Check out trends and predictions that will define ABI in 2022.
The world of Big Data only seems to get bigger over time. By 2025, it’s estimated that the global datasphere will grow to 175 zettabytes.
What’s powering this growth? Over the past decade big data and analytics have become the center of truth for businesses as they harness collective data insights to align strategy, help teams collaborate, uncover new opportunities, and compete in the global marketplace. Whether it’s having much more accurate sales forecasts or being able to have an appropriate product roadmap quarter after quarter — Big Data helps companies evolve and achieve success.
To help you understand the impact of Big Data on the world around us, we’ve wrangled together some of the most eye-popping data and analytics statistics to come out of 2022. Read on to learn more about the top trends and research driving the Big Data discussion forward.
Here is our list of the top 20 big data stats of the year (so far)
1. By 2023, the big data industry will be worth an estimated $77 billion, which is roughly 70% of Bill Gates’ net worth.
2. Big data is now utilized by every industry, but the media and entertainment sector takes the prize for predictive analytics. By analyzing their 100 million subscribers, Netflix was able to influence 80% of content viewed by subscribers due to accurate data insights.
3. The statistics show the banking sector generates unparalleled quantities of data. The amount of data generated each second in the financial industry will grow 700% in 2022.
4. While the Banking sector generates the largest amount of data, it may come as a surprise that financial service companies have the lowest rate of A&BI adoption, coming in at 29%.
5. Unstructured and semi-structured data (like JSON) now make up an estimated 80% of data collected by enterprises. This stems from the rise of mobile devices, applications, wearables and the Internet of Things (IoT).
5. 2,000,000,000,000,000,000 bytes of data are generated each day across all industries. Check out this chart to get a grip on just how big that really is.
7. 81.7% of companies have a mix of legacy and modern cloud technologies — highlighting the rapid transition to the cloud continues year over year.
8. By 2023 majority of enterprise companies will have their data stored in a public cloud data warehouse, like Snowflake, Amazon Redshift, and Google Big Query.
9. Despite the importance of data, only 14% of companies are having it be widely accessible to employees.
10. The benefits of Big Data analytics are well known. Yet, 63% of employees report they cannot gather insights in their required timeframe. Outdated technology and overworked BI staff contribute to employees seeking workarounds — such as Excel — and hinder productivity and increase security risks, resulting in lower ROI from data investments over time.
11. Most companies only analyze 12% of the data they have. You got it, that means 88% of data goes unanalyzed.
12. Almost half (48%) of all employees report their companies do not offer or do not make it clear that they offer any sort of data training.
Check out our blog post to learn how to analyze and manage semi-structured data
Want to improve data literacy at your company?
Read our step-by-step guide, Building a Data Literacy Program From the Ground Up.
13. Serious bottlenecks exist for data and business teams. Yet, there’s disagreement as to where they occur. 51% of business domain experts say there are no reporting bottlenecks, while only 6% of data and BI experts come to the same conclusion.
14. 73.4% of companies still report business adoption of Big Data and AI initiatives as a challenge. This may seem high, but not all that surprising considering statistics show that Big Data tools have historically left most business people out of the conversation.
15. Only 26% of companies say they have achieved a data-driven culture, leaving the other 73% of companies in the dust.
16. 1 out of 4 companies claim they have no single source of truth when it comes to centralized data.
17. For the majority of workers it can take hours or even days to find the right data they need. Only 3% of employees are able to get the data to answer their questions in seconds.
18. While some of the world’s largest technology-driven companies exist in North America., the country with the quickest adoption of big data analytics is in South America. Argentina, comes in first with a 20.8% compound annual growth rate.
19. It’s no secret that more people need access to data. The desire to arm employees with insights has 62% of companies claiming self-service business intelligence is essential in 2022.
20. According to statistics based on a survey conducted by Sigma, about 71% of business experts have a desire to improve their data literacy skills.
It is easy to see that big data analytics is taking over the world — in a good way of course. Bringing accurate insights to every industry is vital for consumers and employees alike. If you’re looking for more resources, statistucsm and information to help your company capitalize on the future of big data analytics, check out Sigma’s latest resources: