The concept of Big Data started with the emergence of World Wide Web. We use internet for practically everything – social media, online shopping, entertainment, internet banking, public transport, GPS and so on. It has become a part and parcel of our lives. Today we produce 2.5 quintillion bytes of data and we call this ‘Big Data’.
Big Data Analytics is a process in which large data sets are examined to understand the patterns and trends and other useful information essential for rigorous functioning of a business. This prerequisite business tool, has reached the zenith where its adoption has become so mainstream that no business can look the other way. It is crucial for efficient marketing, revenue generation, better customer relations and other business benefits.
Big Data is in for a long haul and its importance is unprecedented. The shift in focus by companies towards Big Data Analytics rises as the number of companies jumping over the petabyte barrier increases.
Here are few interesting facts and figures on Big Data
<!–[if !supportLists]–>· <!–[endif]–>According to reports, the global market is predicted to rise 60.9% between 2016 and 2020
<!–[if !supportLists]–>· <!–[endif]–>As per survey, for an average business, just 10% increase in data accessibility will generate more than 65 million additional net incomes
<!–[if !supportLists]–>· <!–[endif]–>By 2020, about 1.7 MB of data will be created every second per person
<!–[if !supportLists]–>· <!–[endif]–>62.5% of firms have now adopted Big Data and many more are joining in
<!–[if !supportLists]–>· <!–[endif]–>By 2017, 26.8% companies have pledged to invest greater than $50 million in Big Data
<!–[if !supportLists]–>· <!–[endif]–>69.6% of companies now consider Big Data as very important or critical for their success
<!–[if !supportLists]–>· <!–[endif]–>75% of Indian firms are running Big Data projects today
Rise of the Chief Data Officer
Companies are now realising the importance of the role of a Chief Data Officer. In 2012, only 12% of companies had CDO. In the recent 2016 survey, it has jumped up to 54%. Moreover, 20% of companies are handing out complete responsibility of Big Data initiatives to the CDO. It has emerged as the crucial and the highest paying position than the rest.
Urgent requirements for professionals are sprawling everywhere as the demand shoots up on an upward projectile. Organizations are on a lookout for skilled players in the field of analytics and the offer packages are too good to be true. Governments have also entered with millions of projects in hand which requires a huge team of experts to handle such vast amount of data. The average salary a professional draws ranges from ~₹4.5 lakhs to a maximum of ~₹38 lakhs.
Employments and job postings have increased substantially over the past few months. According to payscale.com, in India, top three employers are doling out their analytics experts with extravagant paychecks.
<!–[if !supportLists]–>1. <!–[endif]–>Accenture ~₹3 lakhs – ~₹39 lakhs
<!–[if !supportLists]–>2. <!–[endif]–>Cognizant ~₹3 lakhs – ~₹34 lakhs
<!–[if !supportLists]–>3. <!–[endif]–>IBM ~₹3 lakhs – ~ ₹33 lakhs
The field of analytics is ever expanding and will soon become a vital component for the growth and development of each and every company. This is the right time to dive into the ocean of Big Data and plan for an amazing career ahead.
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Big data analytics 2016: join the revolution
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