The Hottest Big Data Stats Of 2024 Unveiled!
For such data-driven businesses, Big Data is not just important; it's essential. Comprehensive, automated analytics enables them to make real-time decisions, optimize their operations and gain a competitive edge in the industry. In fact, according to a recent survey, 97 percent of businesses are investing in Big Data and AI to stay ahead of the curve!
Let's be real though: Big Data can be overwhelming. It's like trying to drink from a firehose! With so much information available, it's easy to be lost in the data and miss the insights that really matter to your business. Imagine trying to find a needle in a haystack - except the haystack is the size of Texas!
Thankfully, there are tools and technologies available to help businesses make sense of their Big Data. Dive into this piece to explore the most riveting stats, facts and figures from the world of Big Data and you shall never be lost in the dataverse again. Read on!
In the age of Big Data, the ability to gather, analyze and utilize vast amounts of information has become a key competitive advantage for businesses. From predicting consumer behavior to optimizing the supply chains, the insights derived from Big Data have the potential to completely transform how businesses operate.
In the modern business landscape, Big Data can inform strategic decisions, enhance customer relationships, streamline operations, enhance operational efficiencies and a lot more. As the famous TV character Dwight Schrute from "The Office" once said, "Fact: Bears eat beets."
We say, “Fact: Businesses need Big Data!”
Ummm, we agree with Dwight here!
So, if you want to be successful in 2024, you need to unlock data-driven insights that can revolutionize your decision-making and predictive ability. Dive in and explore these compelling facts and stats that will reshape your perspective on Big Data in 2024.
The Hottest Big Data Stats Of 2024 Unveiled!
274 billion dollars is the valuation of the global big data and analytics market. This shows that more businesses are leveraging big data to make data-driven decisions, as it leads to improved efficiencies and outcomes. - Source: Exploding Topics
31% growth in demand for composite data analytics professionals is expected by 2030. The increasing demand for data analytics professionals outlines how businesses want to leverage data analytics to drive growth, improve decision-making and enhance overall business performance. - Source: Tech Jury
96% of companies plan to hire job seekers with big data skills. This highlights the fact that businesses continue to see big data’s immense value and want to employ more specialists in the field. - Source: Tech Jury
97.2% of organizations are investing in big data and AI. Leveraging AI-driven big data enables organizations to analyze vast amounts of information quickly, facilitating data-driven decisions in real-time that enhances operational efficiency and strategic planning. - Source: Tech Jury
45% of businesses are running at least one Big Data workload on the enterprise cloud. This stat highlights that cloud-based Big Data workloads are popular as they reduce hardware expenses and maintenance costs for day-to-day operations. - Source: Tech Jury
60% increase in operating margins can be achieved by retailers that use big data. This shows that businesses in the retail sector that collect, organize and analyze their data thoroughly and efficiently can achieve a significant improvement in their operating margin. - Source: Zippia
14% is the approximate year-on-year growth is observed in the big data market every year. This stat highlights the growth rate of Big Data that has been steady since 2020 but started dipping in 2023 (10%) and is expected to dip further in 2024 (9%), as the market adjusts to new data demands. - Source: Zippia
60-73% of enterprise data isn’t used for analytics by the average company. This statistic holds significance as it shows how the majority of the companies that gather data do not subsequently utilize it to make informed decisions. - Source: Zippia
80% of the adoption of data analytics will depict a business's capabilities. Businesses are no longer putting big data on the back burner as it is widely considered a necessity, making its adoption a major factor in influencing decisions and business capabilities. - Source: Tech Jury
181 zettabytes of data is expected to be generated globally by 2025. This incredible stat highlights a necessary paradigm shift in data storage, processing and analysis, that will compel businesses to prioritize scalable infrastructure and adopt advanced technologies to stay competitive as data increases exponentially. - Source: Tech Jury
95% of businesses cite the need to manage unstructured data as a problem for their business. This stat highlights how inadequate management of unstructured data can adversely impact businesses by impeding insights, hindering effective communication and reducing the agility needed to respond to evolving market demands. - Source: Tech Jury
2.5 quintillion bytes of data are generated in the world each day. This stat outlines the rapid growth in data creation that is requiring businesses to adopt advanced technologies to manage, store, process and analyze big data successfully. - Source: Exploding Topics
79.23 billion dollars is the expected valuation of big data analytics in the healthcare industry by 2028. This figure shows how big data has enhanced the healthcare industry by improving patient care, detecting diseases earlier and catering personalized treatment plans through data-driven insights. - Source: Exploding Topics
70% of the data generated in the world is user generated. This shows how businesses have a significant amount of data to leverage to better understand their customers and tailor products and services to meet the consumers’ needs and demands. - Source: Exploding Topics
Data interactions went up by 5000% between 2010 and 2020. This incredible figure highlights the critical role that big data plays in the modern business landscape, as it has continued to deliver value and is expected to do so in the future. - Source: Forbes
72% of manufacturing executives rely on advanced data analytics to improve productivity. Harnessing advanced data in manufacturing can lead to a significant boost in productivity, enabling executives to make more informed decisions to optimize processes and enhance overall operational efficiency. - Source: BCG
7.1 billion dollars is the expected valuation of big data in the global supply chain management (SCM) by 2027. This stat validates that by leveraging Big Data analytics, supply chain managers can optimize inventory levels, improve forecasting accuracy, reduce lead times, improve supplier performance and enhance the overall supply chain visibility. - Source: Research & Markets
1:10 will be the ratio between unique and replicated data will be 1:10 by 2024. This shows that it is getting harder to create new and unique data, as data-driven businesses will experience a growth in copying and consuming data in the coming years, leading to more duplicate data than unique. - Source: Tech Jury
103 billion dollars is the expected revenue of the global big data market by 2027, up from 56 billion dollars in 2020. This figure shows the growth in the global big data market as businesses continue to invest in big data capabilities for decision-making and predictive abilities. - Source: Zippia
28% increase in data science jobs is expected to be seen by 2026. This prediction shows that jobs in the data science field will increase as new roles will look to close the gap between the low supply of professionals in the big data sector, where demand is growing. - Source: Tech Jury
90% of the world’s data has been created in the last two years. This insane statistic highlights that we’re living in a data-first world and businesses need big data to make sense of the information deluge around them to stay competitive. - Source: Zippia
It's A Wrap – Not Really!
The Big Data revolution is in full swing – it's not just a passing trend! The big data revolution is a seismic shift in how we understand, analyze and leverage information. As we ride this data wave, it is critical to stay up to date on the latest and the greatest in the dataverse. We hope these mind-bending stats and facts helped you understand the state of Big Data in 2024 – however, the story is far from over!
Stay tuned for more cutting-edge insights and updated stats on Big Data. As they say, "The best is yet to come!"
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