It’s difficult to find an industry or activity that hasn’t been touched by big data. If you’ve set foot outside of your home or used an online service today, you’ve probably already interacted with big data. If you bought something at the grocery store with a club card, big data recorded your purchase. If you watched a video on YouTube, you consumed a small portion of the one hour of video uploaded to the site every second. Whether it’s for storing massive amounts of data or processing information for millions of people, big data plays a role in it. If that’s not shocking enough alone, the following eye-opening facts bring the sheer scope of the industry into perspective.
It’s Growing Exponentially and Not Slowing Down
Big data creates so much information that every other day the industry generates as much digital information as mankind did from the dawn of civilization through 2003. If that’s not humbling enough, in 2014 people created 90% of all existing data in the world over the previous two years. The trend is expected to continue: by 2020 the industry will create 1.7 MB of data every second for every living person on the planet. So where’s all this data coming from? Mostly businesses. A 2014 study found that 94% of businesses are either using or considering utilizing cloud computing. That data is going to keep adding up.
To put it into perspective, a typical modern desktop computer comes equipped with a one Terabyte hard drive. You’d need to put together 44 trillion of those to store all of the data in the world by 2020.
Mobile is the Future, and it’s a Big Future
The smartphone in your pocket is the future of big data. Globally, mobile data traffic grew 74% throughout 2015 to 3.7 Exabytes monthly. This explosive growth isn’t a new trend either: mobile data usage has expanded 400 hundred thousand percent over the past decade. Fortunately for the cellular networks, more than half of mobile data is being offloaded onto Wi-Fi networks.
Mobile data is only going to get bigger, as estimates place the total number of worldwide mobile users above 6.1 billion in 2020.
Video is Driving Growth through Volume
Total global mobile data usage exploded by an astounding 81% from 2012 to 2014 to a staggering 1.5 Exabytes: around 53% of that traffic comes from video content. If you’ve ever streamed a movie on your mobile device and received a data usage alert long before the final credits roll, you already have an idea why this is the case. Compared to most other types of common data on the Internet, video content is very data-size heavy. According to Netflix, low-quality video can chew through about 300 megabytes per hour while HD video consumes around 3 gigabytes per hour.
As of 2016, the big data market has an estimated value of $59 billion, which is expected to double by 2019. The industry’s reach plays a role in typical daily tasks like the 31 million messages people send over Facebook every day and the 1 thousand computers that work together for each of the 40 thousand Google search queries made every second.
Contact the experts at Ciklum and find out how your business can get the most out of big data and analytics in your industry. Perhaps the most eye-opening of all is the remaining potential for all that information: only half a percent of all collected data is ever used. Big data has only begun to change our lives. Make that data work for you.