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.
Why Big Data Analytics is the Best Career move
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 job trend graph for Big Data Analytics, from Indeed.com, proves that there is a growing trend for it and as a result there is a steady increase in the number of job opportunities.
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.
To get in-depth knowledge on Data Science, you can enroll for live Data Science Training Certificate with 24/7 support and lifetime access.
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.
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’.
According to the 2015 Skills and Salary Survey Report published by the Institute of Analytics Professionals of Australia (IAPA), the annual median salary for data analysts is $130,000, up four per cent from last year. Continuing the trend set in 2013 and 2014, the median respondent earns 184% of the Australian full-time median salary. The rising demand for analytics professionals is also reflected in IAPA’s membership, which has grown to more than 5000 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. According to The Indian Analytics Industry Salary Trend Report by Great Lakes Institute of Management, the average salaries for analytics professionals in India was up by 21% in 2015 as compared to 2014. The report also states that 14% of all analytics professionals get a salary of more than Rs. 15 lakh per annum.
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.
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.