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Why Big Data Keeps Getting Bigger

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Why Big Data Keeps Getting Bigger

Why Big Data Keeps Getting Bigger

The sun never sets on the creation of new data.

Yes, the rate of generation may slow down at night as people send fewer emails and watch fewer videos. But for every person hitting the hay, there is another person on the opposite side of the world that is turning their smartphone on for the day.

As a result, the scale of data being generated—even when we look at it through a limited lens of one minute at a time—is quite mind-boggling to behold.

The Data Explosion, by Source

Today’s infographic comes to us from Domo, and it shows the amount of new data generated each minute through several different platforms and technologies.

Let’s start by looking at what happens every minute from a broad perspective:

  • Americans use 4,416,720 GB of internet data
  • There are 188,000,000 emails sent
  • There are 18,100,000 texts sent
  • There are 390,030 apps downloaded

Now lets look at platform-specific data on a per minute basis:

  • Giphy serves up 4,800,000 gifs
  • Netflix users stream 694,444 hours of video
  • Instagram users post 277,777 stories
  • Youtube users watch 4,500,000 videos
  • Twitter users send 511,200 tweets
  • Skype users make 231,840 calls
  • Airbnb books 1,389 reservations
  • Uber users take 9,772 rides
  • Tinder users swipe 1,400,000 times
  • Google conducts 4,497,420 searches
  • Twitch users view 1,000,000 videos

Imagine being given the task to build a server infrastructure capable of handling any of the above items. It’s a level of scale that’s hard to comprehend.

Also, imagine how difficult it is to make sense of this swath of data. How does one even process insights from the many billions of Youtube videos watched per day?

Why Big Data is Going to Get Even Bigger

The above statistics are already mind-bending, but consider that the global total of internet users is still growing at roughly a 9% clip. This means the current rate of data creation is still just scratching the surface of its ultimate potential.

In fact, as We Are Social’s recent report on internet usage reveals, a staggering 367 million new internet users were added in between January 2018 and January 2019:

Internet user growth

Global internet penetration sits at 57% in 2019, meaning that billions of more people are going to be using the above same services—including many others that don’t even exist yet.

Combine this with more time spent on the internet per user and technologies like 5G, and we are only at the beginning of the big data era.

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Chart of the Week

The Sum of Its Parts: The Smartphone Multiplier Market

Every day, 3.3 billion people rely on their smartphones to stay connected. The products and services enabling this—the smartphone multiplier market—is now worth $459 billion.

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The Sum of Its Parts: The Smartphone Multiplier Market

There’s a 60% chance you’re reading this article on a smartphone right now—a testament to how ubiquitous these devices have truly become in our lives.

We rely on smartphones every waking minute to stay connected. However, the various products and services—also known as the smartphone multiplier market—that allow us to use these devices in the first place can often be an afterthought.

Today’s chart uses data from Deloitte Insights to show just how sizable this ecosystem is becoming, and why it’s heating up as a battleground for big technology companies such as Apple, Alphabet, and Amazon.

The Smartphone Plateau

There are over 3.3 billion smartphone users in the world today.

The smartphone economy—estimated to pull in $944 billion in total revenue in 2020—is so massive that it rivals the GDP of countries like Indonesia and the Netherlands.

At the moment, the smartphones themselves contribute over half the market value. Despite the continued hype surrounding the release of new models, global unit shipments of smartphone devices appears to have reached a saturation point:

Smartphone Sales

There are two theories as to why shipments are leveling off. First, product innovation is more iterative today than in the past, which means there are fewer groundbreaking features to entice consumers into purchasing new devices. A second factor is that people are simply holding onto their devices for longer than in the past.

As device sales plateau, tech giants are diversifying efforts to find new ways to lure customers back in—and another related market is growing more lucrative as a result.

What is a “Smartphone Multiplier”?

When people think of the smartphone market, hardware likely springs to mind first, but an equally important part of the equation is the plethora of apps, services, accessories, and complementary devices that help us connect with the digital world.

The ecosystem of these products and services are known as smartphone multipliers. According to Deloitte, this ecosystem will drive $459 billion of revenues in 2020, an impressive 15% increase from the prior year.

The market can be broken down into three main categories:

CategoryMarket Value (2020e)Sub-categories
Content$312B
(68% of total)
$176B: Mobile ads
$118B: Apps
$10B: Music
$8B: Video
Hardware$111B
(24% of total)
$77B: Accessories
$25B: Wearables
$9B: Smart speakers
Services$37B
(8% of total)
$18B: Insurance
$12B: Repairs
$4B: Others
$3B: Storage

Largely driven by mobile advertising and app sales, content is by far the largest subcategory, accounting for 68% of revenues:

  • Mobile advertising surpassed TV as the largest advertising channel in 2019, partially thanks to the relentless growth of online video and social media, making ads virtually unavoidable on a smartphone.
  • Gaming apps are benefiting from the immense processing power of today’s smartphones—and will bring in over two-thirds of total app revenue in 2020. Apple’s app store brought in approximately $1.8 billion in sales between Christmas Eve and New Year’s Day alone.
    • If you’ve ever owned a pair of headphones or a powerbank, it’s easy to understand why accessories are the third-largest subcategory in the smartphone multiplier market. With more people ditching the cable for wireless headphones, this subcategory is also set to grow even more.

      The Next $1T Economy?

      In the U.S., 73% of adults go online several times a day or almost constantly, which makes it clear that they aren’t going to give up their smartphones anytime soon.

      As a result, smartphone multipliers will continue to evolve and flourish, presenting a unique opportunity for investors and businesses.

      Altogether, it’s expected that the smartphone multiplier market will grow between 5 and 10% annually through 2023, likely propelling the entire smartphone economy past the $1 trillion benchmark in the coming years.

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Economy

How the STEM Crisis is Threatening the Future of Work

This infographic explores the importance of closing the STEM education skills gap and how it is crucial for to help future proof an uncertain global economy.

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How the STEM Crisis Threatens the Future of Work

As the world’s leading economy, the U.S. is under pressure to produce the best minds to solve the greatest challenges facing mankind.

The problem is, the United States is falling behind in some of the most important areas of education to help solve the problems of today and tomorrow. The crisis in STEM fields—which cover science, technology, engineering and mathematics—is threatening the growing workforce and in turn, the country’s position in the global economy.

Today’s infographic from Early Childhood Education Degrees explores the importance of STEM education and how an emphasis on these four areas could successfully lead the world into an uncertain future.

The Rise of STEM

STEM is a relatively new term, coined less than two decades ago—although the grouping of subjects was sometimes referred to as SMET in previous years.

While 86% of Americans believe that increasing the number of workers in STEM areas is vital for maintaining their position in the global economy, a 2005 report sounded the alarm that U.S. students were lagging behind academically.

To combat this issue, STEM education and subsequent research programs were injected with more funding. New legislation also helped prioritize these subjects in the curriculum for kindergarten through high school.

The Skills Shift

According to Emsi, a modeler of economic data, undergraduates in STEM education increased by 43% between 2010 and 2016. However, despite the promising growth, 2.4 million STEM jobs went unfilled in 2018.

One possible reason for this? Advancing technologies such as artificial intelligence, quantum computing, and robotics require entirely new skill sets. Success in STEM jobs also relies on adapting to new situations and developing soft skills such as:

  • Creativity and innovation
  • Problem-solving and critical thinking
  • Collaboration and leadership

As these technologies continue to evolve, having skills in STEM will be non-negotiable for employees and leaders the world over.

Threatening U.S. Economic Leadership

Statistics show that the U.S. is providing more opportunities for other countries to take the lead in STEM fields. For example, 62% of all international students in tertiary education in the U.S. are in science and engineering fields, with almost 70% of those students coming from India and China.

What’s more, over half of all U.S. patents go to foreign nationals and companies instead of Americans at home.

If America’s STEM proficiency continues to decline, not only will the skills gap be detrimental to the workforce, but it will also erode its potential future for economic and scientific leadership.

The Global STEM Leaders

According to the World Economic Forum, China is a major player in STEM education, boasting 4.7 million graduates as of 2016.

The country’s swift uptake of STEM initiatives is driven by new government policy, school participation, and parents’ increasing awareness of the benefits that will future proof the careers of their children.

STEM education global

The U.S. sits in third place with 568,000 STEM graduates, but compares closely with India on STEM graduates per population—1 to 52 in India and 1 to 57 in the United States. However, they’re still no match for China’s 1 to 29 ratio.

Narrowing the Skills Gap

If the U.S. is to become a global leader in STEM literacy, innovation, and employment, the Department of Education suggests that a STEM reform is needed, with the increase of diversity and inclusion being a top priority.

A significant opportunity for growth lies in making STEM more accessible for women—but while there has been a steady rise in women pursuing STEM careers, there are still systemic barriers in place that prohibit women from entering.

Experts also suggest that the introduction of STEM at an earlier age and educating students on the diversity of STEM careers are crucial elements in preparing a more capable workforce.

Given the recent demand for reform, it is clear that STEM education is key to thriving in the new technology-based economy and cultivating solutions to real world problems.

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