The Latest Data Modernization Industry Statistics Explained
The global digital transformation market size is expected to grow from $469.8 billion in 2020 to $1009.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period.
The statistic indicates that the global digital transformation market is projected to experience significant growth over the forecast period from 2020 to 2025. The market size is expected to more than double, increasing from $469.8 billion in 2020 to $1009.8 billion by 2025. This growth is estimated to occur at a Compound Annual Growth Rate (CAGR) of 16.5%, highlighting the rapid pace at which the digital transformation industry is expanding. This trend suggests a strong demand for digital technologies and solutions across various sectors as organizations continue to adapt and innovate in the face of technological advancements and changing market dynamics.
82% of enterprises are prioritizing analytics and BI as part of their budgets.
The statistic that 82% of enterprises are prioritizing analytics and business intelligence (BI) as part of their budgets suggests a widespread recognition among companies of the importance of leveraging data-driven insights for decision-making and strategic planning. By allocating resources towards analytics and BI initiatives, organizations are seeking to enhance their competitiveness, optimize operational efficiency, and drive innovation. This trend reflects a growing reliance on data analytics tools and technologies to extract value from the vast amounts of data available to businesses today, ultimately enabling them to make more informed, evidence-based decisions to achieve their goals and stay ahead in a data-driven economy.
By 2025, IDC predicts worldwide data will grow 61% to 175 zettabytes.
The statistic provided by IDC states that by the year 2025, global data is projected to experience a substantial growth of 61% compared to the current levels, reaching a total volume of 175 zettabytes. This growth signifies a significant increase in the amount of digital information generated and consumed worldwide over the next few years. This trend highlights the exponential growth of data driven by factors such as the proliferation of connected devices, the rise of machine-generated data, and the expansion of big data analytics. As organizations and individuals continue to generate and store data at an unprecedented rate, the challenges and opportunities associated with managing and extracting insights from this massive volume of information will become increasingly prominent in the coming years.
According to B2B software industry statistics, 65% of all businesses plan to increase their data and analytics spending slightly or significantly in 2020.
The statistic indicates that within the business-to-business (B2B) software industry, a significant majority of businesses, specifically 65%, are planning to allocate more resources towards enhancing their data and analytics capabilities in the year 2020. This suggests a growing recognition among B2B companies of the importance of leveraging data-driven insights to drive business decisions and gain a competitive advantage. By investing in data and analytics, these businesses aim to improve decision-making processes, better understand customer behavior, optimize operations, and ultimately achieve their strategic objectives. The statistic reflects a trend toward increased prioritization of data-driven strategies within the B2B software sector in response to the evolving business landscape and the increasing availability of advanced analytics tools.
In 2020, 41.6% of companies used data analytics to make informed R&D decisions.
The statistic that in 2020, 41.6% of companies used data analytics to make informed Research and Development (R&D) decisions indicates the growing importance and adoption of data-driven approaches in business decision-making. Data analytics involves the use of statistical techniques and technologies to analyze data sets, enabling companies to extract valuable insights and inform their strategic R&D decisions. The fact that nearly half of the companies surveyed in 2020 incorporated data analytics into their R&D processes suggests a trend towards leveraging data-driven techniques to enhance innovation, improve efficiency, and ultimately drive competitive advantage in the rapidly evolving business landscape. This statistic highlights the increasing recognition of the value that data analytics can bring to R&D activities, paving the way for more data-driven decision-making processes in organizations across industries.
Organizations able to analyze all relevant data and deliver actionable information will achieve an extra $430 billion in productivity benefits over their less-analytically minded peers by 2020.
This statistic suggests that organizations which possess the capability to effectively analyze all pertinent data at their disposal and derive actionable insights from it are poised to gain an additional $430 billion in productivity benefits compared to their counterparts who do not prioritize analytical thinking by the year 2020. The implication is that understanding and utilizing data in a strategic manner can lead to significant competitive advantages, increased efficiency, and overall performance improvement for businesses. This highlight emphasizes the importance of data-driven decision-making and the potential impact it can have on the success and profitability of organizations in the near future.
More than 60% of businesses said they could not manage their data due to its sheer volume, according to a survey conducted by Oracle.
This statistic indicates that a majority of businesses, specifically over 60%, reported significant challenges in managing their data primarily because of its large and overwhelming volume. The data comes from a survey conducted by Oracle, suggesting that a notable portion of organizations are struggling to effectively handle the growing amount of data generated within their operations. This insight implies that many businesses may lack the necessary infrastructure, tools, or expertise to properly store, analyze, and utilize their data, which could potentially hinder their decision-making processes and overall business performance. Addressing this data management issue is crucial for organizations to leverage their data assets effectively and remain competitive in today’s data-driven business landscape.
Companies that incorporated big data into their operations reported a profit increase of 8-10%, and a 10% reduction in overall cost, according to a study by BARC.
The statistic states that companies that integrated big data into their operations experienced significant benefits, as highlighted in a study conducted by BARC. Specifically, these companies saw a notable 8-10% increase in profits, indicating that utilizing big data effectively can lead to improved financial performance. Additionally, these companies also reported a substantial 10% reduction in overall costs, suggesting that the implementation of big data technologies can help streamline business processes and drive efficiency. Overall, the findings underscore the positive impact of leveraging big data analytics on both profitability and cost reduction for businesses.
More than 150 ZB (zettabytes) of data will need analysis by 2025.
The statistic that more than 150 ZB (zettabytes) of data will require analysis by 2025 highlights the unprecedented growth in data generation and the increasing importance of data analytics in today’s digital age. With the proliferation of devices, internet connectivity, and digital platforms, vast amounts of information are being produced at an exponential rate. This statistic underscores the critical need for organizations to invest in advanced analytics tools and resources to extract valuable insights, make informed decisions, and drive innovation. As data continues to expand, the ability to effectively analyze and interpret this wealth of information will be crucial for businesses and industries to stay competitive and adapt to rapidly changing market dynamics.
56% of businesses need better data integration to better support projects.
The statistic that 56% of businesses need better data integration to better support projects indicates that a majority of businesses recognize the importance of integrating their data systems in order to enhance project outcomes. This suggests that existing data silos or fragmented data sources may be hindering the effectiveness and efficiency of project management within these organizations. Improved data integration can lead to streamlined processes, better decision-making, and enhanced collaboration across different departments or functions. Addressing this need for better data integration can potentially result in improved project success rates and overall business performance for these companies.
On average, businesses are using only half of their structured data for insights.
This statistic suggests that, on average, businesses are not fully leveraging the potential of their structured data to gain insights and make informed decisions. Structured data refers to the organized and easily searchable data stored in databases and spreadsheets. The fact that businesses are utilizing only half of their structured data implies that there is a significant amount of untapped information that could provide valuable insights and improve various aspects of their operations, such as increasing efficiency, identifying market trends, or enhancing customer experiences. By more effectively harnessing their structured data through advanced analytics tools and techniques, businesses could unlock a wealth of opportunities for growth and competitive advantage.
Only 31% of businesses think they’re using AI successfully for data analysis.
The statistic “Only 31% of businesses think they’re using AI successfully for data analysis” indicates that there is a significant gap between perception and reality when it comes to the successful implementation of artificial intelligence in data analysis. Despite the increasing adoption of AI technologies in business operations, only a minority of businesses believe that they are effectively leveraging AI for data analysis purposes. This suggests that there may be challenges or limitations in how businesses are implementing and utilizing AI technologies, leading to suboptimal outcomes or insufficient understanding of AI’s full potential. Addressing these disparities and improving AI integration strategies could help businesses enhance their data analysis capabilities and derive greater value from their AI investments.
The global data warehouse market is estimated to expand at a CAGR of approximately 8.3% over the forecast period 2020-2027 to reach a market size of US$30.23 billion by 2027.
This statistic implies that the global data warehouse market is projected to experience significant growth at a Compound Annual Growth Rate (CAGR) of around 8.3% between the years 2020 and 2027. This high growth rate suggests a growing demand for data warehousing solutions as organizations increasingly rely on data for decision-making and business operations. The forecasted market size of US$30.23 billion by 2027 indicates the substantial economic value of the data warehouse market and emphasizes its importance in today’s data-driven world. This growth trajectory underscores the expanding role of data warehousing technologies in managing and analyzing large volumes of data efficiently and effectively.
Only 37% of businesses have been successful in data-driven initiatives.
The statistic “Only 37% of businesses have been successful in data-driven initiatives” shows that a relatively small proportion of businesses have achieved success in utilizing data to drive their business decisions and operations. This indicates that a majority of businesses may be facing challenges or setbacks when it comes to implementing data-driven strategies effectively. Possible reasons for this lower success rate could include barriers such as limited data quality, lack of appropriate tools and technologies, insufficient data skills within the organization, or difficulties in integrating data into existing business processes. To improve the success rate of data-driven initiatives, businesses may need to invest in enhancing their data capabilities, fostering a data-driven culture, and addressing barriers that hinder successful implementation of data-driven strategies.
The global big data and business analytics market was valued at $193.14 billion in 2019, and is expected to reach $420.98 billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027.
The statistic you provided indicates that the global big data and business analytics market experienced significant growth from $193.14 billion in 2019 to a projected $420.98 billion by 2027, representing a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period from 2020 to 2027. This rapid growth suggests a strong increase in demand for big data and business analytics services and solutions across various industries. Factors driving this growth may include advancements in technology, increased adoption of data-driven decision-making strategies, and the proliferation of data sources generating vast amounts of data that organizations are seeking to leverage for strategic insights and competitive advantage. The projected growth of the global market further underscores the importance of big data and analytics in driving business success and innovation in the digital era.
By 2020, IDC predicts that the amount of data relevant to enterprises for analysis will increase 50x.
This statistic refers to a forecast made by the International Data Corporation (IDC) indicating a significant surge in the volume of data that will be available for analysis by enterprises by the year 2020. The prediction suggests that the amount of data considered relevant for business decision-making and analysis purposes will grow substantially, reaching a level 50 times larger than the current quantity. This exponential increase in data can be attributed to various factors, including the proliferation of digital technologies, the widespread adoption of internet-connected devices, and the advancement of data collection and storage methods. As a result, organizations will need to enhance their data management capabilities, leverage sophisticated analytics tools, and invest in scalable infrastructure to harness the valuable insights and opportunities offered by this data deluge.
In 2020, each person generated 1.7 megabytes per second of data and 2020 is expecting 44 zettabytes of data.
This statistic highlights the tremendous volume of data generated in the year 2020, with a notable average data generation rate of 1.7 megabytes per second per person. This indicates the widespread use of digital devices and platforms that continuously produce and consume data on a per-individual basis. The projected total data volume for 2020 is expected to reach an impressive 44 zettabytes, indicating the vastness and complexity of the digital ecosystem in that year. Such massive amounts of data underscore the importance of efficient data management, storage, and analysis techniques to harness the potential insights and value contained within this wealth of information.
Conclusion
By examining the latest data modernization industry statistics, it is clear that businesses across various sectors are increasingly recognizing the importance of leveraging data to drive growth, innovation, and competitive advantage. With the rapidly evolving data landscape, organizations must prioritize modernization efforts to stay ahead in today’s data-driven economy. Stay informed with these statistics to make informed decisions and propel your business forward.
References
0. – https://www.www.forbes.com
1. – https://www.hbr.org
2. – https://www.www.oracle.com
3. – https://www.www.alliedmarketresearch.com
4. – https://www.www.marketsandmarkets.com
5. – https://www.www.statista.com
6. – https://www.www.seagate.com
7. – https://www.www.globenewswire.com
8. – https://www.www.datamation.com
9. – https://www.www.accenture.com
10. – https://www.www.idc.com
11. – https://www.bi-survey.com
12. – https://www.www.cio.com
