Big Data – Are You In Control?
Mark Mulcahy – Waterford Technologies
Big data is a hot issue in today’s business world. The massive increase in the amount of data collected and stored by organizations around the world over the past few decades is undeniable and the ability to access and analyse this data is quickly becoming more and more important.
Below are some key statistics, facts and figures which highlight this growth in data and how important it is for business intelligence and decisions.
Big Data in Today’s Business and Technology Environment
- 2.7 Zetabytes of data exist in the digital universe today.1
- 235 Terabytes of data has been collected by the U.S. Library of Congress in April 2011.
- The Obama administration is investing $200 million in big data research projects.2
- IDC Estimates that by 2020,business transactions on the internet- business-to-business and business-to-consumer – will reach 450 billion per day.3
- Facebook stores, accesses, and analyzes 30+ Petabytes of user generated data.4
- Akamai analyzes 75 million events per day to better target advertisements.5
- 94% of Hadoop users perform analytics on large volumes of data not possible before; 88% analyze data in greater detail; while 82% can now retain more of their data.6
- Walmart handles more than 1 million customer transactions every hour, which is imported into databases estimated to contain more than 2.5 petabytes of data.7
- More than 5 billion people are calling, texting, tweeting and browsing on mobile phones worldwide.
- Decoding the human genome originally took 10 years to process; now it can be achieved in one week.8
- In 2008, Google was processing 20,000 terabytes of data (20 petabytes) a day.9
- The largest AT&T database boasts titles including the largest volume of data in one unique database (312 terabytes) and the second largest number of rows in a unique database (1.9 trillion), which comprises AT&T’s extensive calling records.
The Rapid Growth of Unstructured Data
- YouTube users upload 48 hours of new video every minute of the day.10
- 571 new websites are created every minute of the day.11
- Brands and organizations on Facebook receive 34,722 Likes every minute of the day.12
- 100 terabytes of data uploaded daily to Facebook.13
- According to Twitter’s own research in early 2012, it sees roughly 175 million tweets every day, and has more than 465 million accounts.14
- 30 Billion pieces of content shared on Facebook every month.15
- Data production will be 44 times greater in 2020 than it was in 2009.16
- In late 2011, IDC Digital Universe published a report indicating that some 1.8 zettabytes of data will be created that year.17
In other words, the amount of data in the world today is equal to:
- Every person in the US tweeting three tweets per minute for 26,976 years.
- Every person in the world having more than 215m high-resolution MRI scans a day.
- More than 200bn HD movies – which would take a person 47m years to watch.
The Market and the Marketers’ Challenge with Big Data
- Big data is a top business priority and drives an enormous opportunity for business improvement. Wikibon’s own study projects that big data will be a $50 billion business by 2017.18
- As recently as 2009 there were only a handful of big data projects and total industry revenues were under $100 million. By the end of 2012 more than 90 percent of the Fortune 500 will likely have at least some big data initiatives underway.19
- Market research firm IDC has released a new forecast that shows the big data market is expected to grow from $3.2 billion in 2010 to $16.9 billion in 2015.20
- In the developed economies of Europe, government administrators could save more than €100 billion ($149 billion) in operational efficiency improvements alone by using big data, not including using big data to reduce fraud and errors and boost the collection of tax revenues.21
- Poor data across businesses and the government costs the U.S. economy $3.1 trillion dollars a year.
- 140,000 to 190,000. Too few people with deep analytical skills to fill the demand of Big Data jobs in the U.S. by 2018.22
- 14.9 percent of marketers polled in Crain’s BtoB Magazine are still wondering “What is Big Data?”.23
- 39 percent of marketers say that their data is collected “too infrequently or not real-time enough.”24
- 29 percent report that their marketing departments have “too little or no customer/consumer data.” When data is collected by marketers, it is often not appropriate to real-time decision making.25
Big Data & Real Business Issues
- According to estimates, the volume of business data worldwide, across all companies, doubles every 1.2 years.26
- Poor data can cost businesses 20%–35% of their operating revenue.27
- Bad data or poor data quality costs US businesses $600 billion annually.28
- According to execs, the influx of data is putting a strain on IT infrastructure. 55 percent of respondents reporting a slowdown of IT systems and 47 percent citing data security problems, according to a global survey from Avanade.29
- In that same survey, by a small but noticeable margin, executives at small companies (fewer than 1,000 employees) are nearly 10 percent more likely to view data as a strategic differentiator than their counterparts at large enterprises.30
- Three-quarters of decision-makers (76 per cent) surveyed anticipate significant impacts in the domain of storage systems as a result of the “Big Data” phenomenon.31
- A quarter of decision-makers surveyed predict that data volumes in their companies will rise by more than 60 per cent by the end of 2014, with the average of all respondents anticipating a growth of no less than 42 per cent.
- 40% projected growth in global data generated per year vs. 5% growth in global IT spending.32
Take Control of Your Data with SISCIN
The increase in Unstructured Data collected by the business is undeniable and they are under more and more pressure to retain it for longer periods of time. SISCIN is a cloud-based solution which solves your organisation’s Unstructured Data problems by helping you to Map, Move and Manage your Data.
SISCIN from Waterford Technologies starts working in seconds and maps your Data in minutes allowing you to quickly analyse your data, move the relevant data to the cloud and delete redundant and useless data to reclaim storage space.
Get started with SISCIN today by downloading your free 14-day trial. Your trial account will allow you to map your organization’s data to understand the data you are currently holding. Your trial account is fully featured and can analyse up to 1TB of data from a single server.
1 MarTech – Big Data Brings Marketing Big Numbers, 2, 4, 5 Wikibon – Taming Big Data, 3 Wikibon – The Rapid Growth in Unstructured Data, 6 Sys-Con – Ventana Research Survey, 7 SAS Big Data Meets Big Data Analytics, 8 Economist – Data, data everywhere, 9 TechCrunch – Google Processing 20,000 Terabytes A Day, And Growing, 10, 11, 12, 13, 16 Wikibon – The Big List of Big Data Infographics, 14 MediaPost – Role Of Big Data In Marketing And Customer Service, 15, 21, 22, 32 McKinsey – Big data: The next frontier for innovation, competition, and productivity, 17 SiliconRepublic – Amount of data in 2011 equal to 57.5bn 32GB Apple iPads, 18 SiliconAngle – Studies Confirm Big Data as Key Business Priority, Growth Driver, 19 ZD Net – What is ‘big data’?, 20 Statspotting – Big Data Statistics: $16.9 Billion Market By 2015, 23 Forbes – B2B Marketers: Use Big Data, New Tools to Evaluate, Execute, Evolve, 24, 25 CISION – Study Finds Marketers Struggle with the Big Data and Digital Tools of Today, 26 Arizona State University, 27, 28 FATHOM – “Big Data” Facts and Statistics That Will Shock You, 29, 30 Avanade, 31 BT Plc.