The biggest data explosion in the world is taking place in the US, according to a new report.
The US is now the world’s largest data-rich economy with the equivalent of 1.8 trillion gigabytes of data, up from 1.3 trillion gigabyte a decade ago.
And it’s not just the US that’s doing it.
The EU, Germany and Japan have all added data to their economies.
But are big data firms really the ones to blame?
In a report titled The big data apocalypse, analysts at consultancy firm NPD Group said the rapid growth of data has forced many firms to rethink their strategies and adopt new business models.
“There’s a new kind of disruption, where you have a lot of different types of businesses that are suddenly using different kinds of data.
They’re all moving in different directions, in different ways, and there’s a lot going on,” said John Gaudiosi, a senior analyst at NPD.
He said companies were moving to different kinds, sometimes not even recognising it, and some are trying to adapt to new markets and new ways of doing business.NPD Group has been tracking the rise of big data since 2011.
In its latest forecast, it says the growth of big-data-driven businesses will accelerate from about 1.4 trillion gigabits a year in 2019 to 1.6 trillion gigawatts by 2025.
That’s equivalent to a 40 per cent increase.NDP said the shift will happen fast.
It predicts that big data companies will be responsible for the bulk of the growth in data in 2040.
But some are saying that’s not what’s really going on.
The shift in behaviour is partly driven by data privacy laws and the need to collect and analyse data more rapidly.
It is also the result of a lack of trust in big data, said Robert Merton, an analyst at PwC.
Merton says that there’s growing frustration among consumers, businesses and governments over the lack of privacy and the ease with which people are being tracked.
“What is happening is that the data is coming from a different source, from different places and at different times, and people are feeling that they have to make choices and that privacy and trust is not being maintained,” he said.
PwC has also warned that big-datas in the future may not be able to keep up with the pace of innovation and the pace at which people change their behaviour.
“We have a huge amount of data going through our systems, but it’s only now we’re starting to really analyse it,” said Merton.
“I think the data that we have now is going to get much smaller in the coming years.”
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