Big Data is everywhere and there is
almost an urgent need to collect and preserve whatever data is being
generated, for the fear of missing out on something important. There is a
huge amount of data floating around. What we do with it is all that
matters right now. This is why Big Data Analytics is in the frontiers of
IT. Big Data Analytics has become crucial as it aids in improving
business, decision makings and providing the biggest edge over the
competitors. This applies for organizations as well as professionals in
the Analytics domain. For professionals, who are skilled in Big Data
Analytics, there is an ocean of opportunities out there.
If
you are still not convinced by the fact that Big Data Analytics is one
of the hottest skills, here are 10 more reasons for you to see the big
picture.
1. Soaring Demand for Analytics Professionals:
Jeanne
Harris, senior executive at Accenture Institute for High Performance,
has stressed the significance of analytics professionals by saying,
“…data is useless without the skill to analyze it.” There are more job
opportunities in Big Data management and Analytics than there were last
year and many IT professionals are prepared to invest time and money for
the training.
The current demand for
qualified data professionals is just the beginning. Srikanth
Velamakanni, the Bangalore-based cofounder and CEO of CA headquartered
Fractal Analytics states: “In the next few years, the size of the
analytics market will evolve to at least one-thirds of the global IT
market from the current one-tenths”.
Technology
professionals who are experienced in Analytics are in high demand as
organizations are looking for ways to exploit the power of Big Data. The
number of job postings related to Analytics in Indeed and Dice has
increased substantially over the last 12 months. Other job sites are
showing similar patterns as well. This apparent surge is due to the
increased number of organizations implementing Analytics and thereby
looking for Analytics professionals.
In
a study by QuinStreet Inc., it was found that the trend of implementing
Big Data Analytics is zooming and is considered to be a high priority
among U.S. businesses. A majority of the organizations are in the
process of implementing it or actively planning to add this feature
within the next two years.
2. Huge Job Opportunities & Meeting the Skill Gap:
The
demand for Analytics skill is going up steadily but there is a huge
deficit on the supply side. This is happening globally and is not
restricted to any part of geography. In spite of Big Data Analytics
being a ‘Hot’ job, there is still a large number of unfilled jobs across
the globe due to shortage of required skill. A McKinsey Global
Institute study states that the US will face a shortage of about 190,000
data scientists and 1.5 million managers and analysts who can
understand and make decisions using Big Data by 2018.
India,
currently has the highest concentration of analytics globally. In spite
of this, the scarcity of data analytics talent is particularly acute
and demand for talent is expected to be on the higher side as more
global organizations are outsourcing their work.
According
to Srikanth Velamakanni, co-founder and CEO of Fractal Analytics, there
are two types of talent deficits: Data Scientists, who can perform
analytics and Analytics Consultant, who can understand and use data. The
talent supply for these job title, especially Data Scientists is
extremely scarce and the demand is huge.
3. Salary Aspects:
Strong
demand for Data Analytics skills is boosting the wages for qualified
professionals and making Big Data pay big bucks for the right skill.
This phenomenon is being seen globally where countries like Australia
and the U.K are witnessing this ‘Moolah Marathon’.
A look at the salary trend for Big Data Analytics indicates a positive and exponential growth.
According to the 2013 Skills and Salary Survey Report
published by the Institute of Analytics Professionals of Australia
(IAPA), the median salary for an analytics professional was almost twice
the median Australian full-time salary. The rising demand for analytics
professionals was also reflected in IAPA’s membership, which has grown
to more than 3,500 members in Australia since its formation in 2006.
Randstad states that the annual pay hikes for Analytics professionals in
India is on an average 50% more than other IT professionals.
4. Big Data Analytics: A Top Priority in a lot of Organizations
According to the ‘Peer Research – Big Data Analytics’
survey, it was concluded that Big Data Analytics is one of the top
priorities of the organizations participating in the survey as they
believe that it improves the performances of their organizations.
Based on the responses, it was found that approximately 45%
of the surveyed believe that Big Data analytics will enable much more
precise business insights, 38% are looking to use Analytics to recognize
sales and market opportunities. More than 60% of the respondents are
depending on Big Data Analytics to boost the organization’s social
media marketing abilities. The QuinStreet research based on their survey
also back the fact that Analytics is the need of the hour, where 77% of
the respondents consider Big Data Analytics a top priority.
A survey by Deloitte, Technology in the Mid-Market; Perspectives and
Priorities, reports that executives clearly see the value of analytics.
Based on the survey, 65.2% of respondents are using some form of
analytics that is helping their business needs. The image below clearly
depicts their attitude and belief towards Big Data Analytics.
5. Adoption of Big Data Analytics is Growing:
New technologies are now making it easier to perform
increasingly sophisticated data analytics on a very large and diverse
datasets. This is evident as the report from The Data Warehousing
Institute (TDWI) shows. According to this report, more than a third of
the respondents are currently using some form of advanced analytics on
Big Data, for Business Intelligence, Predictive Analytics and Data
Mining tasks.
With Big Data Analytics providing an edge over the competition, the
rate of implementation of the necessary Analytics tools has increased
exponentially. In fact, most of the respondents of the ‘Peer Research –
Big Data Analytics’ survey reported that they already have a strategy
setup for dealing with Big Data Analytics. And those who are yet to come
up with a strategy are also in the process of planning for it.
When
it comes to Big Data Analytics tools, the adoption of Apache Hadoop
framework continues to be the popular choice. There are various
commercial and open-source frameworks to choose from and organizations
are making the appropriate choice based on their requirement. Over half
of the respondents have already deployed or are currently implementing a
Hadoop distribution. Out of them, a quarter of the respondents have
deployed open-source framework, which is twice the number of
organizations that have deployed a commercial distribution of the Hadoop
framework.
6. Analytics: A Key Factor in Decision Making
Analytics is a key competitive resource for many companies.
There is no doubt about that. According to the ‘Analytics Advantage’
survey overseen by Tom Davenport, ninety six percent of respondents feel
that analytics will become more important to their organizations in the
next three years. This is because there is a huge amount of data that
is not being used and at this point, only rudimentary analytics is being
done. About forty nine percent of the respondents strongly believe that
analytics is a key factor in better decision-making capabilities.
Another sixteen percent like it for its superior key strategic
initiatives.
Even though there is a fight for the title of ‘Greatest
Benefit of Big Data Analytics’, one thing is undeniable and stands out
the most: Analytics play an important role in driving business strategy
and making effective business decisions.
Seventy Four percent of the respondents of the
‘Peer-Research Big Data Analytics Survey’ have agreed that Big Data
Analytics is adding value to their organization and allows vital
information for making timely and effective business decisions of great
importance. This is a clear indicator than Big Data Analytics is here to
stay and a career in it is the wisest decision one can make.
7. The Rise of Unstructured and Semistructured Data Analytics:
The ‘Peer Research – Big Data Analytics’ survey clearly
reports that there is a huge growth when it comes to unstructured and
semistructured data analytics. Eighty four percent of the respondents
have mentioned that the organization they work for are currently
processing and analyzing unstructured data sources, including weblogs,
social media, e-mail, photos, and video. The remaining respondents have
indicated that steps are being taken to implement them in the next 12 to
18 months.
8. Big Data Analytics is Used Everywhere!
It is a given that there is a huge demand for Big Data
Analytics owing to its awesome features. The tremendous growth is also
due to the varied domain across which Analytics is being utilized. The
image below depicts the job opportunities across various domains.
9. Surpassing Market Forecast / Predictions for Big Data Analytics:
Big Data Analytics has topped a survey carried out by
Nimbus Ninety, as the most disruptive technologies that will have the
biggest influence in three years’ time. Added to this, there are more
market forecasts that support this:
- According to IDC, the Big Data Analytics market will reach $125 billion worldwide in 2015.
- IIA states that Big Data Analytics tools will be the first line of defense, combining machine learning, text mining and ontology modeling to provide holistic and integrated security threat prediction, detection, and deterrence and prevention programs.
- According to the survey ‘The Future of Big Data Analytics – Global Market and Technologies Forecast – 2015-2020’, Big Data Analytics Global Market will grow by 14.4% CAGR over this period.
- The Big Data Analytics Global Market for Apps and Analytics Technology will grow by 28.2% CAGR, for Cloud Technology will grow by 16.1% CAGR, for Computing Technology will grow by 7.1% CAGR, for NoSQL Technology will grow by 18.9% CAGR over the entire 2015-2020 period.
10. Numerous Choices in Job Titles and Type of Analytics :
From a career point of view, there are so many option
available, in terms of domain as well as nature of job. Since Analytics
is utilized in varied fields, there are numerous job titles for one to
choose from.
- Big Data Analytics Business Consultant
- Big Data Analytics Architect
- Big Data Engineer
- Big Data Solution Architect
- Big Data Analyst
- Analytics Associate
- Business Intelligence and Analytics Consultant
- Metrics and Analytics Specialist
- Prescriptive Analytics
- Predictive Analytics
- Descriptive Analytics.
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