Big data is the new oil. Or rather, it’s a better asset than oil, since its fortunes are not tied with the vagaries of socio-political and economic events (as COVID has plunged crude into a deep crisis, it’s done the opposite for Big Data). Experts, especially in healthcare, are now increasingly turning to Data Analytics to make sense of the virus, and understand out how to put better response systems in place.
Not a passing trend
The idea of big data has been around since the 1940s (we just used different terms to describe it – volume of data, information explosion etc). But, in the recent years, with the advancement of technology and AI, Big Data radically redefined the way business is conducted, in almost every industry. It showed (to those who learnt to use it to their gain) what the power of information and data could be, when analyzed effectively.
Developments in AI and MI (Machine Learning) have further reinforced the need for Big Data as algorithms (fed on data) have delivered deep insights and helped businesses become more effective. Pairing of AI and Big Data has helped organizations to manage the huge data volume, in the process highlighting the need for newer governance, infrastructure and data developments to help augment the rapid changes taking place. Big Tech companies like Google, Amazon and Facebook have used big data to their advantage. Imagine how Amazon would have used information on what people are buying to understand consumer behavior and then used that to create better experiences.
Unsurprisingly, the global big data market is expected to expand to 103 billion U.S. dollars by 2027.
One of the biggest challenges of Big Data is managing it. Big Data is of little use if it cannot be analyzed – thus the demand for Big Data and Analytics professionals. According to the 2019 survey conducted by NewVantage Partners, 91.6% leading companies are going in for investment in Big Data to make their business operations more agile and stay ahead of the competition.
LinkedIn, in its 2018 Workforce Report had highlighted the shortage of data science staff in US cities. With digital transformation and automation here to stay, this is good news for professionals who may want to up-skill and explore a career in this domain.
KPMG CIO Survey 2019, for the top 5 scarce skills saw Big Data/Analytics take the top position at 44% followed by AI in the third spot at 39% indicating that a career in Big Data and Analytics is the hot job of the moment and the shortage of professionals a lucrative career option.
Glassdoor’s, Best Jobs in America 2020 survey 2020, mentions several Big Data jobs. Here’s a look at some.