Source:- forbes.com
According to IDC’s Data Age 2025 research, the amount of data across the globe that’s open to analysis is set to grow by a factor of 50 within just six years. As such, in 2025, the world is set to be creating 163 zetabytes (163 trillion gigabytes) of data a year.
That data comes from consumers, increasingly holding more and more of their information on cloud services. But an even bigger driver is business. Enterprises storing, interrogating and accessing more information will account for nearly 60% of data generated in 2025.
Manufacturing is often seen to be at the front driving this, but the property industry certainly isn’t far behind.
How data makes the property industry tick
When a potential homebuyer applies for a mortgage, the financial institution in question will – with a few key presses – dig into their credit background. They do this via systems that seamlessly interrogate big data to come up with a recommended course of action. Already, one single mortgage application, processed in a matter of seconds, draws on around 30 years of research and analysis.
Separately, that same homebuyer is likely to be hitting Google, and getting detailed statistical information about the area they want to live in, the quality of the schools, the local crime rate, and fluctuations in average property prices. The property portals they’ll be using, like Zoopla – holding information on 27 million homes in the U.K. alone, coupled to over a decade of house selling price data – will be churning through their own data sets to output results.