"The goal is to turn data into information, and information into insight". - Carly Fiorina, former CEO, Hewlett-Packard Co.
According to Forbes, 53 % of organizations are embracing Big Data Analytics, which means the need to gather and secure data has never been this critical before.
Businesses are blazing with the enormous explosion of data. There is not one industry today that does not intend to leverage the efficiency & speed that big data has to offer. As it has provided new and improved ways to businesses for remaining profitable along with being planned for the future, hence, giving them a competitive edge.
This has undoubtedly made Big Data Analytics as the trendiest skills in the current job market. Organizations are actively looking for big data experts to create insights from their data for helping them make well- informed decisions and identifying new opportunities. Consequently, leading to agile business moves, more dynamic operations, greater profits and contented customers.
If you are considering Data Analytics as your next career move, this article should help you make a more informed decision highlighting the big picture in the data science universe.
Sprouting Demand for Analytics Professionals
Considered as the hottest skill by 75% of IoT providers, Big data analytics is highly desired by employers in 2018. If you go through the job trend graph of Data Analytics, by Indeed, you will notice its flourishing trend leads to the consistent escalating number of job opportunities.
Big Data Analytics is only expected to progress and expand further. Moreover, the Bureau of Labor Statistics has predicted a hike of 33% for Data Scientist & Statisticians in the United States by the year 2026.
The growth of Big Data Analytics
Technological advancements are making it possible to perform sophisticated data analytics over a broad and disparate dataset. This fact is supported by a survey conducted by Deloitte -Technology in the Mid-Market; Perspectives and Priorities. The survey reported that executives consider Analytics as highly valuable and 65.2% of its respondents are taking advantage of one or the other form of Analytics in order to fulfill their business needs.
As a matter of fact, the worldwide revenues of Big Data together with business analytics software is about to reach $187 Billion by 2019, as stated by Forbes.
Perks and Salary structure
Organizations are ready to pay big bucks to professionals possessing the right Big Data skills. As there are diverse fields where Analytics is applied, each field has a different job role and the salary varies accordingly. If we talk about Data Scientist jobs in the United States which by the way is named as the best job in America, it pays a median base salary of US$ 110,000. And the second-best job relating to this field is of a DevOps Engineer with a median base salary of US$ 105,000.
With such a thriving demand for Data Analytics skills, it seems like these wages will keep going up, hence, it will be a wise decision to choose this line of work.
Filling the Skill Gap
The supply of Analytics skills is not meeting its steady demand. A study was conducted by the McKinsey Global Institute stated that, by 2018, in the U.S.A, there is going to be a deficit of around 190,000 data scientists along with 1,500,000 managers as well as analysts with the ability to use data for solving problems.
Big Data Analytics - the Top most priority for organizations
Let us again discuss the 'Peer Research - Big Data Analytics' survey which says, Big Data Analytics is of the highest priority for most of the organizations that participated in it. Around 45% of the survey respondents believe, with the help of Big Data Analytics, you can get extremely accurate business insights.
If we note the trends in the Big Data industry, it is showing considerable signs of moving even faster. In fact, it is expected to build up to a gigantic $16 billion industry by the year 2025. Though Big Data Analytics jobs are becoming advanced by every passing day, human insights will always play a crucial role in organizations for providing adequate solutions by understanding the data.
So, if we look at it from a business point of view, the demand for Data Analytics professionals is going to grow massively in the years to come & data science will certainly be a mandatory unit in any organization.