Most global businesses agree that data is an extremely valuable resource that plays an important role in facilitating ongoing success. However, the amount of data generated is going to “explode” within half a century and businesses are not sufficiently prepared.
This is according to a new report from big data analytics firm Splunk, based on a poll of 2,200 global business and IT managers from across the globe.
The report states that two thirds (67 percent) of businesses expect the volume of data to grow almost five times by 2025, while more than half (57 percent) fear the volume of data is growing too fast for them to keep up.
Internet of Things (IoT) devices, the proliferation of 5G and the mass adoption of AR/VR technologies are considered the main drivers of data growth. Consequently, half of businesses are developing 5G and AR/VR use cases, with four in ten (39 percent) working on AI applications.
“The Data Age is here. We can now quantify how data is taking center stage in industries around the world. As this new research demonstrates, organizations understand the value of data, but are overwhelmed by the task of adjusting to the many opportunities and threats this new reality presents,” said Doug Merritt, President and CEO at Splunk.
“There are boundless opportunities for organizations willing to quickly learn and adapt, embrace new technologies and harness the power of data.”
To succeed in the "Data Age", businesses need a holistic view of their information and real-time insights that allow them to act swiftly when necessary, the report states.