Ever since the pandemic has hit our world, people across the globe have started consuming more online content. According to a survey by Statista, the amount of data consumed by people around the world is projected to reach 180 zettabytes by 2025 from 79 zettabytes in 2021. The increasing number of data has given rise to the demand for big data services.
Before we discuss the same, let’s move ahead and take a look at the market trends and growth to understand the need for big data services for businesses.
Some Interesting Numbers & Facts for Big Data and Business Analytics
- Users are producing more than 2.5 Qn bytes of real-time data.
- The storage capacity is expected to grow at a CAGR of 19.2% by 2025.
- The revenue from big data will grow to the US $274.3 billion by 2022.
- Companies that are availing Big Data technology have experienced–
- 69% improvement in strategic decision making.
- 52% more understanding of consumers.
- 54% enhanced operational processes.
- 8% increase in revenue.
- 10% reduction in costs.
If we look at the market size of the big data revenue, we can depict that by the year 2027, the global big data market is expected to reach 103 billion US dollars. It will be double what had in 2018.
In the year 2022, the market value of the big data revenue is expected to cross 274 billion U.S dollars.
For a better understanding of the big data market size revenue forecast, please refer to the graph given below –
The below graph shows the global revenue generated from big data and business analytics –
We have seen above that whether it is about growing data production or growing data consumption, businesses are utilizing it effectively and leveraging a multi-billion dollar industry.
Big data is beneficial for all kinds of businesses, irrespective of their sizes, the scale of operations, and industries. Big data solutions and services help businesses make smart and insightful decisions that lead to improved profitability and sales.
Advantages of Big Data for Small and Big Businesses
A business generates petabytes and zettabytes of data as per their size and scale. It has to collect the data, store it, and process it in such a way that some insightful decision could come. This large amount of data is termed Big Data.
Following are the benefits of the big data for businesses-
Cost Reduction
Big data solutions help businesses get the right information at the right time. The presence of the right set of information helps companies improve efficiency.
The up-to-date data will help you identify the area which requires your attention on priority. The improved efficiency will lead to long term financial stability and growth.
Better Customer Insights
Hire a big data development company that can help you take an in-depth insight into your customers and prospects. The big data consulting by experts will guide you with data analysis and help you understand your customers.
Big data helps businesses understand the traditional source of customer data like support calls, previous purchases, any previous interaction, etc.
It will also shed light on social media activity, external sources, and computer cookies.
Enhanced Customer Services
Personalized customer service leads to a 5% increase in customer retention. This growth in customer retention leads to a 25% increase in the business profit.
Big data services pave the path for deeper insights into the data. A business with big data services can easily get help with real-time insights of their customers and learn the way consumers think and behave with their businesses. By understanding the data businesses can change their services and garner greater results.
Big data helps businesses personalize their customer services which will result in deeper customer engagement and deliver the services that drive sales to the business.
Problem Identification
Not only businesses can customize their customer services, but they also can identify the problems and their roots in an effective way. All thanks to the big data solutions.
Big data will help you get the answers to the questions like, why a customer has abandoned his or her cart, what induces the customers to purchase, etc.
With the help of Data analytics tools, a business can get answers & insights into the behavior of their customers at each stage of the sales funnel.
Big data analytics helps you with customer tracking that will lead to better issue resolution with investors, suppliers, clients, etc. It gives you a 360-Degree overview of your business, and you can easily make a smarter decision.
Improved Revenue
Big data solution is such that it will help you understand the dynamics of your customers making purchases. You can easily understand when your customer makes purchases, and you will also get to know about the customer with similar buying habits and their purchases.
In one of its surveys, BI & Analytics Survey revealed that businesses that use big data analytics have experienced 69% improvement in strategic decision making, 54% improvement in operational processes, 52% high in better customer understanding, and 47% reduction in costs. Organizations with business analytics have also quantified their revenue growth by 7%.
Better Team Management
Big Data analytics not only proves helpful in customer management, but it also delivers fecund results when it comes to team management. It will be easy for businesses to manage their internal team with the help of big data services.
Big data gives you insight into the data that offer your business the most value and also about the employees who need more resources and training. The deep insights will help you increase the productivity of your team and enable you to empower your employees with utmost job satisfaction.
Big Data for Small Businesses
It is not necessary that only a large scale enterprise level of businesses can use big data technology. Big data helps the organization of each size and help them garner greater results.
Following are some of the most important values that big data offer to businesses –
- It will be easy for small businesses to save overall costs.
- Small businesses can experience an increase in sales and revenue.
- It will be easy for small businesses to make insightful pricing decisions for their products or services.
- Big data services and solutions offer a competitive edge to the consumers.
- With the help of big data analytics, it will be easy for businesses to make result-driven decisions.
Conclusion
There are multiple ways through which big data can help your business. From increasing sales numbers to the improvement in team management, through big data, one can achieve efficiency and effectiveness for the businesses.
If you want to leverage your business data in an optimal way, we suggest you hire the best big data service company that offers action-driven and insightful big data consulting services.
