Big Data! Big Data! Big Data!, what is up with it why are businesses obsessing over it? Like many things, even Big Data will fade away with time… Do these kinds of thoughts run in our curious little brain? Well, we have answers here. Read further to know more.
A short history of Big Data:
Fredmont Rider, Wesleyan University’s Librarian published a paper called “The Scholar and the future of Research Library” in which he said American Universities’ libraries volume will be doubled every 16 Years and that was predicted in 1944. Well, that’s been more than true since then but the data are saved in electronic chips(a very important Invention) thus the avoidance of physical occupancy.
The word “Big Data” was coined in the year 2005 by O’Reilly Media but that was just the history of the word, The Applications of Big Data could be traced back to Mesopotamia where they recorded growth of Crops and Herds and this was 7,000 years ago.
But the sudden urgency of Procuring the mass amount of data(in Zettabytes) and using it for many aspects of a business like understanding the customers which then influences the strategic decision making at all the levels emerged in the 21st century.
So you must be wondering “Why is Big Data trending so much in such less time?”, Mostly because IoT (Internet of Things) and AI (Artificial Intelligence) are growing so rapidly in last 8 years that IoTs are used by most smartphone users and AIs are accessible to medium and even small businesses. This sudden increase in Usage resulted in production the data which is so huge that IBM Marketing Cloud said that “ 90% of today’s data is created in 2 years ( as of 2017)”.
So, “Big data will continue to be in Trend till Data rules the world”. In other words “ It will never go out of trend”.
- Market Share (Firms which use big data)
Dresner Advisory Services said that “Big data adoption reached 53% in 2017 for all companies interviewed, up from 17% in 2015, with telecom and financial services leading early adopters.”
As you can see in the bar chart given above the % of Green bar which says “ No, We have no plans to use Big Data at all” has fallen rapidly to 10%-11% which means Big Data users Percentage have the potential of Increasing upto 75% from the % of users till 2017.
3. Revenue boost with the help of Big Data
The Informed Decisions you make using Data you have procured is of very good precision and ofcourse it takes away the Risk Factor and boosts the revenue generation. With the right analysis, you can forecast all fluctuations which may affect business.
As shown in the above graph by Statista the Big Data and Business Analytics have helped generate revenue to a huge extent and the constant growth is visible.
4.Job Opportunities and Average Package, Number of Openings.
Once the companies realized the usefulness of Big Data, many businesses wanted to implement it very desperately but because of their Unpreparedness the firms had to face a lot of challenges and two of the top reasons being lack of talent to implement and run the system that is why the job opportunities boosted exponentially and it’s been 3 years since Data Scientist is one of the most promising career options.
- Machine Learning Engineers, Data Scientists, and Big Data Engineers rank among the top emerging jobs on LinkedIn.
- Data scientist roles have grown over 650% since 2012, but currently, 35,000 people in the US have data science skills, while hundreds of companies are hiring for those roles.
Job growth in the next decade is expected to outstrip growth during the previous decade, creating 11.5M jobs by 2026, according to the U.S. Bureau of Labor Statistics. (Courtesy: Forbes)
|Median Base Salary(Annually)||$130,000|
|Job Openings (YoY Growth)||4,000+ (56%)|
|Career Advancement Score (out of 10)||9|
|Top Skills||Data Science, Data Mining, Data Analysis, Python, Machine Learning|
The Above table is based on LinkedIn data.
Median Salary: Means 50% of people of that Career makes more that given salary and 50% less than given salary.
Job Openings: 4000 may seem like a small number but it is just on LinkedIn and that too YoY (year on year) data
Career Advancement Score(CAS): CAS is about how likely is this job will lead you to promotion.
Well, what do you think? Did the article answer your questions?
Let us know in the Comments if you have any questions or Feedbacks.