The Growth of data and its impact: (including measures of data)

Growth of data 

The growth of data, often referred to as data proliferation or data explosion, is a phenomenon driven by various factors such as technological advancements, digitalisation of processes, increased connectivity, and the widespread adoption of Internet-connected devices. This growth is characterized by an exponential increase in the volume, velocity, variety, and veracity of data. these measures of data growth presents both opportunities and challenges for organizations seeking to harness the power of data for insights, innovation, and competitive advantage. Effective management, processing, and analysis of big data require a combination of technology, expertise, and organizational capabilities.

The world of data growth and its impact:

Global Data Creation

The total amount of data created, captured, copied, and consumed globally has been on a rapid rise, ln 2020, the world witnessed 64.2 zettabytes of data and over the next five years (up to 2025), global data creation is projected to soar to more than 180 zettabytes. The rise in data was partly driven by the increased in demand during the COVID-19 pandemic when people worked, learned, and entertained themselves from home. Only a small percentage of this newly created data is retained for the long term.










Storage Capacity Growth:

Despite the massive data volume, only 2% of the data produced and consumed in 2020 was saved and retained into 2021. The installed base of storage capacity is also expanding significantly from 6.7 zettabytes in 2020, the storage capacity is forecast to grow at a compound annual growth rate (CAGR) of 19.2% up to 2025.






Data Economy and Impact:

Data growth interacts with classic macroeconomic questions, including GDP measurement, monetary neutrality, growth, and firm dynamics. It plays a crucial role in understanding school quality and student success. Enterprises are facing a wave of data, much of which will reside in the cloud.







In summary, data is not just growing; it’s transforming our world, influencing economies, education, and technological advancements

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