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In today's data-driven world, analytics statistics play a crucial role in helping businesses make informed decisions. But how well do you really understand the power and potential of analytics statistics?
Analytics statistics is a branch of mathematics that deals with the collection, analysis, interpretation, presentation, and organization of data. It provides valuable insights into patterns, trends, and relationships within data, allowing businesses to optimize their operations, improve customer experience, and drive growth.
Whether you're a business owner, a data analyst, or simply someone interested in understanding the world of analytics statistics, it's important to be aware of common mistakes and misconceptions that can hinder the effectiveness of your data analysis.
In this article, we will explore seven mistakes to avoid when working with analytics statistics and how to overcome them.
Big Data
Big Data refers to vast and complex sets of structured and unstructured data that, due to their size and diversity, require specialized technologies and analytical methods for processing and extracting valuable insights.
Top 2023 Big Data Statistics
Here are a handful of the most notable Big Data statistics to get started with:
- The global Big Data and Analytics market is worth $274 billion.
- Around 2.5 quintillion bytes worth of data are generated each day.
- Big Data analytics for the healthcare industry could reach $79.23 billion by 2028.
- There are currently over 44 zettabytes of data in the entire digital universe.
- 70% of the world’s data is user-generated.
- Cloud computing end-user spending totals around $500 billion annually.
Big data growth statistics
- An internet user generates about 1.7 megabytes (MB) of data per second.
- Two-thirds of the world population will be online by the end of 2023.
- 97 zettabytes the estimated volume of data created worldwide in 2022.
- In 2023, internet users will generate nearly 3 times the volume of data generated in 2019.
- By 2025, people will create more than 181 ZB of data. That’s 181, followed by 21 zeros.
- By 2025, there will be 55.7 billion connected IoT devices. These IoT devices alone will generate almost 80 ZB by 2025.
- An internet user would need more than 180 million years to download all the data from the web.
- Nearly 80% of companies estimate that 50%-90% of their data is unstructured. Think text, video, audio, web server logs, or social media activities.
Big data challenges statistics
- Nearly 7 out of 10 C-suite executives consider security and risk as the biggest pain points related to big data analysis.
- Other concerns around big data analytics among C-suite executives are metadata and governance (41%) and slow data ingestion (31%).
- 61% of companies think that the fast-growing volume of data is limiting their ability to harness their data fully.
- Data professionals see data volume grow by an average of 63% every month in their companies.
- More than 80% of IT decision-makers agree their analytics projects are delayed within their company due to data not being available in the required format.
- 8 out of 10 companies had to rework data analytics projects due to poor data quality.
- 49% of executives say the current data solutions aren’t flexible enough.
- Only a quarter of companies say they’re doing enough to ensure responsible and ethical use of data within their business and industry.
Big data and business statistics
- 4 out of 10 companies use big data analytics.
- 87.8% of companies increased their data investments in 2022.
- 9 out of 10 companies will increase their data and analytics investments in 2023 despite economic uncertainty.
- 98% of executives agree it is somewhat or very important to increase data analysis by their organizations in the next 1 to 3 years.
- Data modernization, or transferring of data from legacy environments to cloud-based environments, was the top focus of data and analytics investment in 2022.
- 82% of organizations plan to increase their investments in data modernization in 2023, up from 41% in 2022.
- The majority of large and small businesses are focusing on implementing big data tech.
- 19% of executives say they have established a data culture in their company.
Benefits of big data statistics
- Almost two-thirds of digital leaders think big data and analytics will be the top 2 technologies to deliver competitive advantage in 2023.
- 82% of organizations with advanced maturity in data and analytics saw positive year-over-year (YOY) revenue growth over the past three years.
- 400 is the average number of data sources per organization.
- Over 50% of executives say they are driving business innovation with data.
- 92% of data leaders say their company got measurable business value from data and analytics investments.
- 98% of data leaders think they’ll see a return on their data investments in 2023.
- 4 out of 10 companies have seen measurable benefits and cost savings from data and analytics initiatives.
- 22% of chief executive officers believe using data effectively to develop new products and services is an important source of their growth in the next five years.
- A fifth of digital leaders feel they are effectively using data insights to generate more revenue.
Big data market statistics
- Investors have poured in $43.8 billion in 1,300 big data analytics companies as of February 2023.
- Over half of the funding into big data companies came in between 2019 and 2021.
- The big data analytics (BDA) market was worth $271.83 billion in 2022.
- Global spending on BDA solutions is expected to grow at the compound annual growth rate (CAGR) of 12.8% over 2021-2025.
- 71 products are listed under the BDA category on G2, the world’s largest software marketplace.
- By 2029, the BDA market is set to more than double to a staggering $655.53 billion.
Big data market size by region
Here’s the regional breakdown of the BDA market.
- The North American BDA market will hit $169.91 billion by 2028.
- Europe's BDA market will reach $105.82 billion by 2027.
- 51% was the share of the BDA market held by the United States in 2021.
- By 2025, the Asian/Pacific region will spend around $53.3 million on BDA solutions.
- Japan, China, and the United Kingdom held more than 5% of the BDA market share in 2021.
Big data job statistics
- 49% of executives say there is a lack of talent to analyze the data.
- The U.S. Bureau of Labor Statistics (BLS) expects a 36% growth in data-related occupations between 2021-2031, higher than any other sector.
- 83% of companies have appointed a chief data officer (CDO) or chief data and analytics officer (CDAO).
- On average, 13,500 new data scientists jobs will open in the U.S. each year from 2021 to 2031.
- The average salary of data scientists is more than $100,000 per year.
Big data storage statistics
- Over 60% of all corporate data is in cloud storage.
- 100 zettabytes of data will be stored in the cloud by 2025.
- 29% of firms with intermediate data and analytics maturity and 45% of companies with advanced maturity are going for a cloud-first approach.
- 48% of hybrid cloud storage users consider its ability to process large datasets as one of its biggest benefits, according to a G2 survey.
- There are 8,000 data centers in the world.
- IT spending on data center systems will reach $222 billion in 2023.
- The United States of America has more data centers than Germany, the United Kingdom, China, and Canada put together.
Future of big data
- 96% of executives planned to use AI simulation for real-time analysis of their business performance in 2022.
- Majority of executives note changes in data culture contributed to an increase in adoption and usage of BI and analytics tools.
- 25% of employees are actively using BI/analytics tools now.
- 72% of businesses are looking to build AI enhancements in their business intelligence platforms in the future.
- The other top choices for future data and analytics technologies include text analytics (67%) and speech analytics (65%).
- The streaming analytics market, driven by big data and AI, is expected to grow at a CAGR rate of 26.5% to $50.1 billion.
