Baron K. Davis, CEO, Code Willing, Inc.
Introduction:
As we navigate the tech landscape of 2024, a common question arises: What trends are shaping the future? While most tech CEOs rightly point to Artificial Intelligence (AI) as a transformative force, my perspective as the CEO of Code Willing, Inc. takes a slightly different angle. Let’s delve into what fuels AI: Data. Not just any data, but high-quality, clean, and accurate data. As a self-professed data enthusiast, I understand that the output of AI is only as good as the data input. At Code Willing, our focus is to ensure our clients’ data is not only clean and stored but also accessible and, most importantly, usable & connected.
The Rising Dependence on Data Across Industries:
Today, industries beyond the traditional sectors like finance, insurance, and pharmaceuticals are becoming increasingly reliant on data. This ‘Data Dilemma’ is growing, with an escalating demand for usable data outstripping available resources.
Global Data Trends and Statistics:
- Global Data Creation and Growth: In 2020, we estimated global data creation at 64.2 zettabytes. Projections indicate that by 2025, this could soar to 175 zettabytes.*
- Approximately 328.77 million terabytes of data are created each day**
- Drivers of Data Growth: Factors like IoT proliferation, increased internet usage, high-definition content, AI, and digital transformation are fueling this growth.
- Impact of 5G and IoT: 5G networks are expected to boost data creation, feeding the expansion of the Internet of Things (IoT).
- Enterprise Data: Businesses are amassing large data volumes, investing heavily in analytics and cloud storage.
- Consumer Data Generation: Social media, streaming, gaming, and personal devices significantly contribute to data generation.
- Challenges and Opportunities: This data explosion presents storage, management, privacy, and security challenges, but also opportunities in big data analytics, cloud computing, and AI.
The Shift to Outsourcing Data Management:
Gone are the days when in-house teams could manage a company’s data needs. The complexity and volume of data have grown beyond the capacity of many internal teams, leading to a shift towards outsourcing. Companies are increasingly turning to specialized third-party vendors for data management solutions. At Code Willing, we’ve experienced explosive growth in providing these services, with more inquiries this year than all of last year combined.
Conclusion:
While AI dominates tech discussions, the underlying importance of high-quality connected data cannot be overstated. As companies continue to outsource their data needs, organizations like Code Willing are at the forefront, ensuring data is not just managed, but optimized for the AI-driven future.
* Source: IDC’s Global DataSphere Forecast
** https://explodingtopics.com/blog/data-generated-per-day