19+ Trending Big Data Statistics in Dec 2024!

Introduction

Big data is getting bigger. The statistics showing the growth of data are almost unbelievable. In 2022 alone, the amount of data created, captured, copied, and consumed in the world was predicted to reach 97 zettabytes. That‘s trillion gigabytes.

To put that into context, if you stored 97ZB on Blu-ray discs, and stacked them on top of each other, the pile would stretch from here to beyond the moon…23 times!

And that mind-boggling growth is showing no signs of slowing down over the coming years. It‘s estimated that by 2025, we‘ll be generating a scarcely comprehendible 149 zettabytes of data per year.

So in just 3 years, the amount of data we produce annually will increase by over 50%.

Where is all this data coming from? And how are businesses making use of it? This post explores some of the key big data statistics that highlight the current state and future direction of big data.

Key Big Data Statistics

• The big data industry is worth $274 billion globally (2022)
• Every day, 2.5 quintillion bytes of data are created
• The US accounts for 51% of big data analytics spending worldwide
• 27% of business executives say big data helps increase profits
• 50% of US executives see budgets as the main barrier to big data adoption
• 43% of IT leaders believe their systems can‘t handle future data loads
• The average salary for data and AI pros is $146,000
• Netflix saves $1 billion per year through big data analytics
• There are over 100,000 Google searches every second
• 80% of corporate data is unstructured and hard to analyze

Let‘s explore some of those key statistics in more detail.

1. The Big Data Industry is Worth $274 Billion

The first of our big data statistics highlights the huge money-making potential of big data.

Recent projections put the total value of the big data industry at around $274 billion globally. To put the growth into context, back in 2018, the industry was worth $169 billion.

That equates to tremendous 62% growth in just 4 years.

A substantial chunk of that value comes from big data analytics services. Worldwide revenue from those services sat at about $60 billion in 2019. Analysts predict it will double to around $120 billion by 2027.

As more businesses wake up to the benefits of gleaning insights from data, spending is accelerating rapidly.

2. Every Day, 2.5 Quintillion Bytes of Data are Created

As mentioned earlier, the rate data is generated continues to accelerate exponentially. Current estimates suggest around 2.5 quintillion bytes of new data get created each and every day.

To give you an idea of the scale, one quintillion is a 1 followed by 18 zeros.

If you wanted to store a quintillion bytes of data on standard Blu-Ray discs, you‘d need over 2 billion discs!

Now multiply that by 2.5…

Where is all this extra data coming from? The bulk of it can be attributed to the growth of the Internet of Things (IoT). Internet-connected devices like smartphones, smartwatches, and sensors are generating data 24/7.

As more IoT devices permeate our homes and workplaces, they‘ll continue pumping out torrents of invaluable data.

3. The US Accounts for 51% of Big Data Spending

Our next big data statistic looks at spending across different regions.

The US currently accounts for 51% of worldwide big data and analytics solutions spending. In 2021 alone, US-based businesses splashed out $110 billion on big data and analytics solutions.

To highlight US dominance, that figure is around 9 times more than Japan, the #2 country in terms of spend, which racked up a total of $12.4 billion over the same period.

The substantial spending highlights how US enterprises are racing to embed data-driven decision making. And they‘re seeing stellar returns from those investments, which is incentivizing others to follow suit.

4. 27% of Executives Say Big Data Increases Profits

Next up in our roundup of compelling big data stats is this standout from a survey carried out by Capgemini.

The consulting firm asked over 200 high-level executives about the business impact of big data projects.

Encouragingly, more than a quarter of respondents said big data analytics initiatives directly boosted profits. A further 45% said their investments had generated enough ROI to break even.

So in total, around three quarters of the execs polled were seeing tangible business benefits from harnessing datasets.

The remaining 12% said they were still working towards recuperating their initial outlays. But importantly, very few reported losses.

As more organizations start reaping rewards, investment levels will ramp up across the board.

5. 50% of Executives See Budgets as a Big Data Barrier

Speaking of investment, our next statistic highlights how funding issues continue to slow big data rollouts for many firms.

In the same Capgemini survey, execs were asked about the primary obstacles holding back their analytics ambitions.

Half of US respondents placed inadequate budgets as the #1 barrier. Among European firms, 39% also blamed lack of finances.

Now, this statistic indicates that cost concerns remain prevalent. But viewed another way, it shows that a sizable proportion of enterprises are now overcoming budgetary restrictions to push ahead with game-changing data initiatives.

And naturally, as more organizations transition successfully, these budgetary barriers will erode over time.

6. 43% of IT Leaders Don‘t Think Systems Can Cope

As well as financial limitations, technology infrastructure issues also hamper big data success for many businesses.

A survey carried out by Dell Technologies underlined these problems. 43% of IT decision-makers said they didn‘t think their current data systems could handle future demands.

With data volumes expanding so rapidly, many companies built their architectures years ago, before the dawn of big data. They now face a major upgrade challenge.

Legacy systems built around traditional relational databases struggle to accommodate variably structured and high-velocity big data. Outdated on-premises servers also lack the scale for accumulating endless streams of info.

To meet soaring data demands, companies must modernize their platforms, often embracing cloud data lakes and AI data processing. However, for many companies overstretched IT teams and restricted budgets rule out comprehensive overhauls.
Addressing these aging technology barriers will be crucial for organizations looking to stay competitive as data proliferation gathers momentum.

7. Average Salary for Data/AI Pros: $146,000

Our next big data statistic underlines how fierce competition for analytical talent has pushed up wage bills.

With advanced qualifications in AI, data science, data engineering and analytics so sought after nowadays, skilled professionals can command sky-high salaries.

Per data from recruiting website O‘Reilly, the average wage package Data and AI experts take home has now hit $146,000.

To put that into perspective, median income across the US currently sits at around $44,225.

So at over 3 times higher than average salaries, skilled data pros are reaping significant financial rewards by capitalizing on surging industry demand.

And with salary growth for these specialized roles outpacing inflation, those rewards will likely intensify moving forward.

8. Netflix Saves $1bn Per Year from Big Data

Next up, our big data statistics take a look at how giant streamer Netflix harnesses analytics to dramatically cut costs.

According to execs at the company, leveraging data science across the organization saves them around $1 billion annually.

By mining viewing logs and customer activity, Netflix can pinpoint subscriber preferences and fine-tune content commissioning and targeting accordingly.

Previously TV executives depended on intuition and gut feel. Now data removes much of the guesswork by predicting which new releases users will devour.

That prevents wasteful spending on content that would miss the mark. Data also allows Netflix to spot shared characteristics across multiple niche shows that warrant renewal.

So while $1 billion seems an eye-watering sum, given Netflix spends upwards of $13 billion on content each year, optimized analytics offers exceptional ROI.

The company still leads the field when it comes to data-driven decision making. However, as the capabilities of analytics platforms improve across the board, an increasing number of businesses stand to realize similar benefits.

9. Over 100,000 Google Searches Per Second

Search giant Google offers further insight into the staggering scale of big data circulating day and night.

Latest stats reveal the Google juggernaut handles at least 100,000 search queries every single second. That equals roughly 6 million searches per minute, or 362 billion searches over the course of a year.

Each of those 3 billion plus searches generates valuable user intent data. Google feeds it all into its advanced algorithms to optimize predictions and better tailor content to match user needs.

The search data also provides vital consumer indications that merchandisers and marketers can use to boost their visibility and identify new opportunities.

Of course, as the leading search provider, Google data offers the most comprehensive depiction. However, Microsoft‘s Bing, plus well-funded upstarts like You.com, are also compiling search data on millions of daily users.

So from industry titans through to promising new companies, search data represents an invaluable asset.

10. 80% of Corporate Data is Unstructured

Our final statistic highlights how despite expanding data volumes, significant chunks remain tricky to apply.

A survey of 300 data execs found 80% reporting that over half of their organization‘s data was unstructured. Unstructured data like imagery, video feeds, and audio streams don‘t fit neatly into rows and columns.

That prevents many traditional analytics tools from supporting insights discovery. So while new unstructured sources represent a potential goldmine, realization relies on overcoming technology limitations.

Encouragingly, advanced deep learning tech like computer vision and natural language processing can now parse both structured and unstructured formats. Cloud-hosted autoscaling data lakes also provide cost-efficient storage for ballooning volumes of messy data.

So while data volatility and variety causes issues for now, those problems are likely short-term as smarter tools remove analytics barriers.

The Future of Big Data

As the statistics show, we‘re producing ridiculous amounts of data today. And tomorrow, we‘ll produce even more.

But it‘s what organizations do with all that data that matters. Forward-thinking companies are harnessing sophisticated analytics to unlock transformational insights from their data.

However, budgets, skills gaps, and legacy systems create adoption hurdles for many enterprises. Technological innovations will erode those barriers over time. But proactive investment and planning still remain critical for organizations navigating the complex big data landscape ahead.

Those willing to take the plunge stand to gain life-changing commercial advantages as big data-led decision making becomes the new normal across every business sphere.