In 2018 Forbes estimated that 90 percent of the world’s data had been created in the previous two years. The explosive growth in data has not slowed down since then, with four times as much data created in 2023 compared to 2018.
This article will guide you through the scale of data growth, the impact on various industries, and how you can benefit from building or refining your ability to work with data.
The scale of data growth
In 2010 the world produced 2 zettabytes of data. A zettabyte is one trillion gigabytes of data. To try to grasp such an enormous number, consider this: to store the data produced in 2010 would require 213 billion DVDs. In 2024, an estimated 147 zettabytes of data will be produced, which would need 31 trillion DVDs to store. Stacking these DVDs efficiently without any packaging, 8 million standard shipping containers would be needed to store them.
The takeaway from these statistics is that the volume of data we produce is rapidly outgrowing our ability to describe, let alone comprehend. What is driving this growth? A large part comes from the introduction of sensors and microchips into everyday products.
The first automobiles to include microchips were built in the 1970s when manufacturers like Cadillac introduced electronic fuel injection and engine management systems. A modern car may include over 100 microchips embedded in everything from the engine to the brakes to the keyfob. Advances in communications technology allow data to be collected from these electronic systems in real time. In 2018 there were 7 billion internet-connected devices, and this number is expected to more than triple by 2030.
Another factor driving the data explosion is the increasing presence of digital technologies in our daily life. The average person now spends five hours a day either using social media or watching streaming content. Every tap, like, and second of viewing is captured – grains of digital sand which build up into a mountain of information.
The impact on industry
The benefits of the data explosion have been felt in every industry and sector. For example, in healthcare the process of evaluating new applications for existing medications has been accelerated by data from patient records, hospital systems, and wearable devices. Rather than having to create new data by running clinical trials, existing data can be collated and reviewed to support the decision-making process. This results in more patients getting quicker access to a wider range of treatments, helping them live longer and healthier lives.
City planners and transit authorities have analysed the wealth of data collected from passengers and commuters, finding insights that have supported more effective scheduling and infrastructure investment. Transport for London (TfL) estimate their use of data creates benefits of £130m per year for the city’s economy.
Data-driven approaches to maintenance and safety have saved money and prevented accidents in the construction industry. The agriculture sector is using satellite imagery and machine learning algorithms to give farmers early warnings of threats to their crops. A data-led approach to quality control has allowed manufacturers to save millions whilst still delivering a high-quality product.
The benefit of learning data skills
One outstanding benefit of building your data skillset is access to career opportunities. The British government hopes that AI could drive a 22% increase in GDP by 2030, but only if the current shortage of data professionals can be addressed. By building your data skills you can equip yourself for a career in a sector that is set for long-term growth. Salaries for data roles are attractive, reflecting the scarce supply and strong demand for good analysts. The average data analyst in the UK earns £45,000, comfortably above the national median of £35,000.
It isn’t just data-focused roles that require analytical skills. The goal of analysing data is to make better decisions. Whatever you do for work, being able to make better decisions is an advantage.
