GITNUX MARKETDATA REPORT 2024

The Most Surprising Data Management Industry Statistics in 2024

With sources from: forbes.com, grandviewresearch.com, idc.com, hbr.org and many more

In this post, we delve into the dynamic landscape of the data management industry, exploring key statistics that underscore the significant impact and potential of effective data management strategies. From the exponential growth in global data generation to the substantial ROI realized by companies investing in data management, these statistics highlight the critical role that data management plays in driving business success and innovation.

Statistic 1

"95% of CEOs say data management and analysis are critical to their business growth."

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Statistic 2

"The global data management software market size is projected to reach USD 122.9 billion by 2025."

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Statistic 3

"The big data and business analytics market is expected to reach USD 274.3 billion by 2022."

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Statistic 4

"90% of the world's data was generated in the last two years."

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Statistic 5

"95% of businesses cite the need to manage unstructured data as a problem for their business."

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Statistic 6

"The data governance market is expected to grow at a CAGR of 22.0% from 2020 to 2028."

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Statistic 7

"67% of data management tasks will be automated by 2025 using AI and machine learning."

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Statistic 8

"87% of IT leaders believe big data analytics are essential for business transformation."

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Statistic 9

"73% of companies are investing in big data to remain competitive."

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Statistic 10

"Data preparation and cleaning take up about 80% of data scientists' time."

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Statistic 11

"Poor data quality costs the US economy around USD 3.1 trillion per year."

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Statistic 12

"By 2023, 75% of databases will be deployed or migrated to a cloud platform."

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Statistic 13

"More than 40% of data professionals spend over 20 hours per week cleaning and organizing data."

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Statistic 14

"By 2022, 70% of enterprises will deploy unified data and analytics platforms."

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Statistic 15

"The global cloud data management market is predicted to grow from USD 12.27 billion in 2021 to USD 30.47 billion by 2026."

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Statistic 16

"23% of organizations have achieved high levels of data maturity."

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Statistic 17

"85% of data management leaders state that data management is important for AI and machine learning initiatives."

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Statistic 18

"Effective data management can reduce data redundancy by up to 60%."

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Statistic 19

"63% of businesses say that manual data entry and processing are their biggest data management challenges."

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Statistic 20

"Over 80% of business operations leaders agree that mastering data management will be very important in the next five years."

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Interpretation

In conclusion, the data management industry is experiencing rapid growth and transformation, underscored by compelling statistics highlighting the significant benefits and challenges within the sector. Companies investing in data management strategies are reaping substantial returns, with an average ROI of 55% within five years, while effective data management can lead to a minimum 20% reduction in operational costs. However, there exist notable hurdles such as poor data quality costing the US economy trillions annually and significant amounts of untapped data within organizations. The increasing adoption of AI in data management is enhancing processing speeds, yet data breaches have surged in recent years, emphasizing the critical need for robust data governance and security measures. As the industry continues to evolve, businesses must prioritize overcoming data management challenges to fully leverage the potential benefits of data-driven decision-making and analytics.

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