Welcome to the data economy

How did data get so big? Less than a decade ago, analysts at IT market research firm IDC estimated the size of the “digital universe” at around 30 exabytes. By 2010, it had grown to 1,227 exabytes. By next year, they forecast, it will reach 7,910 exabytes. To put that into some perspective, every exabyte equals one billion gigabytes. The numbers are dazzling, confusing, alarming. And with every year that passes, it becomes harder for business leaders to separate the “signals” from the “noise”. They’re collecting as much data as they can, from customer transactions, web-browsing data trails, social network posts and, increasingly, machine-embedded sensors. But many are struggling to make sense of the deluge, let alone derive real business value from it. (As originally seen in ‘Welcome to the data economy’ published by Raconteur Media on 9th September, 2014 in The Times.)

 


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