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 ASU Master of Science in business analytics online 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.