There are two types of decision-makers: those who make decisions based on assumptions and those who take actions based on facts. From a logical and statistical perspective, the latter category makes better choices that help their organizations develop and grow.
Why? Because data-driven insights give decision-makers a distinct advantage by helping them verify, quantify, and understand facts to determine the best outcome.
Forward-thinking business leaders understand the importance of data and foster a culture of data-driven initiatives. These leaders don’t see data growth as a problem but as an opportunity to get better insights and make better, more informed decisions.
So, what does the data industry look like from the raw numbers’ viewpoint? Here are some data statistics to put things into perspective:
- The total enterprise data volume is expected to reach 2.02 petabytes by the end of 2022, which represents a 42.2 percent average annual growth over the two years.[i]
- Organizations are projected to spend 212 billion US dollars on data center systems in 2022.[ii]
- The big data analytics revenue worldwide will reach 68bn USD by 2025.[iii]
- The volume of data created worldwide is likely to cross 180 Zettabytes by 2025. [iv]
These statistics barely scratch the surface. The prodigious amount of data, both structured and unstructured, presents unique challenges to organizations. The traditional ‘mining and refining’ techniques fall short when it comes to efficiently managing data, so modern enterprises are embracing automated data processing to simplify data management.
The Future Outlook
- IDC predicts that 80 percent of the world’s data will be unstructured by 2025.[v] The emergence of new platforms and technology continues to improve data standardization, but organizations have started collecting big data, which is voluminous and unstructured. It’s essential that enterprises automate data extraction processes to minimize time spent on manual tasks is reduced, and employees can focus on more value addition business tasks.
- The enterprise data management market is estimated to value at US$130.6 billion by 2028, at a CAGR of 9.1%.[vi] Modern enterprises are constantly looking for solutions to simplify and streamline data management tasks to derive maximum value. Data architects believe that a unified platform to manage all the organizational data from a single platform is the way forward.
- More than 80 percent of enterprise business operation leaders find data integration critical to continuous operations.[vii] Businesses are placing a higher priority on automated data integration processes to facilitate real-time reporting and monitoring applications. It allows organizations to consolidate data from disparate sources and create a single source of truth.
- The market size for business intelligence and analytics software applications is forecasted to reach more than 18 billion in 2025.[viii] Data analytics offers advantages for organizations of all sizes, including risk mitigation and fraud detection, optimizing business processes, improving customer experiences, and more. Modern businesses are leveraging AI-enabled analytics tools to gather actionable insights for faster, informed decision-making.
Industry-Specific Data Statistics
Healthcare, financial, and education sector are among the leading industries that utilize data analytics tools to gather actionable insights for faster, informed decision-making.
Here are some industry-specific data statistics that you might find interesting:
- By the end of 2022, the US financial data service provider market will be worth US$19.8 billion.[ix]
- The global financial analytics market size was valued at US$ 9 billion in 2021 and is predicted to record a CAGR of around 15% between 2022 and 2030.[x]
- The healthcare analytics market is estimated to be valued at US$ 32.7 billion by 2030.[xi]
- The global big data analytics in the education market is predicted to reach US$ 36.12 billion by 2027, growing at a CAGR of 92%. [xii]
- The global manufacturing analytics market size is projected to cross $28,443 million by 2026.[xiii]
Cloud Data Statistics
- The global public cloud computing market is expected to cross $495 billion by 2022.[xiv] Enterprises seem to place a high degree of trust in cloud platforms. These providers will become bigger and more essential in the upcoming years. Cloud computing also helps increase efficiency by sharing resources like software and infrastructure among multiple employees and processes.
- The global cloud storage market is projected to reach $376.37 billion by 2029 at a CAGR of 24.0%.[xv] Modern organizations prefer to store their important business data on the cloud; this includes both regular and encrypted data. Because cloud services are accessible from anywhere with an internet connection, companies can be more productive while on the go or at other places where they might not have access to IT staff.
- 80 percent of enterprise respondents showed interest in adopting Microsoft Azure for cloud usage.[xvi]Cloud platforms are highly sought after these days, and businesses are opting for providers that are secure right out of the box, and Microsoft Azure ticks this box.
- Amazon Web Services holds 31 percent of the cloud computing market share, followed by Microsoft Azure at 20 percent and Google Cloud at seven percent.[xvii] Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, also known as hyperscalers, continue to lead the global cloud computing market. AWS offers PaaS products like Amazon EC2 Container Registry, Amazon Elastic Beanstalk, Amazon Simple Queue Service, and Amazon API Gateway.
- Worldwide public cloud services end-user spending forecast in 2022[xviii]:
- Cloud Business Process Services: US$ 53,121 million
- Cloud Application Infrastructure Services: US$ 71,525 million
- Cloud Application Services: US$ 145,377 million
Moving to the cloud is an excellent option for many businesses, especially startups that don’t have the resources to set up their own data centers. Cloud computing offers many benefits, including flexibility and scalability. It’s also a lot easier to scale when you’re working with a public cloud provider because they can quickly add more servers and storage to meet demand.
By moving to the cloud, you can take advantage of the benefits of shared infrastructure and pay-as-you-go pricing. The cloud allows businesses to scale their IT resources with minimal upfront costs and setup time. Using a public cloud service, like Amazon Web Services (AWS), allows businesses to access a global network of servers with minimal investment.
While you were reading this blog, systems must have generated thousands of GBs of structured and unstructured data. To keep up with this data surge, enterprises need a robust data management solution to apply analytics to derive meaningful insights and make better strategic decisions.
Are you also looking for an end-to-end data management platform? Astera Data Stack is an enterprise-grade solution that allows you to manage all your data in a unified space – without writing any code. Learn more about Astera Data Stack here.
Try the Latest Version of Astera Data Stack First-hand
- [i] https://www.statista.com/statistics/1186304/total-enterprise-data-volume-location/
- [ii] https://www.statista.com/statistics/314596/total-data-center-systems-worldwide-spending-forecast
- [iii] https://www.statista.com/topics/1464/big-data/
- [iv] https://www.statista.com/statistics/871513/worldwide-data-created/
- [v] https://www.ibm.com/blogs/journey-to-ai/2020/11/managing-unstructured-data/#_ednref1
- [vi] https://www.globenewswire.com/en/news-release/2022/08/16/2499432/0/en/With-9-1-CAGR-Enterprise-Data-Management-Market-Size-Worth-USD-130-6-Billion-by-2028-Global-Industry-Trends-Share-Value-Analysis-Forecast-Report-by-Facts-Factors.html
- [vii] https://www.forbes.com/sites/louiscolumbus/2020/03/29/the-state-of-enterprise-data-integration-2020/?sh=1aa147d3c466
- [viii] https://www.statista.com/statistics/590054/worldwide-business-analytics-software-vendor-market/
- [ix] https://www.ibisworld.com/industry-statistics/market-size/financial-data-service-providers-united-states/
- [x] https://www.gminsights.com/industry-analysis/financial-analytics-market
- [xi] https://www.gminsights.com/industry-analysis/healthcare-analytics-market
- [xii] https://www.globenewswire.com/en/news-release/2022/08/05/2493080/28124/en/Global-Big-Data-Analytics-in-Education-Market-Report-2022-2027-Rise-in-Investment-in-Education-Sector-to-Improve-Administrative-Services-Fueling-Growth.html
- [xiii] https://www.alliedmarketresearch.com/manufacturing-analytics-market
- [xiv] https://www.statista.com/statistics/273818/global-revenue-generated-with-cloud-computing-since-2009/
- [xv] www.fortunebusinessinsights.com/cloud-storage-market-102773
- [xvi] https://www.statista.com/statistics/511508/worldwide-survey-public-coud-services-running-applications-enterprises/
- [xvii] https://www.cloudwards.net/cloud-computing-statistics/
- [xviii] https://www.gartner.com/en/newsroom/press-releases/2021-04-21-gartner-forecasts-worldwide-public-cloud-end-user-spending-to-grow-23-percent-in-2021
Here’s an infographic to summarize all the latest data statistics, facts, and trends: