ValueThis big data term basically defines the value of the available data. The collected and stored data may be valuable for the societies, customers, and organizations. It is one of the important big data terms as big data is meant for big businesses and the businesses will get some value i.e. benefits from the big data.
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- More than 30 percent of businesses say big data and analytics have fundamentally changed business practices in their research and development departments
- In 2025, the IoT data analyzed and used to change business processes will be as much as all of the data created in 2020.
- Content analytics usage among IT professionals increased from 43 percent to 54 percent between January 2018 and January 2019.
- 8 percent of businesses say data and analytics have fundamentally changed the nature of industry-wide competition
- The amount of data generated each second in the banking sector will grow 700 percent by 2020.
- The worldwide big data market is projected to grow from $42 billion in 2018 to $103 billion in 2027.
- Data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result.
- 14 percent of investment professionals use credit card and POS software data to derive data.
- In a survey of approximately 700 business professionals, only 15% said their organization is currently very effective in delivering a relevant and reliable customer experience. In the same survey, only 3% of respondents said they are able to act on all of the customer data they collect; 21% say they can act on very little of it.
- Only 16% of organizations can currently say that 75% or more of their employees have access to company data and analytics.
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