NVTC has published the second infographic in its new research series. In this data analytics-focused piece, we’ll take a look at the data behind the compelling numbers in the infographic.
Big Data and Analytics Drive Growth
By 2020, the amount of digital data produced will exceed 40 zettabytes, which is roughly equivalent to 6,080 years of HD video, a period longer than recorded history. More data has been created in the last two years than in the entire previous history of the human race. The total amount of data captured and stored by industry doubles every 14.4 months.
Over 3.5 billion Google searches are made daily and 205 billion emails are sent each day. Facebook has over 30 petabytes of user-generated data and Twitter sees over 230 million tweets daily; for scale, one petabyte is roughly equivalent to 13.3 years of HD video. Gartner projects that connected devices making up the Internet of Things (IoT) will grow by two billion to over 8.4 billion IoT devices in use this year, representing one billion more devices than people on the planet.
Funding & Revenue
Venture capital funding for Greater Washington companies offering analytics products and services totaled over $93 million in 2016; the largest single funding round was $12 million for ThreatQuotient, announced in August.
According to Gartner, consumers and businesses spent nearly $14 billion on devices, which is expected to grow to $17 billion in 2017 while IoT services are expected to reach $273 billion.
IDC projects double-digit growth – a CAGR of 11.7 percent – in the big data and analytics market through 2020, growing from $130.1 billion in 2016 to $203 billion in 2020. IDC also projects that the IoT market will reach $1.46 trillion with global IoT revenue of $7.06 billion by 2020, with retail and manufacturing as the two leading IoT industry verticals.
Analytics talent continues to be in high demand with no signs of slowing in the immediate future. Glassdoor named data scientist as 2016’s hottest job across all business sectors, not just IT. Data engineer was ranked third and analytics manager ranked fifth on this same list. One-third of surveyed NVTC members indicate they are currently hiring data analysts.
Big data and analytics is undeniably a growth industry by every possible measure and no region is better equipped to meet the demands emerging from the new data ecosystem than Greater Washington. With its leading data analytics firms, highly-skilled workforce, expertise serving federal, state and local government customers, and many outstanding academic institutions, Greater Washington’s big data assets are unmatched.
Click here to learn more about NVTC’s research initiatives or email NVTC Research and Strategic Initiatives Manager John Shaw.