The Ultimate List of Big Data Statistics for 2023
Understanding how fast Big Data is growing is a fascinating topic in itself.
Different sectors use this availability of data and significant trends to make future predictions, highlighting how much potential this industry holds.
In addition, various IoT statistics also indicate how the Internet of things is fueling significant data trends.
In this article, I will discuss the latest Big Data statistics and where this industry is headed so that you can make the right decisions about your business.
Let’s get right into it.
1. There are 2.80 billion monthly Facebook users when it comes to active accounts. Daily, WhatsApp, Messenger, Instagram, and Facebook get as many as 1.8 billion users to visit.
Facebook’s acquisition of WhatsApp (2014) and Instagram (2012) boosted the number of active accounts and increased time spent on these platforms through user engagement.
With a combined 1.8 billion user visits daily, it is no wonder that various ecommerce companies and other businesses are on the lookout for influencers.
Influencers on these platforms can successfully help businesses advertise their products to the right target audience.
Twitter is one of the best platforms for real-time conversations.
Posting short text limited to 280 characters has made this platform very popular with celebrities and industry influencers who want to share their opinions concisely.
In addition, marketers have also found that Twitter is an excellent platform for social selling and product placement.
3. Every day, Google receives over 3.5 billion searches. Out of these, as much as 15% of new queries have never been made before.
(Internet Live Stats)
This is a massive opportunity for brands to get in front of interested buyers with new problems to solve.
With over 3.5 billion searches every day, Google’s search engine is the top place consumers go when they want information on products and services.
In addition, with 15% of new queries being unique each day, it just goes to show how marketers need to focus on creating fresh and unique content that is optimized to answer new and ever-changing queries.
Image Credit: Financesonline.com
Human communication has always been something people wanted, and this increased when smartphones became widespread.
WhatsApp took things to the next level.
This platform is one of the most popular messaging tools right now because it allows users to exchange text messages, images, audio notes, videos, and more via Wi-Fi or a data connection.
As many as 65 billion messages are being sent via WhatsApp each day.
In addition, the ability to have both personal and business accounts on this platform has made it a hotbed for ecommerce marketers who want to get their products in front of interested users.
In addition to improving the viewing experience, Netflix has been using Big Data to decide what types of content it should add to its library.
By leveraging user behavior regarding adding new shows or movies, the platform can better know your preferences each time you make a new selection.
This enables it to ensure it can recommend similar content you might enjoy.
With Big Data, Netflix has offered better recommendations for its users, which has made its service even more popular than its competitors.
Bad data quality may cost businesses anywhere from $9.7 million to $14.2 million each year, depending on their sector and location.
While there is a lot of data on the Internet, unstructured data makes it difficult for marketers to segment their markets and target them effectively.
In addition, with insufficient data quality, marketers also have a hard time verifying whether the people that they are reaching out to are interested in what they have to offer or not.
With this in mind, finding reliable lead generation data sources is becoming increasingly crucial for business owners who want to grow and scale.
Image Credit: Waterfordtechnologies.com
Building upon the previous stat, lousy data quality costs businesses a lot of money.
With the amount of unstructured data out there, companies have to hire more people to handle all the different types of data they collect.
Almost all businesses say that unstructured data is a significant concern because of the inability to handle it.
Those specializing in data science have a huge opportunity to provide value as the amount of data marketers have to deal with increases.
Further stats in the unstructured data department show that 80 to 90% of online data falls in this category, which means it isn’t easily usable by anyone.
There is also the concept of untagged data, which some might say is worse than unstructured data.
This type of data has nothing to help data scientists and marketers contextualize or define the people, processes, and events they are trying to analyze.
With this in mind, those who can work with all types of data and make sense of it now have a leg up on the competition as they will be better positioned to offer the right value to the marketplace.
9. The Big Data analytics market in the banking industry is expected to reach $62.10 billion by 2025.
Big Data is at the center of the digital transformation that banks are experiencing.
By leveraging Big Data, banks can optimize their risk-taking, increase transparency and provide a better customer experience.
As a result, banks are expected to spend an increasing share on Big Data analytics to implement better capabilities, whether it’s client acquisition, client servicing, or operational efficiency.
(Globe News Wire)
According to Big Data in the healthcare sector, the global healthcare analytics market was valued at more than $14.7 billion in 2018.
By the end of the following year, it was worth around $22.6 billion, with a growth rate (CAGR) of around 20 percent taking place consistently over the next few years.
This considerable growth rate is fueled by several factors, including increasing chronic diseases and a large elderly population.
In addition, there is also a growing focus on healthcare personalization which helps people find better treatments for their specific conditions.
Analytics is also another area that marketers can look to when providing value.
We are now in an era where analytics does matter if you want your company to grow.
With this in mind, those who can help companies with their analytics now have another way they can provide value, resulting in them being able to charge more than competitors who don’t offer this service.
According to Big Data growth statistics, by 2025, annual data production will be over 180 zettabytes.
In just a few short years, we will be generating so much data that it will not be possible for marketers and other industry professionals to sift through it all.
Instead, various business providers will need to leverage Big Data to increase their productivity and capabilities.
(Data Never Sleeps 5.0)
While we used to speak about gigabytes a few years back, this is no longer the case.
A quintillion is the number 1, followed by 18 zeros.
Every single day people are generating this much data – multiplied by 2.5.
Big data seeks to analyze this information and put it to good use.
In the end, Big Data has made it possible for companies to use customer data platforms to expand their capabilities and find new ways of doing business.
This all results in better solutions for their customers.
This data would otherwise be impossible to process.
14. With an average internet speed, it would take a person about 181 million years to download all of the data on the Internet right now.
If someone were to start downloading the Internet right now, it would take them about 181 million years to download everything.
With this in mind, only a fraction of what can be found on the Internet can be realistically accessed by the average internet user.
However, this presents an opportunity for marketers to find new ways of providing value by helping their prospects find better solutions to their issues.
While free information exists everywhere on the Internet, marketers that can collate just the correct knowledge for their prospects (in a sea of vast information) can offer value that one cannot easily find anywhere else.
(Global Web Index)
Globe Media Index reports that people spend around thirty-three percent of their total internet time on social media.
Social media has grown in popularity over the years, and it is expected to be around for a long time.
This has made social selling more critical than ever.
Providing prospects with the information they desire will be a challenge most marketers must overcome.
According to research, an average person will spend almost 30% of one’s day on the Internet.
With the introduction of virtual worlds and the metaverse, this number will probably increase even more than before.
Now, people can spend more time on the Internet than sleeping.
17. Most businesses are putting a lot of effort into Big Data and AI, with more than 97% of survey respondents stating that they are investing in it.
Almost all businesses put in big initiatives and effort for Big Data and AI.
This technology has proven itself as a way of helping companies grow by developing new capabilities and increasing revenue.
Artificial intelligence algorithms, machine learning, and predictive analytics are all part of better understanding the consumer.
Businesses understand that when prospects are presented with the right solutions, they are more likely to purchase something artificial intelligence can help facilitate.
As much as 67% of all companies use the cloud to host their systems.
Having cloud solutions makes Big Data management easier because it streamlines the whole process.
This is also one of the benefits of Big Data for companies looking to use AI, machine learning, and other technologies that stem from Big Data.
When these solutions are provided to customers, they are more likely to make purchases, which will, in turn, increase sales.
The future is bright for those that integrate Big Data into their business.
For those that don’t, it could result in bankruptcy.
With the help of AI-powered tools such as machine learning, marketers will learn more about their prospects than ever before, which means that others will be left behind if they don’t implement these technologies.
Creating data-driven solutions for customer acquisition has proven to be very beneficial.
This also applies when it comes to customer retention.
Customers are 23 times more likely to buy from a data-driven organization.
Whether presenting valuable insights or providing solutions to problems, marketers need to consider the data-driven approach to increase the number of sales coming in.
The pandemic has increased cyber scams, which can be harmful to people unaware of this.
The increase in social media users in the global datasphere has helped scammers find new ways to get what they want.
While various social media management tools provide an excellent experience for the right people, there are also tools that one needs to be careful of.
It’s sometimes becoming increasingly difficult to tell which organizations are legitimate and which ones are scams.
This is why everyone must do their best to stay educated about the different scams out there.
Big data technologies are designed to help marketers better understand their prospects.
The insights provided by these tools allow marketers to understand customers’ wants and needs, which one can then use in creating new campaigns and solutions customers will love.
Businesses that use Big Data can set themselves apart from competitors while helping customers get what they need.
The Big Data industry is growing at a speedy rate, and there are plenty of tools out there that businesses can use to continue growing.
As it continues to progress, we can expect that more people will take advantage of the insights provided by these solutions.
Understanding how much data is being generated is crucial when keeping up with Big Data.
The amount of data produced daily is much more than what was created in past years combined.
On the flip side, poor data quality must be addressed, especially since many businesses are working with it.
This is why the right type of Big Data has become crucial for companies to stay competitive.
While traditional data processing applications are still being utilized, companies are also looking for the right tools to help them understand what’s happening behind the scenes.
Data usage has grown exponentially over the last decade.
Companies are looking for cloud computing services to help them reduce costs while also scaling as needed.
Using a cloud-based system allows companies to eliminate the capital expenditure associated with purchasing new hardware and software.
The data generated by Big Data tools can be stored on the cloud, allowing companies to access their information from any location and any device.
Flexibility and affordability have also helped cloud computing become a popular choice for businesses.
Various data sets can be processed faster using cloud web services, which means businesses won’t have to worry about running out of resources when making quick business decisions.
The compound annual growth rate for Big Data is constantly on the rise.
Many of the above Big Data stats show that the market share Big Data holds is expected to snowball as more time passes.
Investments are being made to ensure that companies are presented with new solutions regularly.
Big Data industry statistics show that it’s essential for companies to get in and take advantage of what is available now to not miss out on new opportunities down the line.
The banking sector has been expanding rapidly in its use of Big Data over the last couple of years, and it’s expected to continue growing as time goes on.
The financial industry has also become heavily reliant upon Big Data tools to stay competitive and offer high-quality solutions for its customers.
This is true when it comes to the healthcare industry as well.
With Big Data workloads, healthcare industries can use all the data to gain insights that can help shape their future.
This allows them to stay on top of different trends, issues, and patients’ needs.
Providing high-quality care while reducing costs has led healthcare firms to invest in Big Data solutions.
Image Credit: Pinterest.com
Another industry that relies on data interactions is the media.
The current trend of data-driven decision-making is being used with great success across the media industry.
Many people in this sector are turning to Big Data tools to get information that they can then turn into actionable items to report on.
Finally, data warehouse optimization is also a significant part of the Big Data business.
These tools and solutions help ensure that high-quality content is available for everyone.
Artificial intelligence has made its way into various aspects of warehousing, including when it comes to curation and discovery.
The critical Big Data statistics above show that the industry is expected to grow rapidly.
There are ample opportunities for everyone involved regarding what they can achieve and how far they can reach.
The future is all about using the tools and solutions available to get ahead and provide a better service for your customers.
This is why it’s essential for everyone involved to pay close attention to what is happening now in terms of their Big Data efforts.
What do you think about Big Data? Are you planning on taking advantage of it?
Let me know your thoughts in the comments section below.