Growth of Data and Reasons for Growth

 


 Significant growth is projected in a variety of sectors in the near future, including data collecting and storage, market expenditure, and data analytics recruiting. First, the rate of data expansion shows no signs of slowing down. The COVID-19 epidemic boosted data creation in 2020, according to IDC's DataSphere and StorageSphere investigations. Only 2% of the 64.1 zettabytes (ZB) of data created in 2020 was retained or stored until 2021, according to IDC. According to IDC, new data generation will increase at a compound annual growth rate (CAGR) of 23% from 2020 to 2025, resulting in over 175ZB of data creation by 2025.

In March 2021, Dave Reinsel, senior vice president at IDC, predicted “The amount of digital data created over the next five years will be greater than twice the amount of data created since the advent of digital storage,” "The question is, how much should be saved?"

So far, the answer is: little. According to IDC, data storage is ten times slower than data production, with just 6.7ZB of installed storage capacity in 2020. According to the analyst group, storage capacity is predicted to grow at a 19.2% annual rate over the next five years.


 According to Research and Markets, the global big data and business analytics industry will be worth $448 billion by 2027. The figure represents a 13% CAGR in hardware and software investment from 2017 (when it was $151 billion) through 2027. One of the factors driving expansion, according to the corporation, is "cutthroat competitiveness" among competitors to expand. The cost of solutions, the complexity of usage, and the specialised training needed of practitioners, according to R&M, are all hurdles to the growth of big data analytics.

Of course, this is good news for anyone with data-processing skills. According to a recent Burtch Works survey, 81% of US organisations want to expand their data science, analytic, and engineering teams in the third and fourth quarters of 2021.

According to Harnham, a UK recruiter, the number of people actively seeking for data and analytics jobs in late 2021 decreased dramatically as openings surged. As shown in a new Monster India report, there is such a rush to fill data roles that 96% of organisations want to hire data and analytics professionals in 2022. According to the study, data analytics will be the "most in-demand employment in 2022."

Whatever you want to call it - data growth, market expansion, or job growth - there's a lot going on right now, which means it's a great moment to be in the data sector.

Big Growth Forecasted for Big Data (datanami.com)

Comments

Popular posts from this blog

Historical Development of Big Data