From self-driving cars to smart microwaves that will automatically choose the best setting to cook your dinner, the growth of big data, analytics and the Internet of Things has been exponential. The sheer number of applications of these technologies is as vast as the sky, and industry leaders are all jumping on the data wagon to make the most of this thriving industry. Keeping this in mind, let’s explore the sheer magnitude of the data revolution with these 15 stats that will knock your socks off!
- IoT is already revolutionizing the delivery of healthcare. By 2020, the connected-device healthcare market will be worth $117 billion. (Source)
- Big data and business analytics market will increase to more than $203 billion in 2020 (Source)
- Every application or service that is developed over the next decade will incorporate some form of AI. (Source)
- 61% of companies with an innovation strategy leverage the power of AI to identify opportunities in data (Source)
- AI is properly deployed, 34% of shoppers reported to spending more money online. (Source)
- AI has the potential to create $17 billion in annual savings by improving the speed and accuracy of fraud detection in Medicare claims (Source)
- 6 million jobs will be created in the US economy thanks to big data alone. (Source)
- IoT market will hit 300 billion devices by 2020! (Source)
- Barcelona saves around $35 million annually all thanks to their IoT connected smart lighting systems. (Source)
- 10.94% of businesses have experienced a return on their investments in IoT. (Source)
- 11.75% of all new vehicles in the global market will be IoT friendly by the year 2020. (Source)
- 12.For a Fortune 1000 company, a 10% increase in data accessibility could result in more than $65 million increase in the net income. (Source)
- 13.Retailers using big data analytics in its full potential can optimize their operating margins by approximately 60%. (Source)
- 14.79% of enterprise execs believe that companies which do not embrace Big Data will potentially lose market strength. (Source)
- 15.Big Data is delivering the most value to enterprises by decreasing expenses and creating new innovation avenues. (Source)
Although IoT and data have been around for decades (the first ever IoT enabled devices were ATMs, which have been around since the 1970’s), the applications and advancements in the field of data have been extraordinary. Data is all around us, we now live in a world where it is omnipresent. From our tablets to our watches and even our alarm clocks, every electronic device that is around us deals with data. Morgan Stanley estimates that by the year 2020, there will be 7 IoT devices for every person on earth. The big players have picked up on these upcoming trends a while back and are now reaping in the benefits. The wearbles market will be worth $25 billion by next year, and the smart home market will be worth a staggering $53 billion! What’s more is that according to Gartner, there will be a quarter of a billion vehicles that will connect to the internet for automated driving, Google is already testing their self-driving cars at 10,000 miles per week!
So one conclusion that we can draw from all this is that there is a lot to gain from embracing analytics, big data and IoT. Organizations can improve their business by gathering and analyzing insights, build better, data-driven strategies to grow their revenues instead of blindly shooting in the dark. The applications are infinite, and the boom is only just beginning.