We are constantly producing data – even our kitchen appliances are hooked up to the internet, sharing and storing mountains of data.
The amount of information being collected around the globe is literally too hefty to process. That’s where the notion of big data comes into play.
Simply put, big data consists of huge sets of raw data that are too complex for traditional data-processing software. Powerful computers and advanced software mine these data sets to reveal unsuspected patterns and trends. Big data is taking the world by storm and we’re here to present you the most fascinating Big Data statistics.
There are a lot of misconceptions about Big Data, and the biggest one is that it’s simple. At first glance, Big Data appears to be just another processing issue. Surely all data trends would eventually be revealed by conventional processing on a bigger computer. But that’s not how it works.
Top Big Data Statistics, editor’s pick:
- People are generating 2.5 quintillion bytes of data each day.
- Nearly 90% of all data has been created in the last two years.
- Unstructured data is a problem for 95% of businesses.
- By 2023, the big data industry will be worth an estimated $77 billion.
- Big data will entirely depend on automated analytics systems by 2020.
Advanced software is able to find correlations, patterns, causal relationships, and obscure links among data that conventional programs would never uncover. Given sufficiently large data sets, AI programs discover environmental risk factors for diseases, patterns in stock prices and traffic flow, predictive factors for currency exchange rates, and other valuable information.
The truth is, big data is not just big, but complex. The best way to understand big data analytics is through the concept of four V’s:
- Volume: Big data is just big.
- Variety: Big data is highly varied and diverse.
- Velocity: Big data is growing at exponential speed.
- Veracity: The accuracy of big data can vary greatly.
Big data analysis deals with all four dimensions.
While it started out as an interesting but obscure field of study in computer science, today big data technology is being embraced by all kinds of companies due to its incredible potential for monetization.
In order to better understand the upcoming big data business trends, check out the following big data statistics to understand more about the future of big data.