In this era of technical breakthroughs and digital transformation, data has become an invaluable asset to any businesses. Therefore, businesses are constantly looking for new ways to use analytics and information to achieve a competitive advantage. The year 2023 is expected to be a promising year for the data landscape, with tremendous developments and significant changes. The possibilities come from the rise of machine learning, Artificial Intelligence, Internet of Things (IoT), to big data and more.
There is no debate that the booming of big data has a great impact on any business. Data exists in every aspect, from web services, business apps, digital channels, and so forth. Many organizations seize these opportunities to gather data from various sources, and deploy data tools to analyze big data. From that, they can be equipped with valuable information and knowledge to make data-driven decisions, spot untapped opportunities and navigate the ever-changing business landscape
With these basics in mind, in this blog post, we explore some interesting latest data statistics and we are sure it will be helpful for your organization to harness the power of data, leading to innovation and stay ahead of your competitors.
Over 90% of the world's data has been generated in the last two years. (Forbes)
The last two years have seen a rise in global data production of almost 90%. The rapid growth demonstrates the exponential rate of data creation. Data creation has exploded as a result of the development of digital technology, internet use, social media, and the Internet of Things (IoT). This statistic highlights the enormous opportunities and difficulties in utilizing and gaining value from this enormous volume of data.
By 2025, it is estimated that 463 exabytes of data will be created globally every day. (Raconteur)
The amount will undoubtedly rise given how much data is being produced daily by people through social networking, video sharing, and conversations.
80% of enterprise data is unstructured, consisting of emails, documents, images, and other non-tabular formats. (Forbes)
Emails, documents, photos, and other non-tabular formats make up 80% of company data. It is evidence of how common unstructured data is in businesses. This number fits with the difficulties that businesses encounter when trying to manage and gain insights from unstructured data sources.
In 2020, global e-commerce sales amounted to $4.28 trillion, and it is expected to reach $6.38 trillion by 2024. (eMarketer)
Global e-commerce sales hit $4.28 trillion in 2020, demonstrating the rise in popularity of online buying and the quickening of enterprise digital transformation. As more consumers resorted to e-commerce platforms for their shopping requirements as a result of the COVID-19 epidemic, the transition to online retail picked up speed.
Looking ahead, the estimated sales of $6.38 trillion in 2024 show that the e-commerce business will continue to grow and expand. This rise is attributed to elements like rising internet usage, improvements in mobile technology, shifting customer preferences, and growing international markets.
By 2023, it is predicted that there will be 300 billion app downloads worldwide. (Statista)
With the rising popularity of smartphones and mobile applications, it is indisputable that app downloads have been steadily rising. A large part of the increase in app downloads is due to the widespread use of mobile devices and the growing number of users worldwide.
In 2021, the average person generated 1.7 MB of data per second. (Techjury)
It's important to note that individual data generation might vary widely depending on a number of variables, including internet usage, device usage, online activity, and data-intensive tasks. Regional and demographic considerations may also affect the rates at which data are generated.
The financial services industry spends the most on data analytics, making up to 30% of all spending on analytics globally. (Statista)
The financial services industry is made up of a number of subsectors, including banking, insurance, investment management, and others. To make educated decisions, manage risk, uncover fraud, improve consumer experiences, and spur business expansion, these sectors primarily rely on data analytics.
Financial institutions devote a significant amount of money to data analytics efforts as a result of the enormous amounts of financial data created and the industry's growing reliance on technology. This investment includes money for things like fraud detection, algorithmic trading, compliance monitoring, and customer analytics.
By 2025, it is estimated that the number of IoT devices worldwide will exceed 75 billion, generating massive amounts of data. (Satista)
The proliferation of IoT devices is anticipated as technology advances, driven by factors like rising smart device adoption, growing network infrastructure, and improvements in sensor technology. Through their interactions and sensor readings, these gadgets generate enormous volumes of data, opening up possibilities for data-driven insights and analysis.
The amount of data created will be enormous given that there are billions of connected IoT devices worldwide. Utilizing this data can help you streamline operations, increase productivity, improve decision-making, and develop brand-new, cutting-edge products and services.
Data-driven organizations are 3 times more likely to have better decision-making processes. (PwC)
According to the research, businesses that value data-driven strategies are more likely to choose wisely than those that rely exclusively on gut instinct or scant information. Organizations can obtain deeper insights into customer behavior, market trends, operational performance, and other important elements that influence decision-making by utilizing the power of data analytics.
In 2020, approximately 42% of organizations reported increased data quality as a significant benefit of big data analytics. (NewVantage Partners)
Data quality helps organizations increase the correctness, dependability, and consistency of their data assets by addressing data quality issues. High-quality data provides a strong platform for developing trustworthy insights, making wise decisions, and putting strategies into action.
By ensuring data quality, businesses can leverage better risk management and more precise forecasting. Trusted data enables businesses to efficiently drive data-driven initiative and enhances data-driven decision-making.
Google processes 8.5 billion searches each day (Internet Live Stats)
Data shows that Google processes over 99,000 searches every single second. It means that google runs around 99,000 search queries per second. Processing billions of searches every day, Google produces relevant and accurate search results in milliseconds. It is done because google search engine uses advanced machine learning, natural language processing, and ranking algorithms to analyze user queries and deliver the most pertinent web pages and information.
In 2020, 88% of organizations believed that data and analytics would redefine how they approach their business challenges. (MicroStrategy)
This statistical evidence shows that the revolutionary potential of data and analytics is widely acknowledged. This statistic shows how businesses are becoming more and more conscious of the value of utilizing data-driven insights to manage their problems and guide strategic decision-making.
The data statistics above have shown a compelling picture of the evolving data landscape. And for sure that they ‘ll get bigger for years. The upcoming year promises enormous advancements, from the exponential expansion of data generated and consumed to the revolutionary potential of technologies like artificial intelligence and the Internet of Things.
That's why data visualization tools have become popular recently. They show the capabilities to transform a vast amount of data into insights, helping executives to make better decisions and grow fast! Understanding the statics, trends, and the importance of data to your business. It's time for businesses to consider tools to unravel the power hidden inside big data, and Dataflake is a good choice for your four businesses!
