Although some opine that Big Data is largely hype, the facts surrounding the growth and use of Big Data and analytics demonstrate that the world has become data-driven and data-dependent. Big Data has become a large part of consumers’ lives and decision-making processes, and companies built on nothing more than data are now among the most highly valued in the world.
Here are some interesting facts that highlight today’s Big Data phenomenon and its pervasive impact on society and business.
- It took only two days on average in 2011 to create as much data as was created from the dawn of civilization to 2003.
- 71% of consumers say that they are more likely to make a purchase based on social media referrals, and 78% say that companies’ social media posts affect their purchases.
- 300 embedded sensors were credited for the comeback of Oracle Team USA’s yacht in 2013. The sensors measured strain on the mast, pressure on the hull, wind velocity and other factors affecting the speed of the boat.
- The New England Patriot’s goal line interception at the end of Super Bowl XLIX generated 379,000 tweets per minute.
- Facebook drove just under 24% of internet traffic as of June 2014.
- More than 1 in 4 minutes spent online is on social media.
- As of January 2015, Facebook had 1.393 billion monthly active users.
- Banking institutions utilize behavioral authentication, which tracks factors such as geographical location, how often a user accesses an account from a mobile device or computer, and how fast the username and password are entered, to prevent criminals from accessing a user’s account.
- A BMW fan on Facebook is valued at $1,613.
- It is estimated that by 2020,business transactions on the internet- business-to-business and business-to-consumer – will reach 450 billion per day.
- Uber was recently valued at over $40 billion, LinkedIn at $26 billion, and Twitter at $23 billion. Facebook was valued at $230 billion, 10th highest on the S&P 500.
Given this modern reality, it’s really no wonder that 65% of companies fear that they will become irrelevant if they don’t embrace Big Data and analytics. Companies should consider how Big Data and analytics can help them achieve business objectives. But before doing so, they should take steps to ensure that their collection, storage and use of Big Data is compliant with all relevant laws and regulations, and that it reflects their corporate values and ethics.