Top 11 Amazing Facts About Big Data!

Now a Days, Big Data is the buzzword in the technological industry and there are, indeed, a lot of hype about it. According to some recent studies, in 2015, the total expenses on big data, across the globe was more than $31 billion. It also shows that by 2018, approximately the figure will cross $114 billion. Even though, there is so much hype about big data, there are many enterprises and business owners who are not quite sure about this concept. They don’t have a very clear idea about what big data really is and what are the exact reasons of so much expenses around it. Simply put, the term, big data refers to the huge volume of data that are constantly increasing, with every passing day.

If you want to know some really interesting facts about big data, this is the list that you need to go through –

[list type=”icon” icon=”database” style=”simple”]

1. According to the 2015 IDG Enterprise Big Data Research study, businesses will spend an average of $7.4 million on data-related initiatives in 2016.
2. According to McKinsey, a retailer using Big Data to its fullest potential could increase its operating margin by more than 60%.
3. Bad data or poor quality data costs organizations as much as 10-20% of their revenue.
4. A 10% increase in data accessibility by a Fortune 1000 company would give that company approximately $65 million more in annual net income.
5. Big Data will drive $48.6 billion in annual spending by 2019.
6. Data production will be 44 times greater in 2020 than it was in 2009. Individuals create more than 70% of the digital universe. But enterprises are responsible for storing and managing 80% of it.
7. It is estimated that Walmart collects more than 2.5 petabytes of data every hour from its customer transactions. A petabyte is one quadrillion bytes, or the equivalent of about 20 million filing cabinets’ worth of text.
8. By 2020 one third of all data will be stored, or will have passed through the cloud, and we will have created 35 zetabytes worth of data.
9. A 2015 report by Cap Gemini found that 56% of companies expect to increase their spending on big data in the next three years.
10. There will be a shortage of talent necessary for organizations to take advantage of Big Data. By 2018, the United States alone could face a shortage of 140,000 to 190,000 skilled workers with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use Big Data analytics to make effective decisions.
11. The value of the Hadoop market is expected to soar from $2 billion in 2013 to $50 billion by 2020, according to market research firm Allied Market Research.

[/list]

These are the top 11 amazing facts about big data. There are also some ought to know about Big Data and processing this data has already turned out to be a significant task. This is why enterprises across the world need to focus on the different aspects of big data.