Right now, an estimated 328.77 million terabytes of data are created every day. And those terabytes soon add up — in 2023, there were 120 zettabytes of data generated around the world. And vast quantities of data is user-generated with video accounting for more than half of all internet data traffic.
With the data market estimated to be worth $400 billion by 2030, what changes can we expect to see in the next few years? The next three factors will have a large impact on the future of data.
Big data and analytics
How will big data change? Well, it’s going to get bigger. A lot bigger. Machine learning and GenAI tools are showing no signs of slowing down and they need to be trained on ever larger and more up-to-date data sets to increase their knowledge. These data sets help to spot patterns and inform decision-making. With personalisation set to be a major trend this year and into the future, big data and GenAI may increasingly be used to tailor targeted advertising, create user-focused online journeys, and refine customer service sequences.
The Internet of Things
The constantly evolving and hugely interconnected Internet of Things (IoT) will be another creator of vast amounts of data. IoT connections are predicted to hit 38 billion by 2030, with most of the focus on smart home and buildings technologies. There will be more IoT devices in your home than you might think, including smart alarms, temperature sensors, speakers, cameras and maybe even door locks. The latest generation of cars are effectively IoT devices reporting every action back to their creator. Each device will capture data, and with future GenAI integrations, the opportunities for this interconnected data to improve people’s quality of life and improve efficiencies are huge. When it comes to analysing that data, the opportunities for further personalisation are infinite.
The impact of GA4
Google Analytics 4, or GA4 launched in 2020 and replaced Universal Analytics in 2023.
While GA4 can’t currently migrate existing data from Universal Analytics, the quality and quantity of data it can deliver can be hugely beneficial for businesses looking to find out more information on the effectiveness of content, on website traffic, conversion rates and more. With a wealth of audience data at your fingertips, you can tailor your website and marketing content for maximum results. This better data will allow you to make better data decisions, and keep pace with customer expectations.
Analysis is everything
While having all the data in the world sounds appealing, you need to focus your efforts on the parts that matter most while maintaining its safety and relevance. Whether that’s audience data, consumer insights data, website traffic, or something else, only you know what is most important for your business.
If you need to catch up on any blogs in our data series, you can go back to the beginning and read more. Make sure you’re following the Infotex blog for more insights throughout the year.
