"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. In 2019, annual revenue from the global big data market is expected to reach 49 billion U.S. dollars, with predictions suggesting this would further grow within the following years. 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 services include global names such as IBM, Splunk, Dell, Oracle, and Accenture.
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 2019 it was estimated that mobile data traffic would reach 190 exabytes (190 billion gigabytes), climbing rapidly into the future. That same year, cloud computing traffic was forecast to reach over 400 exabytes per month in North America alone. 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. Some forecasts put the number of IoT connected devices worldwide as high as 18 billion as of 2018.
One other industry benefiting from the growth of big data is that of cloud computing. The amount of processing power and/or storage required to make use of big data is such that many businesses have taken to hosting and processing their big data sets in the cloud. In one survey, 69 percent of respondents said that their organization used cloud technology for data storage and backup, while 56 percent said their organization was using cloud computing for data analytics.
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In the following 4 chapters, you will quickly find the 34 most important statistics relating to "Big data".