Big data isn’t just a buzz word anymore. It is extremely important for organizations to pay attention to it. According to Forbes, it is becoming a movement. Data is now driving more organizational decisions than ever before. With vast amounts of data being produced in real-time, there is a huge demand for people with skills to manage, analyze and help organizations use this data effectively. Let’s look at some predictions for the big data market.
Projections for Big Data
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According to the IDC forecast, the big data market will be worth $46.34 billion by 2018. Big data technology and associated services market is expected to grow at a compound annual growth rate (CAGR) of 23.1% from 2014 to 2019. The annual spending is projected to reach $48.6 billion in 2019. Hadoop, which has become almost synonymous with big data, is predicted to grow at 58.2% CAGR between 2013 and 2020.
The predictions by IDC are positive. Alex Rossino, a senior principal research analyst at Deltek, also suggests that invest in cloud computing and big data technologies is increasing. According to his article, Deltek forecasts that federal agencies will collectively increase their spending on cloud computing services from $2.4 billion during fiscal 2015 to $6.2 billion by fiscal 2020.
The IDC believes that the availability of talent with skills to analyze big data will determine the big data market in the future. Having said that, the contrary also seems to be true. The demand for big data skills is luring more individuals to develop skills that big data jobs require.
Big Data Implementation:
According to a survey by Knowledgent, there are clear indications that big data is moving out of the experimental stage. Many respondents of this survey firmly believe that organizations will now utilize big data for production purposes. And, over 60% of them think that big data initiatives occupy an important place in their organization’s agenda. More than 25% of respondents are already implementing big data solutions in their organization. Others are less than six months away from doing so.
Big Data Jobs in 2017 and Coming Years
According to Forbes, the top five industries hiring people with big data skills are the Profesional, Scientific and Technical Services industry, the IT industry, the Manufacturing industry, the Finance industry, and the Retail industry. The graph below shows the distribution of job openings in the above-mentioned sectors:
Forbes also reports that the demand for sales representatives that have the skills to sell big data solutions are going through the roof. They believe this trend will continue in 2017 and subsequent years. Big data professionals – Information Security Analysts, Management Analysts, and Information Security Analyst are also in very high demand. The growth in demand for these positions are as follows:
Big Data Job Titles:
Here is a list of job titles that require big data skills. These titles are useful in determining search terms for big data jobs.
- Data Engineer
- Big Data Engineer
- Machine Learning Scientist
- Business Analytics Specialist
- Data Visualization Developer
- Business Intelligence (BI) Engineer
- BI Solutions Architect
- BI Specialist
- Analytics Manager
- Machine Learning Engineer
Demand for Big Data Skills:
The demand for professionals with big data skills is increasing alongside the increased investment in big data. Companies today realize the value of data analytics. As a result, they are looking for skilled people to capture and make sense of it. Job portals like Indeed, Dice, Glassdoor and many more provide a clear picture of the demand for big data jobs. Although big data is a broad term, job listings use it often. You will find it in job postings for data analysts, data scientists and other important roles within the data industry.
Technology changes frequently, and so do buzzwords. Big data, which was one of the most-used terms until recently, has been replaced with ‘real-time’. This doesn’t mean that the demand for big data skills is now low. Rather, it simply means that the keyword has been replaced. Textion, a Seattle-based startup, has verified the same after studying 500,000 job applications applying for big data related jobs.
According to the findings of IDG’s research on big data, organizations are set to invest big in skill sets necessary for big data deployments in the next 12-18 months. This means, more opportunities for data scientists, data architects, data analysts, data visualizers, research analysts, and business analysts.
Gap in Demand and Supply of Big Data Skills
Despite huge demand, however, there is still a significant gap between the demand and supply of big data skills. As a result, many organizations are trying to bridge the gap internally by training their employees. The ‘Annual IT Forecast’ by TEKsystems also confirms this shortage. Positions that require big data skills are hard to fill according to this report. In the survey by Knowledgent, too, over 55% of respondents said that finding professionals with big data skills was a challenge.
Big Data Skills for Bigger Paychecks
Now is the perfect time to add big data skills to your repertoire. A new salary survey from O’Reilly suggests big data is one of the top paying skills. According to Indeed, the average salary for big data professional is about $ 114,000 per annum. This is about 98% higher than average salaries for all job postings nationwide.
Another estimate by Glassdoor suggests the median salary for professionals with big data expertise is $ 104,850 per annum. Data Scientists can expect a salary of about $115,000. Lastly, Forbes estimates the median advertised salary for big data professional is $ 124,000 per annum.
As big data gathers momentum, it is creating a great number of career opportunities for IT professionals with big data skills. With companies scurrying around for big data professionals, it is an apt time to gather the necessary skills to land one of the hottest jobs today. There is no doubt that if you possess or gather these skills, your value in the IT jobs market will be significantly higher.