If you have followed International Data Corp (IDC), the well-known technology analyst firm over the last few years, you may be familiar with their work on the Global Datasphere, a measure and forecast of the amount of new data created and stored across the globe annually. Their latest analysis reports that over 64 Zettabytes of data were created in 2020. That’s about 32 trillion (2) hour movies, that’s three stacks of DVDs (without jewel cases) to the sun.
IDC expects continued growth compounding at 19% a year into the foreseeable future. Data created over the next three years will amount to more than all the data created over the past 30 years; three times more data will be created over the next five years than was created in the past five years.
Remarkably, only 2% of that data is being stored for future use and analysis. Expectations are that stored data too will continue to grow, particularly because every forward-looking organization is recognizing the value of data as the vehicle of digital transformation. Data is driving the opportunity to create value, to invent new revenue streams, and effectively make and confirm strategic directions.
