The Internet of Things (IoT) speaks to a system of devices that connect wirelessly to the online space. These devices are capable of data transfer, communication, and storage. This is where we introduce Big Data.
With a total of 35.82 billion IoT devices slated to be installed by 2021, the size and amount of data circulating are at an overwhelming high. Big Data has become so apparent the mathematical science occupations will grow to 27.9 percent from 2016 to 2026. This translates into 50,400 new jobs.
This massive data consumption requires regulation and employing people to aid in managing the data. This also calls for new technology to harness the potential that Big Data has to offer.
Top 10 Big Data Statistics
Big Data is proving to immerse at lightning speed and with that is the increasing data consumption seen across several platforms. Let’s see how the stats add up:
- Each person generated 1.7 megabytes per second in 2020. (IBM, 2020 )
- Of the data we generate today, 80-90% is unstructured. (CIO, 2019)
- 95% of businesses report one of the problems for their business is the need to manage unstructured data. (Forbes, 2019 )
- Of companies worldwide, 45% are running at least one of their Big Data workloads in the cloud. (ZDNet, 2019)
- Data interactions went up by 5000% between 2010 and 2020. (Forbes, 2020)
- Up to 65 billion messages are exchanged via WhatsApp (social media) on a daily basis. (Connectiva Systems, 2020)
- Google gets over 3.5 billion searches daily. (Internet Live Stats, 2021)
- 97.2% of organizations are investing in big data and AI. (New Vantage, 2019)
- The compound annual growth rate (CAGR) of worldwide spending on Big Data is projected at 13.2% between 2020 and 2022. (Business Wire, 2019)
- The International Data Corporation (IDC) predicts the Big Data Analytics revenue to be $274.3 billion. (Business Wire, 2019)
Big Data News and Developments
Global Big Data is making an opening for tons of jobs in data science and professional services. It also benefits the healthcare industry at large, especially to navigate through this pandemic. Mass data consumption is driving the need for better infrastructure. This will enable better privacy protection and innovation in technology.
This biotech startup has leveraged big data and a design algorithm to predict future strains of either new or emerging diseases. Some include COVID-19, African swine fever, and malaria. To create a method to discover new antigens, their technology uses the pathogen and epidemiological big data. Their level and rate of work align with the prediction that the global vaccine market will reach around $108 billion by 2027.
QuestDB has raised a $12M Series A with the expansion of their time series database solutions. An expansion points to continued growth and innovations to support their user demands. They have set the stage as a top source for real-time applications in Big Data, machine learning, DevOps monitoring, and so forth. This is the ground for support seen from CEOs, founders, and leaders from some of the bigwigs in the industry.
With Big Data comes the necessary tools that must be established to maintain privacy and manage or track data. One such tool, created by Ethyca, Fides has received open-source funding. It will enable developers to build mechanisms into the database to meet compliance requirements. In total, they have garnered a whopping $27.5 million and have had an influx of large clients like Away and InVision.
Artificial Intelligence (AI) Startups
AI startups received funding of $38 billion in the first six months of 2021. The funds serve in data infrastructure for data meshing, DataOps, ModelOps, metric stores, and several others. The idea is to use existing infrastructure (cloud platforms) like Amazon Web Services (AWS) , Microsoft, and Google Cloud, as a supportive base while still maintaining control of the data.
Trends in Big Data to pay attention to in 2021
The increasing Big Data Technologies are paving the way for a progressive digital society.
AI/ML Powered Automation
Big data analytics is being used to power Artificial Intelligence (AI), machine learning automation, and workflow shortcuts for internal and external processes. The expansion is a result of deep learning, compute, and the necessary framework built to support it. This enables enterprises to take full advantage of the simplicities and solutions it provides.
Artificial Intelligence plus automation gives smart devices an automatic reaction to their technology. This is because of the deep learning that powers AI. There is now a complete end-to-end service that was once non-existent. Companies can now conceptualize this digital transformation as a problem solver of all sorts and receive insights through predictive analytics for better decision making. Other marked benefits of big data and AI/ML include reduced 3rd party interference, improved workflow efficiencies, improved data quality and real-time analytics.
Ethically compliant Customer Data Collection
GDPR has held strict to its regulations surrounding the use and handling of consumer data. With this several, Big Data entities have put in place measures or systems to increase their compliance, restrict certain users and enable customers to deny or grant those permissions. Look at the millions of dollars in funding raised for companies like Ethyca to do so.
As more people and organizations are moving into the digital space, more sensitive information is being stored and transferred. NFTs, banking, Personal Identifiable Information (PII), and such. Gone are the days when private information was solely stuffed in an envelope under the mattress, housed in a safe behind the picture frame, or even a safety deposit box at the local bank.
This is a move in the right direction and a warning for companies that would otherwise be lax with their consumer data, that there will be larger penalties if non-compliant.
Big Data is getting bigger
In this global age, there is a steady increase in IoT devices for every market, with revenue exceeding $212 billion worldwide in 2020. From Healthcare, Real estate, with smart buildings and smart sensors, to mobile devices, etc. There isn’t a slow down in the number of devices connected to the internet, which produce 5 quintillion bytes of data on a daily basis.
As more devices are created and connected data consumption increases. This will in turn increase the time and money spent on Big Data analytics. Companies that are able to invest in automation to maximize their efficiency in Big Data analytics will put themselves ahead of the game. In the long term, they will end up spending less money on things like data warehouse optimization and forecasting, using technologies like AI and/or machine learning when tackling issues.
Data analysis that is automated through Machine Learning (ML) and Natural Language Processing (NLP), has been slated as the future of data analytics. Businesses will benefit greatly as Augmented Analysis collects data from various sources and streamlines the process to produce time-sensitive reports.
Regardless of where the data is coming from, they can be combined, processed, cleaned, and stored in clusters for real-time analysis. With algorithms, the data can be automated to quickly spot trends or patterns in whatever aspect of the business it is needed.
In this digital age, businesses can take advantage of Augmented Analysis to move from manual to online systems. They will be able to handle tons of data efficiently and simultaneously, produce accurate reports from the data faster, which will result in improved day-to-day functions.
- Netezza and IBM Cloud Pak for Data: A knockout combo for tough data (IBM, 2020)
- AI Unleashes the Power of Unstructured Data (CIO, 2019)
- Big Data Goes Big (Forbes, 2019)
- Big Data 2019: Cloud redefines the database and Machine Learning runs it (ZDNet, 2019)
- 54 Predictions About The State Of Data In 2021 (Forbes, 2020)
- 50+ WhatsApp Facts and Stats that You Must Know in 2020 (Connectiva Systems, 2020)
- Google Search Statistics (Internet Live Stats, 2021)
- Big Data and AI Executive Survey 2019: Executive Summary of Findings (New Vantage, 2019)
- IDC Forecasts Revenues for Big Data and Business Analytics Solutions Will Reach $189.1 Billion This Year with Double-Digit Annual Growth Through 2022 (Business Wire, 2019)
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