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11 Stats that Prove Big Data is a Big Deal

November 04, 2014 by

Analytics have transformed the way we think about business. Big decisions were once made using a combination of precedent and instinct. Now, ease of accessibility is making analytics a critical component of any organization’s growth. From measuring productivity of workers to ROI of business initiatives, many companies have come to rely on analytics to track a variety of metrics—particularly big data, which is defined by Webster’s as “an accumulation of data that is too large and complex for processing by traditional database management tools.”

  • While the term “big data” is still used with some ambiguity, its relevance and importance to the business world is incredibly clear. Here are 11 statistics that show its significance.
  • The world generates 2.5 quintillion bytes (2.5 x 1018 bytes) of data daily. (ATKearney) (Tweet this)
  • Annual spending on analytics averages around $137,000. Unsurprisingly, enterprises have been more eager to adopt than small businesses. (Experian) (Tweet this)
  • Speaking of enterprises, seven out of 10 of them have adopted analytics. (IBM) (Tweet this)
  • Customer information is often lost in translation, as 83 percent of businesses cite it as a challenge that plagues their organization. (Experian) (Tweet this)
  • Currently, a household produces 2.08 terabytes of data per year, which is equivalent to 65 32gb iPhones. In the next six years, that number is predicted to increase by nearly five-fold to over 10 terabytes. (EMC Corporation) (Tweet this)
  • 62 percent of supply chain optimization is augmented by analytics. (Experian) (Tweet this)
  • IDC predicts that big data as an industry will grow at 27 percent compound annual growth rate, passing $32.4 billion in 2017. (IDC) (Tweet this)
  • Four out of every 10 online retailers believes they have room for improvement. (Looker) (Tweet this)
  • Marketing intelligence used to be based on established techniques. Now, 53 percent of it comes from big data. (Experian) (Tweet this)
  • Predictive analytics has become the main focus of companies who are looking to delve into data. (Oracle) (Tweet this)
  • While 99 percent of companies value a single customer view as an integral component to their success, only 24 percent of businesses possess one. (Experian) (Tweet this)
 

 

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