The amount of data in our world has been exploding.
Analyzing large data sets–so-called big data–will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus, according to research by MGI and McKinsey’s Business Technology Office.
Big Data Facts:
The following statistics and facts document the rise and rise of Big Data. For more information on how Big Data is stored and analysed read the Saffron Big Data Whitepaper
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The big data market is set to increase from $3.2 billion in 2010 to $16.9 billion in 2015 (International Data Corporation survey #233485)
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From CSC: by 2020 one third of all data will be stored, or will have passed through the cloud, and we will have created 35 zetabytes worth of data. (source)
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By 2020 the production of data will be 44 times what we produced in 2009. (source)
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70% of data is created by individuals – but enterprises are responsible for storing and managing 80% of it. (source)
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So far $500m venture capital funds have gone into big data technologies, startups, and vendors in recent years (IDC survey #233485)
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The Obama administration has invested $200 million so far in big data projects (source).
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Big data and social media is being used in the 2012 presidential election in the US in an unprecedented way, with the campaigns using new technologies to target voters in innovative new ways (source).
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The volume of data that businesses collect is exploding: in 15 of the US economy’s 17 sectors, for example, companies with upward of 1,000 employees store, on average, more information than the Library of Congress does (source).
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A recent survey by LogLogic found that 49% of organizations are somewhat or very concerned about managing big data; but 38% don’t understand what big data is and a further 27% say they have a partial understanding. The survey also found that 59% of organizations lack the tools required to manage data from their IT systems (source).
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A comprehensive study by the McKinsey Global Institute found that if big data was used effectively the US healthcare sector could make $300 billion in savings every year. Thereby reducing expenditure by 8% (source).
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According to the same study EU governments could save ‘EUR100 billion ($149 billion) in operational efficiency improvements alone by using big data.’ (source)
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There is currently a skills shortage in the sector, which is set to increase. By 2018 the US will need 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts (source).
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48 hours worth of video is posted on YouTube every hour of everyday (source).
