In today’s blog, we are going to learn about big data. If we focus on the present scenario, there is a vast scope of big data in the coming future. Let us look into ten main reasons behind its massive coverage in the coming future.
We all know that in the IT sector, the workers who are experts in big data analytics are in high demand because as we all are seeing that businesses are more tending towards big data, they are attempting to develop their potential to maximize the use of big data.
Before moving to any other thing, the first thing is to understand what big data is? Well, the answer to this question is nothing but a massive amount of data that is complex by nature. These data have a large variety, and they are not saved for the future because the data has to be analyzed for the quick decisions which are made by the management of any organization. Big data cannot be saved, processed, or examined using traditional database management tools.
The central role of big data is to provide an innovative way for information processing so that organizations can draw valuable insights from it and enhance their decision-making skills.
There are 3Vs in big data if anyone wants to know about big data as these 3Vs are building blocks of big data, and they are as follows-
- Volume – This V refers to the amount of data such as terabytes, petabytes, etc.
- Velocity – This V refers to the speed by which data is being received and how fast the modern data changes.
- Variety – This V refers to which kind of data is being collected, whether it is structured data, semi-structured data, or unstructured data. Here, data is not considered as the document file. Data can be anything such as images, audio, and video also, but they come under the category of unstructured data.
As we are moving towards technological improvements, we are dealing with more data. There are massive volumes of data, and in the coming future, all the things and decisions will be entirely dependent on these figures and data. Based on these facts and data, we will make all major decisions such as organizations that can increase performance, generate more revenues, make more profits, and give proper insights into the organizations. So, from this, you can predict what will be the scope of big data in the coming future.
Let’s take a little more dive into this topic and explore some more reasons to understand why big data has a great future.
1. The demand for analytical professional are much in high demand
There is a phrase that states that data is meaningless until there is nobody who is an expert in evaluating it. In the coming future, there will be more openings and hirings in the sector of big data and analytics. Many professionals are upgrading themselves to enter this job profile. If we talk about job-seeking websites and portals, such as indeed.com, naukri.com, and many more shows that there is a huge rising trend of job profiles in big data and analytics. Hence, we can conclude that the number of employment possibilities is increasing in this field.
2. High aspects of salary
As there is much need for experts in big data and analytics. As demand is high in IT sectors and even in other sectors, fulfilling that demand is deficient. So, to get professional experts, the organizations and companies pay high salaries to hire them. The salary aspect will be one of the biggest reasons that big data has a great future.
3. Top priority
In most companies and organizations, big data and analytics are kept at high priority. This data is very beneficial for business growth and profit. In a survey, it was seen that 50% of the companies accepted with the analysis of big data they have improved their social media marketing which has given them more profits and revenues. Around 30% of the companies have accepted that after performing this analysis, they are more able to enhance their decision-making skills. And the rest 20% of the companies acknowledged that they are more efficient to bring clients and do efficient marketing for their business.
4. Usage of big data analytics
In the present scenario and the coming future, the use of big data analytics is increasing day by day. We all know the data of any organization or company is too complex. We should be thankful for these technological advancements that make these complex and heterogeneous data into simpler ones.
If we talk about a recent survey done by statisticians, they concluded that now more of the companies are installing the analytics tools as well as hiring professionals to work on these tools. There are many job profiles that are coming into the limelight, such as business analytics, predictive modelling, and data mining. We can draw the conclusion that now the use of big data is increasing with great speed.
5. Decision making
One of the best uses of big data analytics is to make decisions. Therefore, for this reason, most companies and businesses use big data and analytics for the purpose of competition. In one of the surveys done by Tom Davenport on the topic of “Analytics Advantage,” around 96% of the population polled said that they believed that analytics would make their company grow. Earlier, this large amount of data was not being utilised by the companies, and hence they were not able to make decisions that could make their business a profitable business.
6. Unstructured and semi structured data is popular
Nowadays, the data that is gaining popularity is unstructured and semi-structured data. The companies hire professional analytics who are good at sorting and finding out the results from semi-structured and unstructured data. Now the second thing which everyone should know is what is unstructured data? The answer to this is that all the weblogs, social networks, e-mail, photos, and multimedia come under the category of unstructured data. And these data are being processed and analyzed by 85% of the professionals. The rest, 15% of professionals, try to bring those processed data into action within the time duration of 12 – 18 months.
7. Predictions are now easy
With the help of big data analytics, we can make complex data into simpler ones. In fact, we can process the data and produce valuable results out of it. Based on these results, we can make predictions for our businesses and companies for future goals and targets.
8. Various job profiles are now available
Suppose we talk from the aspect of professionals, their many job profiles, and many names given to these profiles depending upon the industry and company. Big data analysis is the multitude of any job description because now analytics is being hired by several different businesses. Let’s understand this through some facts and figures such as Data scientists average salary is more than 75 lakh per year. In contrast, for CAs, the average salary for a year is 8-15 lakh, and an engineer earns the average salary for a year is 5-8 lakh, and all have some work experience. Around the US, $2 billion of business in data and analytics are motivating the graduates to come in this sector due to the imbalance between the demand and availability.
9. No high skills required
From this article, we all are clear that the demand for analytical talent is increasing day by day, but there is still a massive gap in fulfilling the demand. This problem is not only limited to India but is worldwide. Hence we can say that data analytics is a popular career, and still, there are many unfilled positions because this shortage is worldwide.
10. Big data is everywhere
As we have the various benefits of big data analytics, we can undoubtedly say that it is much in high demand. The reason behind this increased demand is the enormous growth in industries and companies in which data analytics is being used.
From this article, you can find out why big data is having a great future and the professionals trained in this field have a great future and earnings.