Big data is growing — in fact, the sector is growing so fast and we are producing data so voraciously, that no one can afford to ignore it as a “fad” any more.
And, it’s going to affect all companies, large and small, across all segments of the market — from healthcare to public safety, and retail to wholesale.
Big data is changing the world as we know it. If you don’t believe me, check out some of these (frankly staggering) statistics:
One study suggests that retailers who fully leverage the power of big data could see an increase in their operating margins by as much as 60 percent! (Source)
- 4.4 million
That’s how many IT jobs there will be internationally in the big data field by the end of 2015, and it’s estimated that 1.9 million of these jobs will be in the U.S. alone. It also suggests that there will be a large gap between the number of jobs available and the number of skilled workers to fill those jobs. (Source)
- $3.4 billion
The advanced and predictive analytics (APA) software market is expected to grow to $3.4 billion worldwide by 2018. (Source)
- $8 million
In one study, the average business expected to spend $8 million this year on big data and related projects. (Source)
- $50.1 billion
Big Data was a $28.5B market in 2014, growing to $50.1 billion overall in 2017. (Source)
- 5 times more likely
Companies that use big data analytics are five times more likely to make decisions “much faster” than their competition. (Source)
- $65.7 million
As little as a 10 percent increase in the accessibility of data can mean an additional $65.7 million net income for a typical Fortune 1000 company. (Source)
- $200 million
The Obama administration is investing more than $200 million in big data initiatives. (Source)
- 90 percent
Ninety percent of the data in existence was created in the last two years. (Source)
- $3.57 billion
Customer experience enhancement is expected to be the largest big data business category, and the one with the most growth, with forecasts saying this sector will grow from $0.75 billion in 2015 to $3.57 billion in 2020.
- 26 hours
Macy’s has reportedly been able to save 26 hours every time it optimizes pricing for its 73 million products through use of big data, allowing them to change pricing more frequently to follow retail trends. (Source)
- $500 billion
One study suggests that the U.S. government could save $500 billion annuallyby implementing big data projects. (Source)
Studies also show that companies (especially small and medium sized companies) put cost and personnel problems as the top reasons they haven’t implemented big data projects yet, but these projects need to become priority fast, or those companies risk being left behind.
Other articles by Bernard Marr
Do you have questions or comments about big data? I’d love to hear them in the comments below.
Follow us on Twitter: @DataScienceCtrl | @AnalyticBridge