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Global data usage has surged exponentially in parallel with rapid technological advancement. Computers offer instant access to vast amounts of information, with over 2 quintillion bytes of data produced daily. This reliance on data emphasizes the importance of real-time analysis and maximum data quality.
This article will examine the key data projections driving future industry usage, such as:
- the growing demand for data analytics for decision-making
- the spread of unstructured data
- decision makers' concerns about soaring data needs
Let’s begin!
Key Takeaways:
- The data industry is experiencing ongoing expansion and change due to technological advancements and the growing need for data-driven insights in various sectors.
- Data analytics demand is expected to expand by 23% over the next decade, highlighting its importance in company decision-making for optimization and competition.
- Businesses will experience a boom in unstructured data, with 180 zettabytes expected by 2025, providing a challenge to data quality and leading to the development of advanced management tools.
- 43% of IT decision-makers are concerned about their current infrastructure's ability to handle future data volumes.
Eye-Opening Data Industry Predictions You Must Know
The data industry is poised for substantial growth in the years ahead. While the average individual in the US consumes 550.2 GB of data monthly, data-driven corporations deal with quintillions of bytes. Despite the assured growth, users remain unaware of the future challenges accompanying data demand and dependence.
The following are statistic-driven forecasts that would shed light on what the data industry will be in the future:
Prediction #1: Data analytics demand is expected to expand by 23% over the next 10 years, shaping decision-making behaviors among company executives.
Data analytics is pivotal for organizing data for accurate decision-making. Businesses leverage it to:
- Optimize operations
- Identify opportunities
- Gain competitive edges
Continuous and logical data analytics are needed, with internet users generating over 57% of global data online.
According to MicroStrategy, 59% of businesses rely on big data analytics to stay competitive globally. The US Bureau of Labor Statistics predicts a 23% growth in data analytics demand over ten years, significantly surpassing the 5% average growth in other industries. This surge is unsurprising as more companies embrace data-driven approaches, necessitating robust analytics for decision-making.
Prediction #2: Businesses will face 180 Zettabytes of unstructured data by 2025, potentially impacting data quality.
Unstructured data lacks a predefined structure, making processing and analysis challenging. Examples include customer information and financial records. With 90% of organizations dealing with unstructured data, the volume is projected to reach 180 Zettabytes by 2025.
The projected growth poses challenges for businesses, with 95% acknowledging unstructured data as a significant problem. Despite the challenges, this prediction can spur the development of advanced data management tools and expertise.
Structured Data Definition:
Structured data is in a standardized format that can be accessed efficiently by software and people. It is usually tabular, with rows and columns that clearly specify the data properties.
Prediction #3: 43% of IT decision-makers express concern about the capacity to manage future extreme data demands.
The growing reliance on data emphasizes the importance of data-driven decisions. It is a challenge faced globally. This reliance has led to concerns among 43% of IT decision-makers regarding the readiness of current infrastructure to handle future data demands.
Doubts linger about the ability of existing frameworks to cope with increasing data volumes and maintain relevance. Poor data quality could lead to substantial losses, with the US economy facing a $3.1 trillion annual deficit. This projection emphasizes the need for investment in scalable IT systems and skilled data scientists to navigate data complexities effectively.
The Future of Data in A Nutshell
The data industry's growth and transformation are ongoing, driven by technological advancements and the increasing demand for data-driven insights. This growth presents opportunities and challenges, influencing the future of data across industries.
The predictions outlined display the escalating volume of unstructured data, the growing demand for current analytics, and the concerns of IT decision-makers regarding data infrastructure readiness. As we move towards a data-driven future, these predictions should guide strategic planning and spur innovation in data capabilities.
FAQs on Data Predictions
What is the forecast for 5G data usage?
The adoption of 5G is expected to increase significantly, with around 330 exabytes of mobile data traffic per month anticipated.
How will big data be used in the future?
Big data analytics will focus on real-time analyses to ensure data freshness and enable data-driven decisions through improved predictive analytics.
Is data science still the future?
Data science remains pivotal, driving technological advancements across industries and fields. Improved data practices can revolutionize various sectors.
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