Big Data sounds a relatively simple concept. After all, it’s just, Big Data. The idea focuses on the enormous amount of information produced as a result of the explosion in Information Technology, which enables us to collect and store this information.
At first glance, the potential of this idea is easy to overlook. But in the age of Information, this chunk of Data becomes a gold mine from which we can analyze and conclude on patterns regarding various incidents, occurrences, behaviors, and even extrapolate this analysis to draw relations and patterns and even predict the future effectively. This makes Big Data a valuable asset to all sectors.
With these things in mind, here are some of the most mind-blowing data on Big Data itself.
The amount of Data produced in the past few years is more than the total amount of Data generated in the rest of human history.
In 2010, the then CEO of Google, Eric Schmidt claimed that we create almost five exabytes of Data every two days. One Exabyte is over one quintillion bytes, which is one followed by eighteen zeroes.
This is the same amount of Data we have created since the beginning of time up until 2003. Even though this claim is debatable, there is no doubt that the rate of production of information today is light years ahead of what it was a decade ago. And this rate is continuously growing.
According to the stats of 2017, Google search executes almost 40000 searches worldwide, per second.
This number has grown, considering it’s a year old. However, this is a simple metric to show the staggering growth of Data Availability, as this number translates to almost 1.2 trillion searches worldwide. The data produced from this alone is immeasurably vast.
Big Data can prove to be a massive boost for the number of Jobs and the Economy
Big Data promises to be filled with lucrative career opportunities for experts in Computer Science and Engineering, Programmers, Developers, Analysts, and other technologies as well as non-technical jobs. In 2017, almost $57 billion was spent of Technology for gathering Big Data, and estimates show as much as 8 Million developers worldwide working under this sector.
Big Data is also boosting other novel applications, such as Cloud.
Big Data is collected over the Internet and comes from all the users of all connected systems worldwide. The sheer volume of Big Data makes it difficult to store all that in conventional storage devices. This means that the collection and storage of this data are also done best online. This is where Cloud Computing comes into the picture. Storing and processing Big Data on Cloud-based Servers make the results readily available to users, and makes the entire process more mobile and accessible.
For a typical Fortune 100 Enterprise, an additional $65 Million net income can be gained by increasing Data Accessibility by just 10%
The more you know about your business, the more money you can make. This makes Big Data a lucrative investment, as it adds a lot to the company in this aspect. Data can be analyzed to reveal a lot more on Customer Demographic, Preferences, Popularity and many other factors that affect the sales of a product. This directly translates to more money.
Conversely, Bad Data costs US Businesses a total of $600 Billion Annually.
In a lot of cases where estimated project costs overflow, poor data or a lack of understanding of data is cited as the primary reason. It can cost businesses up to a third of their total operating revenue. This is also apparent in Data Breach situations, where an average of $215 is lost per customer.
Social Media and Electronic Communications also contribute to this hike in Big Data.
An average of 2.7 Billion likes and comments are posted on Facebook every day. Almost 250 Billion emails are sent every day, with nearly 80% being spam. This accumulation results in approximately as many pieces of digital information existing as big data as there are stars in the Universe.
Big Data is Processed and Analyzed by many firms and experts for Targeting Audiences.
Over 80% of Marketing Experts use social media while working, relying on it to reach their target demographic. This process is assisted by Big Data Analytics, where the messages, searches, likes and online activities of a person are used to gauge their interests and show ads of products that they may buy. This form of advertising has made e-commerce much more potent than traditional forms of marketing.
Even though personal use results in the most amount of big data created, companies are the ones who use this data extensively.
Private users are responsible for generating almost 70% of all data online. However, over 80% of this big Data is collected and organized by commercial users and firms. This is because every click of a private user can result in the creation of new data, and businesses can benefit the most out of analyzing and processing this data.
It is nearly impossible to store all the Data in a physically accessible form using conventional storage devices.
The Big Data collected from all over the Internet is stored mostly on Cloud because of its volume. Every hour, enough data is produced to fill 7 Million DVDs. If the total storage capacity of the world for digital information is converted to DVDs stacked on top of each other, the stack will extend even beyond the moon. This is expected to rise by 2020. Projections show that IT departments will be looking at an increase of tenfold in number of Servers alone.
Even though Big Data may be Big now, it is nothing compared to what it is expected to become in the next few years. The numbers and stats will explode, making it a goldmine for information and a potentially endless resource.