PLANALYTICS

What People Are Saying about big data

1) 97.2% of organizations are investing in big data and AI.

(Source: New Vantage)

In 2018, New Vantage published its sixth Executives Survey with a primary focus on big data and artificial intelligence. The study recorded the executives’ answers from approximately 60 Fortune 1000 companies including Motorola, American Express, NASDAQ, etc. Aside from indicating a strong presence of big data in leading companies, the New Vantage study also answered the question: How much do companies spend on data analytics? So, here’s what we’ve learned.

62.5% of participants said their organization appointed a Chief Data Officer (CDO), which indicates a fivefold increase since 2012 (12%). Additionally, a record number of organizations participating in the study have invested in big data and artificial intelligence initiatives at 97.2%. The highest percentage of organizations (60.3%) invested under $50 million. Nearly one-third of participants (27%) said their companies’ cumulative investments in big data and AI fall into the range between $50 million and $550 million. Lastly, only 12.7% of participants said their companies invested more than $500 million.

So, is big data the future? If we focus on the big data investments from companies such as Goldman Sachs, IBM, and Bank of America, we could answer this question with a “yes.”

2) 95% of businesses cite the need to manage unstructured data as a problem for their business.

(Source: Forbes)

In a digitally powered economy, only those with the right form of data can successfully navigate the market, make future predictions, and adjust their business to fit market trends. Unfortunately, most of the data we generate today is unstructured, which means it comes in different forms, sizes, and even shapes. Hence, it is difficult and costly to manage and analyze, which explains why it is a big problem for most companies.

3) 80-90% of the data we generate today is unstructured.

(Source: CIO)

According to Big Data facts, in today’s world, consumers want to have the same sublime experience when dealing with a brand. Regardless of the device they are using, they always expect the same quality experience.

A user can contact a company through social media using a PC, surf the company website on mobile, make a purchase using a tablet, and contact your customer service via email. As such, all data are generated from the same person but come in different forms.

4) Only 0.5% of all data is analyzed.

(Source: The Guardian)

The vast quantity of big data has no value unless it is tagged or analyzed. So, the question is how much data is that? According to IDC’s Digital Universe Study from 2012, only 0.5% of data is analyzed, while the percentage of tagged data is a bit higher at 3%. By further researching these data analytics statistics we discovered that not all data has the potential to bring value.

5) Data is the new oil

(Soure: The Economist)

In 2017, the Economist claimed that data replaced oil as the world’s most valuable source. There were many sources that compared data to oil while neglecting one big difference between the two. Unlike oil, data can be easily extracted, and the supplies are endless. What’s more, unlike oil, we can use data multiple times and get new insights from it. The comparison between oil and data leads us to the conclusion that we should collect and store as much data as possible. However, if we only do that, without tagging or analyzing the information we have, its value will be far less significant than that of oil.

6) Job listings for data science and analytics will reach around 2.7 million by 2020

(Source: Forbes)

One of the biggest problems in the big data industry is the lack of people with deep analytical skills. Looking at the data growth statistics, it’s clear that there are not enough people who are trained to work with big data. According to RJMetrics, in 2015, there were between 11,400 and 19,400 data scientists worldwide. McKinsey predicted that in 2018 there should be approximately 2.8 million people with analytical talent. On the other hand, the number of jobs for data science and analytics is expected to reach 2.7 million by 2020. So, there’s a big gap between demand in data science and analytics talent.

7) Worldwide spending on Big Data analytics solutions will be worth over $274.3 billion in 2022.

(Source: IDC)

According to statistics about Big Data in business, digital transformation and technological advancements remain the chief pioneers of increased Big Data spending. With so much competition in every industry, businesses need to constantly innovate to stay relevant in the marketplace. Big Data analytics provide just the right amount of information that industry experts need to make informed decisions. These decisions can move a business forward by accurately identifying a market trend that can potentially improve business revenue.

As at the end of 2019, worldwide spending on Big Data was already worth $180 billion, and it is projected to grow at a CAGR of 13.2% between 2020 and 2022. Reports have it that IT purchases, hardware purchases, and business services could receive the highest spending on Big Data analytics.

8) The market of Big Data analytics in healthcare could be worth $67.82 billion by 2025.

(Source: Globe News Wire)

Healthcare is one industry that generates lots of data daily. The more data generated about a particular diagnosis, the easier it becomes for healthcare professionals to deal with them.

Big Data can bring about:

• Reduced healthcare costs for individuals

• Better treatment capacity of healthcare professionals

• Effective avoidance of preventable disease

• Prediction of epidemic outbreaks

• An improvement in the overall quality of life.

According to statistics about Big Data in healthcare, the global Big Data healthcare analytics market was worth over $14.7 billion in 2018. By the end of 2019, it was already worth $22.6 billion and is expected to grow at a CAGR of around 20%.