Information is power. But only so far as the insight it reveals. The 2.5 quintillion bytes of data we create every day is useless until we crunch it through big data analytics. This is where things get exciting for businesses when we can now predict market behavior with laser-focus accuracy at a personal level. We know data will only get bigger and tech more sophisticated as the months—not years—roll in. You either get up to speed with big data statistics or run the risk of living under a rock soon.
Here then is our big data report 2019, comprising the key big data statistics and trends to keep you afloat and relevant for the years ahead, all culled from various big data market research labs all over the world.
1. State of Industry Statistics
While the big data market size and market share only indicate numbers by the billions, their total effect on the global economy easily ranges in the trillions. The path for growth is open in all directions and market forecasts and industry projections easily confirm where big data is heading—spearheaded by its twin business analytics and the many business intelligence software applications that it spawns.
- $189.1 billion – projected worldwide revenues for big data and business analytics (BDA) solutions for 2019 (IDC)
- 12% – rate of increase for big data and business analytics from 2018 to 2019 (IDC)
- $274.3 billion – projected worldwide revenues for big data and business analytics (BDA) solutions by 2022 (IDC)
- 13.2% – projected compound annual growth rate (CAGR) of BDA within the five-year period 2018-2022 (IDC)
- $77 billion – projected big data market size by 2023 (Entrepreneur)
- $103 billion – projected value of the big data analytics market by 2023 (TechJury)
- 20% – projected growth rate of the big data market for 2019 (TechJury)
Drivers of Big Data Growth
Big data exponentially grows with the increasing use of more powerful technologies. This is more so as businesses and institutions pursue competitiveness in all matters digital.
- Digital transformation is a key driver of BDA growth (IDC)
- In terms of big data market share, IT services will have the largest category of the BDA market in 2019 ($77.5 billion), followed by hardware purchases ($23.7 billion), and business services ($20.7 billion). Combined, IT and business services will account for more than half of all BDA revenues throughout the forecast and will be among the categories with the fastest growth. (IDC)
- In terms of deployment, on-premises solutions will take more than 70% of BDA software revenues in 2019. However, revenue for BDA software delivered via the public cloud will experience remarkable growth over the five-year forecast (32.3% CAGR). This represents more than 44% of the total BDA software opportunity in 2022. (IDC)
2. Big Data Cost & Benefits Statistics
Cutting-edge customer service software can already work through massive amounts of data to profile customer needs and behavior. This helps agents engage with customers better and add more value to overall customer experience. CRM solutions deal with its own data sets to improve the profiles of both leads and customers. The leading marketing tools can gather crucial information about leads and customers, allowing marketers to increase their sales leads and conversion. These and other examples show big data address business challenges from multiple fronts.
Benefits of Big Data
- Using big data, Netflix saves $1 billion per year on customer retention (TechJury)
- USD 1 trillion – amount businesses will save through IoT by 2020 (Grazziti)
- USD 40 billion – the projected impact of AI by 2025 (Tractica)
- 8–10% – profit increase by businesses that use big data. (Entrepreneur)
- Data wrapped in stories are 22x more memorable than bare facts (Chicago Analytics Group)
- 70% of businesses believe that data warehouse optimization is critical to their success (Forbes)
- Data analytics top 4 benefits: 25% faster innovation cycles; 17% improved business efficiencies/higher productivity; 13% more effective R&D; and 12% product/service (Chicago Analytics Group)
The Cost of Big Data
- USD 3.1 trillion a year – the cost of poor data quality in the US economy (IBM)
- 91% of companies feel poor data wastes revenue. (Chicago Analytics Group)
- 79 percent of enterprise executives who say that not embracing big data will cause them to risk competitive position and face extinction (Forbes)
- 83 percent of enterprise executives who are pursuing big data projects to gain a competitive advantage. (Forbes)
- 10% – reduction in overall cost by businesses that use big data (Entrepreneur)
Faster innovation cycles%
Improved business efficiencies%
Source: Chicago Analytics Group Designed by
3. Big Data Global Penetration Statistics
Nothing keeps big data statistics analysis churning in any part of the world like social media and mobile devices. With those, billions of users and thousands of businesses interact daily to produce a staggering amount of data. Only the best-designed data mining and business intelligence could hope to process that. Add to that the myriad social media management tools diving into the data pool and you see data is truly fueling businesses for years to come.
- Every day, we produce 2,500,000,000,000,000 bytes of data. That’s 2.5 quintillion or 2.5×1018 bytes of data (2.3 trillion gigabytes) (IBM)
- 40 zettabytes (43 trillion gigabytes) of data will be created by 2020, up 300% from 2015 (IBM)
- 90% amount of all data ever made on Earth produced by humans in the last two years alone. (Forbes)
- 1.7 megabytes – new information created every second by every human being (Grazziti)
- 6 hours and 42 minutes is the average number of hours per day users spend on the internet (The Next Web)
- 1.2 billion years – number of years humanity will collectively spend online in 2019 (The Next Web)
- 44 zettabytes (44 trillion gigabytes) – the volume of global IT traffic projected by 2020 (Grazziti)
- 50 billion – number of smart connected devices in the world by 2020, collecting, analyzing and sharing data. (Cisco)
The Dead Figures in Big Data
How does big data figure in big data accounting? Many die while their social accounts remain active. Multiply that by years ahead and you get the picture. Of course, that does not take away from how many of the current world population make into the big data numbers.
- 181 million – number of years it would take a single individual to download all the data from the internet (PhysOrg)
- 50 years from now – when the dead may outnumber the living on Facebook (PhysOrg)
- 7.697 billion global population (urbanization 56%) (We Are Social)
- 5.110 billion unique mobile users (66% penetration) (We Are Social)
- 4.437 billion Internet users (58% penetration) (We Are Social)
- 3.499 active social media users (45% penetration) (We Are Social)
- 3.429 mobile social media users (45% penetration) (We Are Social)
4. Big Data Business Application Statistics
U.S. companies are storing big data at a mind-boggling level. However, data is almost evenly split between structured and unstructured/semi-structured data. That means there is a lot of work ahead for vendors and their clients to fully maximize big data. And they may be falling behind the race as we see even faster big data traction. These are all thanks to technologies like cloud computing, AR and AI.
- 100 terabytes – volume of data stored by most US companies. For perspective, a year of it is enough to fill ten thousand Libraries of Congress. (IBM)
- 1 terabyte of trade information – average volume of data captured by the New York Stock Exchange each trading session (IBM)
- 45 percent – companies that run big data workloads in the cloud. (ZDNet)
- 100 sensors – average number of sensors used by modern cars to monitor items such as fuel level and tire pressure (IBM)
- 51% of data is structured, 27% of data is unstructured and 21% of data is semi-structured (Tata Consultancy Services)
How big data will look for companies and employees
- 30% of web browsing will be done without a screen by 2020 (Grazziti)
- 220 million – number of connected cars by 2020 (Grazziti)
- 100 million consumers will shop via augmented reality (AR) by 2020 (Grazziti)
- 1 billion – number of global workers whose behavior will be altered by algorithms (Grazziti)
- 40% of employees can cut their healthcare costs by wearing fitness trackers (Grazziti)
- $9 billion – data investments in the financial services industry in 2018 alone. (researchandmarkets)
- 97.2% of organizations are investing in big data and AI (TechJury)
- By 2020, the customer will manage 85% of its relationships with an enterprise without interacting with a human. (Chicago Analytics Group)
- By 2020, self-service spending on data tools will grow 2.5x higher than traditional data tools spending. (Chicago Analytics Group)
- In 2019, there are 2.3 billion active Facebook users, and they generate a lot of data (TechJury)
Companies still need to address big data challenges
of Leaders have some form of shared analytics resources
of Leaders measure ROI of analytics investments
of Leaders cite growth as key value derived from analytics
of Leaders have predictive analytics capabilities
Source: iView Systems, 2016 Designed by
Let big data work for you
Big data brings a long list of statistics as this article clearly shows. If your business works with a huge volume of data, a compilation like this sets you on the right foot in steering your business for many years ahead. Hidden in the vast array of data lying on your databases is information that you could turn to your advantage.
It could be about discovering a new line of products or services with a ready market that no one has even heard of. It could be about a new way of doing things and you just need to gather the right people to see it implemented in your organization.
No matter what it could be, it simply reinforces the need for vigilance when it comes to thinking about how data could alter the course of your business. With the right business and productivity tools, you put yourself in the right place and the right time to be ahead of the pack.