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40 zettabytes (40 trillion gigabytes) of data will be created in 2020 alone. So, what contributes to this large number? It’s everything we do online, everything we stream/download, every piece of data coursing through cloud networks and all the data being created in “The Internet of Things” by nearly 32 billion devices.
Why is such a large percentage (99.5%) of this data never analysed?
The simple answer to this question is that the amount of data created is growing faster than we can analyse it. Another reason we analyse and use less than 1% of the world’s data is because only a small amount of the data produced is “target-rich”.
IDC defines target-rich data as:
- Easy to access: Can you readily access this data or is it trapped in proprietary embedded systems? Is it locked away on end-user PCs?
- Real-Time: Is the data available in real time? Or does it arrive after the fact?
- Footprint: Would high-quality analysis of this data have an impact on industry trends/organisational structure, etc.
- Transformative: If properly utilised, could this data have a meaningful impact on the company or society?
Therefore, organisations who seek to become “data-driven” don’t need to wade through ALL of their data, they just need to analyse the data that meets the above criteria.
Why are certain industries investing more in Big Data than others?
The top three industries investing in Big Data technologies are currently Financial Services, Manufacturing, Professional Services and Government.
Financial Services are already facing extensive digital disruption from agile competitors that cater to the highly personalised experience the modern customer now expects. 81% of executives in the industry (surveyed by Oracle), believe the solution lies in IT cloud development. These cloud initiatives increase the amount of available customer data and as a result, also increase the need for Big Data Analytics to process and analyse it.
Manufacturing is investing in Big Data to better estimate price quotes, timeframes and material-based expenses for projects. The use of Big Data Analytics, specifically predictive analytics allows manufacturers to use past data to create the conditions for optimising their various operations (production, resource planning, etc).
In Government, the amount of data produced by their systems is staggering. Big Data solutions give government organisations the ability to collect and analyse that data to better serve citizens, while applying advanced security for the highly sensitive data they collect.
The Future of Big Data
A year from now…
Businesses who fully embrace their own “target-rich” data and use it to make informed business decisions will take $1.8 trillion annually from companies who do not use Big Data Analytics at all.
Big Data Analytics enable data-driven companies to claim a stake in this growing market, as these analytics can be used to streamline processes, reduce operational costs, predict changing markets and much more. All of these benefits lead to reduced costs, higher levels of efficiency and more profitable decision-making.
Three years from now...
In 2015, the Big Data industry was worth $23.56 billion – according to a report by Entrepreneur in 2023 it will be worth an estimated $77 billion.
If these predictions are correct, within a decade the industry will have almost tripled in worth!
Five years from now…
2020, the Global DataSphere is 40 zettabytes – Forbes reported that in just five years that number will grow to 175 zettabytes and the Big Data opportunity will have grown with it.
Conclusion
In 2020 the world of Big Data is formed by 32 billion IoT devices, 40,000 searches per second on Google and many more data-sources adding up to roughly 40 zettabytes of data, of which barely 1% is useful for analytics. In just five years we will see that amount of data almost triple and the Big Data opportunity grow with it. However, only those that successfully analyse that precious 1% will reap the benefits.
To view our "Use of data in 2020 and beyond" infographic in full, click here.
If you would like to discuss how you can take advantage of the Big Data opportunity in 2020, then give us a call on +44 (0)203 475 7980 or email us at Salesforce@coforge.com
Other useful links:
Data & Analytics Consulting Services