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Do you ever wonder how companies can make informed decisions and predictions about their business? The answer lies in data analytics statistics.
Data analytics is the process of examining large sets of data to uncover patterns, correlations, and insights that can be used to inform business decisions. With the ever-increasing amount of data available, the need for data analytics has become more crucial than ever before.
Data analytics statistics involves the use of mathematical and statistical methods to analyze data and make predictions. It is a powerful tool that can be used to drive business growth and success.
In this article, we will explore the basics of data analytics statistics and how it can be applied to various industries to gain valuable insights and improve decision-making.
Analytics
Analytics refers to the systematic computational analysis of data or statistics.
General Big Data Statistics
1. Data interactions went up by 5000% between 2010 and 2020.
In the past decade, we have seen explosive growth in the amount of data being created, captured, and consumed. According to recent big data statistics, the amount of data usage increased by a staggering 5000% between 2010 and 2020. This means that the amount of data being used went from 1.2 trillion gigabytes to almost 60 trillion gigabytes in just ten years.
One of the main drivers of this increase was the shift to remote work environments, which became more widespread during the COVID-19 pandemic. With virtual meetings becoming the norm, there was an increasing demand for richer data sets, such as videos and other multimedia, to facilitate communication and collaboration between teams.
This exponential growth in data usage has significant implications for businesses and organizations across all sectors. The ability to effectively analyze and interpret data is becoming increasingly crucial for companies to remain competitive and make informed decisions. As the amount of data continues to grow, businesses must find ways to manage and make sense of it all to gain valuable insights and stay ahead of the curve.
2. Today it would take a person approximately 181 million years to download all the data from the internet.
Big data is growing at an exponential rate, and the amount of data available on the internet is staggering. One interesting statistic from Unicorn Insights is that it would take approximately 181 million years to download all the data from the internet at an average download speed of 46Mbps and with the current amount of data at 33 zettabytes. This highlights the sheer magnitude of data that is generated and stored on the internet.
This big data statistic also suggests the importance of data management and analysis. With such a vast amount of data available, it's crucial to have the tools and skills to filter through and make sense of it. This is where data analytics comes in, enabling businesses to extract insights from large and complex datasets.
Moreover, this statistic also implies that the growth of big data is not slowing down anytime soon. As more devices are connected to the internet and more data is generated, the amount of data available will only continue to increase.
As a result, businesses must embrace big data and adapt their strategies to incorporate it into their decision-making processes.
3. The demand for composite data analytics professionals will grow by 31% by 2030.
The demand for data analytics professionals continues to surge as more businesses recognize the value of big data. In fact, according to recent statistics, 90% of enterprises now see the importance of analytics, a stark contrast to the paltry 0.5% analyzed just ten years ago. As a result, it's projected that the demand for composite data analytics professionals will grow by 31% by 2030, as indicated by the US Bureau of Labor.
Composable analytics is expected to be a driving force behind this growth, with around 60% of organizations already adopting it for the cost-reduction benefits it offers. By combining various data sources and tools, composable analytics allows businesses to extract more meaningful insights from their data, leading to better decision-making and ultimately improved outcomes.
As we continue to generate and consume vast amounts of data, it's clear that data analytics professionals will play a crucial role in helping businesses stay ahead of the curve. Companies that embrace data analytics and invest in the right talent and tools will have a significant competitive advantage over those that don't.
4. 70% of companies will switch to wide and small data by 2025.
According to recent big data statistics, a significant trend is that 70% of companies will switch to wide and small data by 2025. This means that organizations are becoming increasingly aware of the benefits of collecting data from various sources.
By doing so, they can gain more comprehensive insights that will enable them to make informed decisions and stay ahead of the competition.
The shift towards wide and small data is driven by the need for more accurate and personalized business intelligence. The combination of both structured and unstructured data allows for more context to be added to analytics, leading to better decision-making.
In essence, the move to wide and small data will enable companies to take a more holistic approach to their data analysis.
As we move towards a data-driven future, it is becoming increasingly clear that companies must embrace the power of wide and small data. By doing so, they will have a competitive advantage in the market, be better equipped to meet the needs of their customers and drive business growth.
5. Internet users spent a total of 1.2 billion years online.
The exponential growth of big data is evident from the latest statistic that internet users spent a total of 1.2 billion years online. It's staggering to imagine how much data could be generated in just a million years, let alone over a billion years.
The number of internet users worldwide has reached 4.39 billion, which means that the impact of this increase in data generation is significant.
With people spending an average of 6 hours and 42 minutes per day online, the Internet is becoming an increasingly important source of information for businesses. The sheer volume of data generated by internet users has become a critical aspect of business analytics.
This statistic underscores the importance of managing, analyzing, and making informed decisions based on the vast amounts of data available.
For businesses, the ability to collect and analyze this data can provide valuable insights into consumer behaviour, market trends, and product performance. The challenge, however, is to efficiently process the data and turn it into actionable information that can be used to drive business growth.
6. Social media accounts for 33% of the total time spent online.
Social media has become an integral part of our lives, and this is evident from the fact that it accounts for a significant portion of the total time spent online.
As per the latest big data statistics, 33% of the time spent online is on social media platforms. In comparison to 2012, the time spent on social media platforms has increased by almost an hour, with the current average being 2 hours and 24 minutes. The trend towards multi-networking is also on the rise, with users having an average of 7 social media accounts compared to just 3 in 2012.
Apart from social media, online TV and streaming and music streaming account for 16% of the total time users spend online. The remaining 22% is reserved for other online activities such as online press, e-commerce, and search engines. These big data insights give us an idea of how much data is generated by users on social media platforms and other online activities.
Social media platforms such as Facebook and Twitter are rich sources of big data that can be used by businesses to better understand their customer's behaviour and preferences. With the growth of social media usage and the amount of data generated by it, businesses can use this information to make more informed decisions, develop targeted marketing strategies, and improve their products and services.
Therefore, businesses must recognize the potential of social media analytics and integrate it into their overall data analysis strategy.
7. Facebook has almost two billion daily active users.
The reach of Facebook is undeniably vast, with almost two billion daily active users as of April 2022. This figure has seen a steady increase over the years, with an 82 million surge in just one year. Facebook's daily active user base alone represents a significant amount of online activity, generating vast amounts of data.
With such an immense user base, it is no wonder that Facebook has a prominent position in the world of big data. The platform's data-driven advertising strategy is well known, leveraging user information to target ads and create a highly personalized user experience. The data collected from Facebook's massive user base provides valuable insights into consumer behaviour, preferences, and trends.
As a thought leader, it is clear that Facebook's data growth and usage have significant implications for businesses and marketers alike. With such a massive user base, Facebook offers an enormous potential audience for advertisers to reach.
However, businesses must also be mindful of the ethical considerations surrounding the collection and use of user data, as privacy concerns are becoming increasingly prevalent. Despite this, there is no denying that Facebook's user base and data-driven approach have forever changed the way we think about advertising and marketing in the digital age.
8. Tweeps send over 870 million tweets per day.
Twitter has become a prominent platform for sharing information and expressing opinions, as shown by the enormous amount of tweets sent daily. As of the latest data available, tweeps send over 870 million tweets each day.
That equates to an astonishing 10,070 tweets per second, 604,200 per minute, and 36,252,000 per hour. These numbers indicate a significant growth in Twitter's popularity over the last decade. Daily tweets in 2007 were just 5,000, which is a far cry from the staggering amount of tweets we see today.
With such a high volume of tweets, it's easy to see how Twitter can provide a wealth of data for businesses and organizations to analyze. Twitter data analytics can reveal valuable insights into customer behaviour and sentiment, market trends, and brand reputation. As a result, many companies are using Twitter data to inform their marketing strategies and gain a competitive edge.
Furthermore, the constant stream of tweets on the platform also presents a challenge for managing and analyzing data effectively. With such a vast amount of information being generated every second, businesses need to invest in robust data management and analytics tools to make sense of it all.
The growth of Twitter, and social media in general, has highlighted the importance of big data analytics in today's digital landscape.
9. 97.2% of organizations are investing in big data and AI.
The rise of big data and artificial intelligence is rapidly shaping the future of businesses worldwide. According to a recent study conducted by New Vantage, 97.2% of organizations are investing in big data and AI. This indicates a strong presence of big data in leading companies, including Motorola, American Express, and NASDAQ.
The New Vantage study also revealed that 62.5% of participants appointed a Chief Data Officer (CDO), marking a fivefold increase since 2012. This statistic highlights the growing importance of data analytics in business operations.
Additionally, the study reported on the amount that companies are investing in big data and AI initiatives. The majority of organizations (60.3%) invested under $50 million, while 27% invested between $50 million and $550 million. Only 12.7% of participants reported investing more than $500 million.
These findings suggest that big data and AI are not only becoming more prevalent but also more accessible to companies of varying sizes and industries. With the increasing availability and affordability of data analytics tools, it is not surprising that organizations are investing heavily in these technologies.
Goldman Sachs, IBM, and Bank of America are just a few of the companies that have already invested heavily in big data. The power of big data and AI is not something to be overlooked. Businesses that want to remain competitive in their respective industries need to embrace these technologies and invest in them to reap their benefits.
10. Using big data, Netflix saves $1 billion per year on customer retention.
Netflix is known for leveraging big data to expand and enhance its business, and it has paid off in a big way. Using big data, Netflix saves a whopping $1 billion per year on customer retention. This is due in part to their strategy of using big data to keep their audience engaged and subscribed to their service.
As of 2020, Netflix boasted over 180 million subscribers, making it one of the most popular video streaming services in the world. Through big data analysis, Netflix can gain valuable insights into its users' behaviour, preferences, and viewing habits. With this information, they can then tailor their offerings to better meet the needs and expectations of their audience.
For example, Netflix uses machine learning algorithms to recommend personalized content to each user, based on their past viewing history and preferences. This not only improves the user experience but also keeps customers coming back for more.
In addition to personalization, big data also helps Netflix optimize its content delivery and distribution strategies. By analyzing data on network performance and user behaviour, Netflix can adjust its streaming algorithms to ensure the best possible viewing experience for its users.
All of these efforts to leverage big data have paid off for Netflix in a big way, as evidenced by the $1 billion per year they save on customer retention. Big data has become a key driver of success for modern businesses, and those that don't invest in it risk falling behind.
11. What is the big data and analytics market worth? $49 billion, says Wikibon.
The exponential growth of data is transforming the business world as we know it. Big data is no longer just a buzzword, but a vital component of the global economy. Wikibon's estimation of the big data analytics market value demonstrates the incredible growth of the industry.
The $49 billion valuation in 2020 is only the beginning, with a projected CAGR of 11%, the market is set to grow significantly in the next few years.
The demand for big data analytics has been driven by the need to extract value from the massive amounts of data generated every day. With businesses generating unprecedented amounts of data, data analytics has become an essential tool to leverage insights and make data-driven decisions.
The big data analytics industry has witnessed massive investments in recent years, and its growth trajectory is set to continue in the foreseeable future.
In addition to the projected market valuation, the big data analytics market is expected to see increased demand for cloud-based services, artificial intelligence, and machine learning.
These technologies have shown significant potential to improve the scalability, flexibility, and speed of big data processing, making data analytics more accessible to businesses of all sizes.
12. Big data will grow at a 12% CAGR by 2026.
The continued growth of the big data industry is a clear indication of the benefits it offers to organizations. According to recent statistics, the global market for big data is expected to reach $268.4 billion by 2026, with a compound annual growth rate (CAGR) of 12%.
What is driving this growth? For one, companies have realized the significant value of big data in improving operational efficiency. By analyzing vast amounts of data, organizations can identify patterns, detect trends, and gain valuable insights into their operations, customers, and markets.
This, in turn, enables them to make better-informed decisions, optimize processes, and reduce costs.
Additionally, advancements in technology, such as the rise of cloud computing and the increasing use of artificial intelligence and machine learning, have made it easier and more affordable for companies to collect, store, and analyze big data.
As we move into the future, it is clear that big data will continue to play a crucial role in shaping business strategies and driving growth. With a 12% CAGR projected for the next five years, the big data industry is poised for even more significant growth, and companies that invest in this field will undoubtedly reap the benefits.
13. 96% of companies plan to hire job seekers with big data skills.
The rise of big data has transformed the business landscape and created new opportunities for companies looking to harness the power of data. As a result, there is a high demand for skilled professionals with expertise in data analytics and big data management.
A recent statistic shows that a staggering 96% of companies plan to hire job seekers with big data skills.
This trend is set to continue in the coming years as the market for big data analytics grows at a rapid pace. For example, in India, the use of AI and machine learning is expected to grow at a CAGR of over 33% by 2023.
Furthermore, by 2025, the country is predicted to become the third-largest market for big data and analytics in the world.
As more businesses recognize the importance of big data analytics, the competition for skilled professionals in this field is likely to become even more intense. Therefore, individuals with expertise in data analytics and big data management are well-positioned for success in the job market.
In turn, this will help drive innovation and progress in the field, leading to even greater advancements in the use of data for business purposes.
14. The software sector will bring in the highest revenue by 2027.
The software industry has been the backbone of the digital world for decades, and it shows no signs of slowing down. Recent projections indicate that the software sector will continue to bring in the highest revenue, with a 45% share, by 2027. This highlights the continued importance of software in driving business growth and innovation.
Hardware is expected to contribute approximately 23% of the total revenue, with services making up the remaining 32%. This suggests that while hardware remains an essential component, the real value lies in software and services.
This trend is not surprising, given the increasing reliance on software and digital services in today's interconnected world. As businesses continue to embrace new technologies such as big data, artificial intelligence, and cloud computing, software will continue to play a vital role in driving growth and innovation.
Moreover, with the software segment expected to remain the top revenue generator, it will attract significant investment and talent in the coming years. Companies that focus on developing innovative software solutions will likely be best positioned to capitalize on this trend and drive continued success in the digital age.
15. 80% of data analytics adoptions will depict a business's capabilities.
The era of big data is here, and businesses that embrace it are reaping huge benefits. According to recent data analytics adoption statistics, 80% of businesses are using big data to showcase their capabilities. It’s not surprising, given that big data has the potential to provide valuable insights that businesses can use to optimize their operations, increase efficiency, and ultimately boost revenue.
Businesses that have been slow to adopt big data may be missing out on opportunities to gain a competitive edge. Big data analytics can provide critical insights into consumer behaviour, trends, and patterns, helping businesses to make informed decisions that drive growth.
With big data, businesses can identify new opportunities, streamline processes, and even predict market trends, all of which contribute to an improved bottom line.
In today’s fast-paced business world, the ability to harness the power of big data is essential for success. As more businesses adopt data analytics, those that fail to embrace this trend may find themselves left behind.
It’s clear that big data has become a game-changer, and the businesses that leverage it will likely enjoy a significant advantage over their competitors.
16. Internet users spend 40% of their time online.
It comes as no surprise that people spend a considerable amount of time online. As per recent data, internet users spend about 40% of their awake time on the internet. This means that people are relying heavily on the Internet for various purposes such as work, entertainment, socializing, and more.
It's fascinating to see how internet usage has evolved over the years. In 2022, the total number of hours that global internet users will spend online is projected to be a staggering 12.5 trillion. This number speaks volumes about the increasing reliance of people on the Internet for their day-to-day activities.
As businesses continue to expand their online presence, this trend is likely to continue. Companies that can successfully cater to the online needs of consumers are more likely to thrive in today's market. The internet has become an integral part of people's lives, and it presents a wealth of opportunities for businesses to connect with their target audience and drive growth.
As we look ahead, we can expect to see further growth in internet usage, which is why businesses must stay up-to-date with the latest digital trends and technologies to remain competitive in the market.
Sources: Globe News Wire, Statista, Forbes, Global Web Index, New Vantage, Wikibon
