Big Data Statistics for 2024

What is Big Data?

The term “big data” is used to describe large and complex data sets.

The insights provided by these tools allow marketers to understand customers’ wants and needs, which one can then use in creating new campaigns and solutions customers will love.

Businesses that use Big Data can set themselves apart from competitors while helping customers get what they need.

The Big Data industry is growing at a speedy rate, and there are plenty of tools out there that businesses can use to continue growing.

As it continues to progress, we can expect that more people will take advantage of the insights provided by these solutions.

The Need For Big Data

Understanding how much data is being generated is crucial when keeping up with Big Data.

The amount of data produced daily is much more than what was created in past years combined.

On the flip side, poor data quality must be addressed, especially since many businesses are working with it.

This is why the right type of Big Data has become crucial for companies to stay competitive.

While traditional data processing applications are still being utilized, companies are also looking for the right tools to help them understand what’s happening behind the scenes.

Big Data Market Size Valuation

The Big Data analytics market in the banking industry is expected to reach $62.10 billion by 2025.

(Soccer Nurds)

Big Data is at the center of the digital transformation that banks are experiencing.

By leveraging Big Data, banks can optimize their risk-taking, increase transparency and provide a better customer experience.

As a result, banks are expected to spend an increasing share on Big Data analytics to implement better capabilities, whether it’s client acquisition, client servicing, or operational efficiency.

The Big Data market for healthcare analytics is projected to reach $67.82 billion by 2025.

(Globe News Wire)

According to Big Data in the healthcare sector, the global healthcare analytics market was valued at more than $14.7 billion in 2018.

By the end of the following year, it was worth around $22.6 billion, with a growth rate (CAGR) of around 20 percent taking place consistently over the next few years.

This considerable growth rate is fueled by several factors, including increasing chronic diseases and a large elderly population.

In addition, there is also a growing focus on healthcare personalization which helps people find better treatments for their specific conditions.

The global Big Data and analytics market is valued at $49 billion.

(Wikibon)

Analytics is also another area that marketers can look to when providing value.

We are now in an era where analytics does matter if you want your company to grow.

With this in mind, those who can help companies with their analytics now have another way they can provide value, resulting in them being able to charge more than competitors who don’t offer this service.

Users And Big Data

The amount of data created is expected to reach more than 180 zettabytes by 2025.

(Statista)

According to Big Data growth statistics, by 2025, annual data production will be over 180 zettabytes.

In just a few short years, we will be generating so much data that it will not be possible for marketers and other industry professionals to sift through it all.

Instead, various business providers will need to leverage Big Data to increase their productivity and capabilities.

Every day, the world’s users generate roughly 2.5 quintillion bytes of data.

(Data Never Sleeps 5.0)

While we used to speak about gigabytes a few years back, this is no longer the case.

A quintillion is the number 1, followed by 18 zeros.

Every single day people are generating this much data – multiplied by 2.5.

Big data seeks to analyze this information and put it to good use.

In the end, Big Data has made it possible for companies to use customer data platforms to expand their capabilities and find new ways of doing business.

This all results in better solutions for their customers.

This data would otherwise be impossible to process.

With an average internet speed, it would take a person about 181 million years to download all of the data on the Internet right now.

(Unicorn Insights)

If someone were to start downloading the Internet right now, it would take them about 181 million years to download everything.

With this in mind, only a fraction of what can be found on the Internet can be realistically accessed by the average internet user.

However, this presents an opportunity for marketers to find new ways of providing value by helping their prospects find better solutions to their issues.

While free information exists everywhere on the Internet, marketers that can collate just the correct knowledge for their prospects (in a sea of vast information) can offer value that one cannot easily find anywhere else.

Time Consumption Of Big Data

People spend 33% of their total internet time on social media.

Global Web Index)

Globe Media Index reports that people spend around thirty-three percent of their total internet time on social media.

Social media has grown in popularity over the years, and it is expected to be around for a long time.

This has made social selling more critical than ever.

Providing prospects with the information they desire will be a challenge most marketers must overcome.

Daily, consumers spend shy of 7 hours on the Internet.

(Digital)

According to research, an average person will spend almost 30% of one’s day on the Internet.

With the introduction of virtual worlds and the metaverse, this number will probably increase even more than before.

Now, people can spend more time on the Internet than sleeping.

Big Data In Business

Most businesses are putting a lot of effort into Big Data and AI, with more than 97% of survey respondents stating that they are investing in it.

(New Vantage)

Almost all businesses put in big initiatives and effort for Big Data and AI.

This technology has proven itself as a way of helping companies grow by developing new capabilities and increasing revenue.

Artificial intelligence algorithms, machine learning, and predictive analytics are all part of better understanding the consumer.

Businesses understand that when prospects are presented with the right solutions, they are more likely to purchase something artificial intelligence can help facilitate.

The cloud presently houses 67% of corporate infrastructure.

(ZD Net)

As much as 67% of all companies use the cloud to host their systems.

Having cloud solutions makes Big Data management easier because it streamlines the whole process.

This is also one of the benefits of Big Data for companies looking to use AI, machine learning, and other technologies that stem from Big Data.

When these solutions are provided to customers, they are more likely to make purchases, which will, in turn, increase sales.

Failure to exploit Big Data may result in bankruptcy for almost 80% of organizations.

(Accenture)

The future is bright for those that integrate Big Data into their business.

For those that don’t, it could result in bankruptcy.

With the help of AI-powered tools such as machine learning, marketers will learn more about their prospects than ever before, which means that others will be left behind if they don’t implement these technologies.

Customers are 23 times more likely to buy from a data-driven firm.

(McKinsey)

Creating data-driven solutions for customer acquisition has proven to be very beneficial.

This also applies when it comes to customer retention.

Customers are 23 times more likely to buy from a data-driven organization.

Whether presenting valuable insights or providing solutions to problems, marketers need to consider the data-driven approach to increase the number of sales coming in.

Industries Making Use Of Big Data

The banking sector has been expanding rapidly in its use of Big Data over the last couple of years, and it’s expected to continue growing as time goes on.

The financial industry has also become heavily reliant upon Big Data tools to stay competitive and offer high-quality solutions for its customers.

This is true when it comes to the healthcare industry as well.

With Big Data workloads, healthcare industries can use all the data to gain insights that can help shape their future.

This allows them to stay on top of different trends, issues, and patients’ needs.

Providing high-quality care while reducing costs has led healthcare firms to invest in Big Data solutions.

The Introduction Of Cloud Computing

Data usage has grown exponentially over the last decade.

Companies are looking for cloud computing services to help them reduce costs while also scaling as needed.

Using a cloud-based system allows companies to eliminate the capital expenditure associated with purchasing new hardware and software.

The data generated by Big Data tools can be stored on the cloud, allowing companies to access their information from any location and any device.

Flexibility and affordability have also helped cloud computing become a popular choice for businesses.

Various data sets can be processed faster using cloud web services, which means businesses won’t have to worry about running out of resources when making quick business decisions.

Market Share In Big Data

The compound annual growth rate for Big Data is constantly on the rise.

Many of the above Big Data stats show that the market share Big Data holds is expected to snowball as more time passes.

Investments are being made to ensure that companies are presented with new solutions regularly.

Big Data industry statistics show that it’s essential for companies to get in and take advantage of what is available now to not miss out on new opportunities down the line.

Big Data Sites

There are 2.80 billion monthly Facebook users when it comes to active accounts. Daily, WhatsApp, Messenger, Instagram, and Facebook get as many as 1.8 billion users to visit.

(Oberlo)

Facebook’s acquisition of WhatsApp (2014) and Instagram (2012) boosted the number of active accounts and increased time spent on these platforms through user engagement.

With a combined 1.8 billion user visits daily, it is no wonder that various ecommerce companies and other businesses are on the lookout for influencers.

Influencers on these platforms can successfully help businesses advertise their products to the right target audience.

Every minute, over 500,000 tweets are posted on Twitter.

(Domo)

Twitter is one of the best platforms for real-time conversations.

Posting short text limited to 280 characters has made this platform very popular with celebrities and industry influencers who want to share their opinions concisely.

In addition, marketers have also found that Twitter is an excellent platform for social selling and product placement.

Every day, Google receives over 3.5 billion searches. Out of these, as much as 15% of new queries have never been made before.

(Internet Live Stats)

This is a massive opportunity for brands to get in front of interested buyers with new problems to solve.

With over 3.5 billion searches every day, Google’s search engine is the top place consumers go when they want information on products and services.

In addition, with 15% of new queries being unique each day, it just goes to show how marketers need to focus on creating fresh and unique content that is optimized to answer new and ever-changing queries.

Conclusion

The usage of Big Data has enabled people to manage a large amount of data for the benefit of people around the world.

Last Updated on 1 March 2024 by Tuomas Data