Source – https://www.analyticsinsight.net/
Analytics Insight Presents the Top 10 Big Data Statistics for You to Know in 2021.
The future is bright for companies that use Big Data and analytics in this cut-throat competitive market. People are generating more than 2.5 Qn bytes of real-time data due to globalization and digital transformation in the tech-driven era. IoT is also providing data through multiple smart devices, social media accounts, and search engines. The scope of Big Data is increasing at an increasing rate that leads to more job opportunities in the field of Data Science and other disruptive technology fields. Ample Big Data software tools are available to beginners as well as professionals for effective data management to generate interactive reports for meaningful in-depth business insights. Thus, reputed companies and start-ups have started adopting Big Data by investing millions of dollars. Let’s look at the top 10 Big Data statistics to predict the nearby future of this data-driven world.
Top 10 Big Data Statistics You Must Know in 2021
According to Statista, the market survey report showed that the total amount of data being consumed globally was forecasted to increase rapidly to 64.2 zettabytes in 2020 and 79 zettabytes in 2021 while it is projected to grow to over 180 zettabytes up to 2025. It also reported that the installed base of storage capacity will increase at a compound annual growth rate of 19.2% from 2020 to 2025.
The Big Data and business analytics revenue report from Statista showed the forecast of the Big Data market that it will grow to US$274.3 billion by 2022 with a five-year CAGR of 13.2%. The global cloud data center IP traffic will reach almost 19.5 zettabytes in 2021.
BARC, reported that organizations are reaping the benefits of Big Data— 69% chance of better strategic decisions, 54% chance of enhanced operational process control, 52% for a better understanding of consumers as well as 47% for effective cost reduction. The organizations that are reaping the benefits of Big Data reported an average 8% increase in revenues while there is a 10% reduction in costs.
Statista, forecasted that the Big Data market segment will grow up to US$103 billion by 2027 with a share of 45% from the software segment. The market is expected to receive annual revenue of US$274 billion in the next year, 2022.
Forbes, predicted that more than 150 zettabytes or 150 trillion gigabytes of real-time data will need analysis by 2025. Multiple companies dealing with structured data need different things than the companies using unstructured data. Forbes found that over 95% of companies require some help to manage the multiple sets of unstructured data while 40% of companies claimed that they need to deal with Big Data more frequently.
StrategyMRC, predicted that the Hadoop and Big Data Market will experience substantial growth from US$17.1 billion in 2017 to US$99.31 billion in 2022 with a 28.5% CAGR. The Big Data market is expected to jump US$30 billion in value in 2021 and 2022.
It is predicted by Statista, that the global Big Data revenue will experience a major shift in using Big Data in services, hardware, and software. In 2021, there is 24% in services, 16% in hardware, and 24% in software while there will be 33% in services, 24% in hardware as well as a whopping 46% in software use in 2027.
According to Wikibon, the Big Data and analytics, and application database solutions are expected to grow from US$6.4 billion in 2017 to US$12 billion by 2027 with a 6% CAGR, within a span of ten years. The demand for open-source platforms in the Big Data ecosystem such as Hadoop, Kafka, Spark, and TensorFlow can decline due to its direct address to Artificial Intelligence, machine learning, deep learning, or Data Science. But the hybrid deployment of data analytics platforms such as Hadoop, NoSQL, in-memory, streaming, and many more databases will experience a growth in market share for data lake and data fabric solutions.
Sigma, had a market survey to show how many business leaders are keen to adopt Big Data and analytics in their business. The result showed that 39% were not sure about the data-driven culture in organizations, 46% admitted that the lack of domain expertise creates a challenge for delivering relevant data models.
According to ReedSmith, the outbreak of the coronavirus pandemic has increased the rate of Big Data breaches and cyberattacks like scams, phishing, and ransomware to above 400%. The pandemic has forced people to use smart devices more than ever for online transactions and other purposes at home. Thus, there is a data explosion in the digital world that has created ample opportunities for malicious hackers.