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Big data - Statistics & Facts

"Big data" refers to data sets that are too large or too complex for traditional data processing applications. The term is often used to refer to predictive analytics or other methods of extracting value from data. In order to harness big data, businesses rely on raw storage and processing power as well as strong analytics capabilities and skills. By 2022, annual revenue from the global big data and business analytics market is expected to reach 274.3 billion U.S. dollars. The largest share of big data revenue is believed to stem from services spending, representing 39 percent of the overall market as of 2019. The major providers of big data and analytics software include global names such as Oracle, Microsoft, SAP, and IBM.

While not every piece of data finds its way into the big data ecosystem, a number of figures already highlight the challenge of finding useful data amongst the rest. In 2020, it was projected that the overall amount of data created worldwide would reach 59 zettabytes, climbing rapidly into the future. Contributing to the rapid growth of data traffic is the internet of things (IoT), which is already connecting the digital and physical worlds through a network of sensors. The data volume created by global IoT connections already reached 13.6 zettabytes in 2019 and is forecast to amount to over 79 zettabytes by 2025.

The need for digital transformation and innovation are among the key drivers for investing in artificial intelligence (AI) and big data technologies. As of 2019, the adoption rate of big data technology stood at 52.5 percent among surveyed global organizations, with a further 38 percent intending to use the technology in the future. Data warehouse optimization and forecasting are among the most important big data use cases found in organizations, with other key use cases including customer/social analysis and predictive maintenance.

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