Seven Facts About Big Data Everyone Should Know Of

 

Big data is set to become a $103 billion industry in the next five years. Humanity produces unimaginable amounts of data every second, and businesses lack the resources to leverage this exploding data.

As a business, you may not have invested in big data analytics services, whether the reason is a lack of budget, resources, or skillset. The truth is that capitalizing on this humongous amount of data is the need of the day.

To further explain the importance of big data and analytics firms such as Vates, here are seven big data facts everyone should know. Take a look and get ready to be awestruck!

But first, let’s ask the big question.

What is Big Data?

Big data is the heaps of structured and unstructured information the world is producing through its IoT devices. Every online purchase we make, every webpage we surf, and every ad we click on the internet contributes to big data.

The billions of IoT devices in the world are at the forefront of producing terabytes of data that businesses are keen to use to accelerate growth and generate higher revenues.

Facts About Big Data

Here are some facts about big data that everyone should be aware of in 2022!

73 Percent of Data is Never Used!

Do you know that despite the popularity of big data services such as Vates, 73 percent of data is never used for analytics? This means that a huge chunk of the data we’re producing is going to waste!

Poor Data Translates Into Trillion-Dollar Loss

The U.S. economy is losing over $3 trillion annually and will continue to do so on the back of poor data. And just imagine the kind of revenue the same data will generate if used aptly.

Data-Analytics

Almost All Businesses Want Data

94 percent of businesses in the world recognize the importance of data for business growth. This includes software development companies such as Vates as well as non-IT businesses.

But Many Are Unable to Utilize It

However, 63 percent of businesses are unable to use big data to their benefit. This is either because of a lack of resources or monetary constraints that are holding businesses back.

Data Delivers Results!

According to a McKinsey report, businesses that fully utilize big data end up retaining 23 times more clients. So if you are unsure why you need to invest in data, here’s a number.

We All Produce 1.7 MB Data Every 20 Seconds

Yes. We all are producing 1.7 MB of data every 20 seconds. Just multiply that number with the seven billion population of earth and see the impact for yourself!

IoT is a Catalyst for Big Data Boom

Big data and IoT solutions go hand in hand. If you are looking to leverage big data, then it’s about time you hire an IoT consulting service such as Vates. Get in touch with the South American software development company to learn about VatesIT services.

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