Data has been a crucial part of our lives since we started using computers. The concept of ‘big data’ first manifested in 2001 and it gradually got incorporated into big online companies. During the early 2000s, popular search engines, eCommerce websites and social media handles were analysing data to enhance customer experience.
As more companies started going online in the next two decades, data became more accessible to SMEs. The market value of this industry grew to around $193.14 billion in 2019 and is estimated to rise to $420.98 billion by 2027.
Currently, the primary struggle for the data industry is marketing data collection tools because many companies are unaware of the power of data. Additionally, data security and management becomes increasingly challenging as data grows into complex structures.