According to the IDC, 44 trillion gigabytes of data will exist by 2020
That’s a lot of data.
In 2013 the data universe contained around 4.4 trillion gigabytes of data, created by both consumers and enterprise. That’s a 10 fold increase in 7 years. This monumental growth has been spurred on by the onset of the cloud, IoT, enterprise, and the rich media channels available to engage with consumers across the globe.
A piece written by the Harvard Business Review reports that roughly 80% of Fortune 1000 executives who have attempted to harness their data sets, via investments in “Big Data” has been a success.
Benefits from data investments do not lie solely within the Fortune 1000 arena either. SMEs can also find potential benefits when applied to their own data. Use cases range from predicting which products a customer might want to purchase online in real time, to suggesting which version of an email would get the most engagement.
Further still, internal company processes and systems could see benefits from data analytics, such as supply chain logistics, customer relationship management and risk management.
Without a doubt, the future looks exciting for those who want to seek opportunities from their ever-growing data sets.