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Big Data is a Big Business

Big Data is rapidly changing the way we navigate the world. Humans generate 2.5 quintillion bytes of data per day, according to IBM. Large quantities of data can lead to multiple insights, better informing businesses of their customers and markets.

Where is the data coming from?

Data is generated each time a person uses the internet. Increased access to the internet across the world has led to further data being generated. Part of this increased access was driven by smartphone adoption. By 2018, according to the International Data Corporation, smartphone users worldwide will generate 44 trillion gigabytes of data.

How are organizations leveraging Big Data?

Details from a NewVantage Partners poll revealed that organizations across a wide range of industries are investing in Big Data initiatives, including banking, manufacturing, government and healthcare, among others. The most interest in Big Data initiatives came from businesses within the financial services sector, at more than 75 percent of all organizations polled.

What, exactly, are these companies investing in? Many are using the insights gleaned from Big Data to improve internally, such as through reduced operational cost efficiencies, improvements to culture, innovation and disruption in their products and services and many other investments.

Big money from Big Data

On its own, Big Data is a thriving industry that is expected to grow. Businesses are spending their money on data warehousing, software, IT and business services and much more. IDC estimated that 2017's Big Data and business analytics revenue will hit $150.8 billion.

Are you interested?

More businesses are realizing the value of Big Data, and they need skilled professionals to meet demands. As a result, data analytics roles are emerging across multiple industries, many with stable wages and anticipated growth.

The Arizona State University online Master of Science in Business Analytics program from the W. P. Carey School of Business can help prepare students for their desired analytics professions. Check out the infographic below for more information on how Big Data is revolutionizing today’s businesses.

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Summary Sources:
10 Key Marketing Trends for 2017 by IBM
Individuals using the Internet (% of population) by The World Bank
Number of smartphone users worldwide from 2014 to 2020 (in billions) by Statista
The Digital Universe of Opportunities: Rich Data and the Increasing Value of the Internet of Things by IDC
Big Data Executive Survey 2017 by NewVantage Partners
Big Data and Business Analytics Revenues Forecast to Reach $150.8 Billion This Year, Led by Banking and Manufacturing Investments, According to IDC by IDC
Smartphone Ownership and Internet Usage Continues to Climb in Emerging Economies
Operations Research Analysts by the U.S. Bureau of Labor Statistics
Management Analysts by the U.S. Bureau of Labor Statistics
Market Research Analysts by the U.S. Bureau of Labor Statistics
Operations Research Analysts by O*Net OnLine
Management Analysts by O*Net OnLine
Market Research Analysts and Marketing Specialists by O*Net OnLine

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