation (IDC), BDA spending will gain strength over the next 5 years in the global economy. With CAGR development, BDA spending will rise by 2025, and the forecast period will be 12.8%.[Source: Statista]
7. What is the Big Data Statistics of Internet Users?
Surfing or engaging in one or multiple activities online has become a to-do list for billions of people worldwide. As of April 2022, there were 5 billion internet users worldwide out of the nearly 8 billion people in the world who spend time online as of 2019. This in turn is 63 percent of the global population. Of this total, 4.65 billion were social media users. 67% used mobile devices and 45% used at least one social media platform.[Source: baselinemag]
8. What is the Percentage of Companies Investing in Big Data?
With the fast growth in data generated, businesses are gradually understanding why it is integral for them to invest in Big Data. 97.2.% companies are investing in Big Data. Vantage survey revealed that 62.5% of participants said their organization appointed a Chief Data Officer, which indicates an increase since 2012 (12%).
(60.3%) of companies invested under $50 million in Big Data. One-third of participants (27%) said their companies’ cumulative investments in Big Data fall into the range between $50 million and $550 million. And only 12.7% of participants said their companies invested more than $500 million.[Source: New Vantage]
9. What would be the growth of Big Data Creation by 2025?
Big Data growth statistics reveal that data creation will be over 180 zettabytes by 2025. That was about 118.8 zettabytes more than in 2020. The reason why this is certain is that the pandemic has ignited an increase in the need for remote learning, entertainment, working, and others. Storage for this data will grow at a Compound Annual Growth Rate (CAGR) of 19.2% during the forecast period. That’s a big change considering that users only stored 2% of the data in 2020.[Source: Statista]
10. What is the Future Statistic of Big Data?
Since global data started to grow largely a decade ago, it has shown no signs of slowing down. As companies gain the opportunity for real-time Big Data, they will get to create and manage 60% of Big Data in the near future. However, personal data growth is significant as well.
In this report, IDC also estimates that 6 billion users, or 75% of the world’s population, will be interacting with online data every day by 2025. In other terms, each connected user will be having at least one data interaction every 18 seconds.[Source: iTransition]
11. What is the set value of the Big Data Analytics Market by 2023.
As more Big Data is generated, there is always a need for computational analysis regarding its discovery, interpretation, and communication. This is where the set goal of the analytic market surfaces.
The Big Data analytics market size accounted for $8.5 billion in 2017, and the Big Data analytics market growth is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 29.7% to $40.6 billion by 2023.[Source: Research and Markets]
12. What is the Projected Global Big Data Market Size by 2026?
There has been an increase in the enormous growth of Big Data size in the market. Since then, the rate at which Big Data has evolved has been mind-blowing.
Many analysts have been monitoring the Big Data market and it is always poised to grow frequently in both volume and size. The global market size is expected to reach $157.9 billion in 2020 to $268.4 billion in 2026, at a CAGR of about 12% over the forecast period.
[Source: Market Data Forecast ]
13. What is the Statistics of Big Data Google daily Search?
Google being the largest search engine worldwide receives chunks of data daily. Google gets $3.5 billion searches daily with 87.35% of the global search engine market share as of 2021. Big Data statistics for 2021 show that Google has 1.2 trillion searches yearly, and more than 40,000 search queries per second.
What’s more, 15% of all new Google daily searches have never been typed on the search Google search before. This tells you how the rate at which Big Data is generated daily on Google.[Source: Tech Jury]
14. What is the Estimated Big Data Analytic Revenue Worldwide by 2022?
According to International Data Corporation’s (IDC’s) Worldwide Semi-annual Big Data and Analytics Spending Guide, which notes that global businesses and companies are going round to high-level Big Data and analytics solutions to guide the convergence of their physical and digital worlds.
Worldwide revenues for Big Data and business analytics solutions total $166 billion, an increase of 11.7% over 2017. Over the 2017-2022 forecast period, revenues for Big Data and business analytics solutions are estimated to reach $260 billion in 2022.[Source: Business-Standard ]
With the enormous data generated daily, Big Data has been a spike to outsource and boost your awareness in various data consumption. Statistics have shown that most of the top Fortune 1000 businesses in the world use Big Data to ignite their level of KYC in order to bring satisfaction to their customers' desires and as well implode more productivity.
As a business, data is a major weapon that keeps you ahead of your competitors. In this article, there is more than enough good information to get you fleshed up and see how top businesses are seeing and using Big Data.