The big data market is on the upswing that cannot be disputed. Sample this:
The positive sentiment echoes loudly among potential users of big data analytics. About 60% of top executives believe the use of big data at their organizations could become even more impactful when combined with the power of artificial intelligence (AI). Further, a report from Accenture suggests that 83% of executives are already pursuing Big Data projects to gain a significant competitive edge. In fact, 79% of company executives believe that firms that are not embracing big data will face the issue of extinction in 2020.
Clearly, the sector has massive potential, which is why a number of professionals and young students look to make it their domain and set off on a bright career path.
Rising Demand for Data Analytics Professionals
Companies across the world have a big repository of data available to them, but there is an acute shortage of analytics professionals who can use it to further business growth. And, with nobody to work on them, the datasets become irrelevant.
Scarcity of People Possessing the Requisite Skillsets
As per a recent study by the McKinsey Global institute, the US currently has a shortage of about 190,000 data scientists and 1.5 million analysts and managers who understand big data and can make business decisions basis the same.
A soaring demand for analytics professionals has boosted the wages for this job profile to a whole different level. The average annual salary of a data analyst in the US is as high as USD 130,000.
Big Data Analytics – the Topmost Priority in Organizations Across the World
According to the findings of the Peer Research survey on Big Data Analytics,
Analytics: A Critical Factor in Business Decision-Making
Analytics acts as a major source of competitive advantage for most companies at the moment. As per an ‘Analytics Advantage’ survey conducted under Tom Davenport, 96% of respondents said that analytics will become more vital in the years to come, as there exist huge datasets that remain unused till date.
Besides, 49% of the respondents said that analytics will empower better and informed decision-making..
Abundance of Unstructured Data containing potentially Valuable Information
The Peer Research survey clearly indicated an abundance of unstructured and semi-structured data in the form of weblogs, e-mail, photos, videos, and social media content. About 84% of respondents said that their organizations are currently analysing such data to drive informed business decisions.A Plethora of Choices in Job Roles and Titles
From a career perspective, there are multiple choices available for a person with skills in data science, both in terms of the nature of the job and of the job domain.
Today, analytics is required in every industry, and therefore you are presented with numerous job titles to choose from. The job profiles include:
In 2020, people skilled in data science are proving to be hard to find. Businesses globally are desperately seeking professionals with data-driven acumen. Individuals with analytical skills in 2020 certainly possess the capability to change the fate of a business and turn it around if needed. And they can certainly do the same with their career, by choosing to work in the field of big data analytics.