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Big Data: Businesses with Petabyte Data Sets Becoming More Common
Data initiatives within companies are increasingly seeing boasts in funding. A report by IDG found that, on average, businesses will be spending $7.4M on data-related IT projects within the next year, but the investment is heavily skewed by the amount of money being spent by enterprises. Enterprises are expected to average $13.8M in their spending, while small and medium sized businesses will spend just $1.6M.
83 percent of organizations have identified data projects as critical or top priorities. There has been a 125% increase in data-driven projects implemented by organizations over the last year.
When asked specifically about big data, 80 percent of enterprises and 63 percent of small and medium sized organizations said that they already have or will deploy one or more big data projects within the next twelve months.
The amount of data that businesses handle is increasing dramatically. IDG found that businesses managing petabytes (rather than terabyte levels) of information has increased by 4 percent from the previous year. Among the organizations surveyed, the average data size being managed is 167.3TB.
