It’s no secret that Big Data has made deep inroads into every industry sector. The question, “Is Big Data analytics relevant,” has changed to “How can we derive business value from Big Data.” Organizations are earmarking budget for their Big Data initiatives and are ready to shell out big bucks to source talent with sound analytical skills.
While the interest and commitment towards Big Data are real, many organizations are struggling to connect the dots and make sense of the huge volume of data present within their enterprise. This is because companies are facing a tough time in spotting the right talent due to a huge crunch of skilled professionals in the market. A report by Accenture reveals that while 78% of the enterprises in India see Data as something that is necessary for the development of better customer relationships, about 53% of the enterprises feel there is a shortage of talent to implement and execute Big Data projects.
Talent shortage looms large
An expert Data professional has knowledge of advanced computational science, mathematics, statistics, and advanced analytics. Although there are specialists available in each of these disciplines, experts with the combined knowledge of these disciplines are hard to come by.
Given the lack of right skills, tens of thousands of positions are slated to go unfilled in the coming years. Consider the below findings:
- According to a staffing solutions company, TeamLease Services, India will face a demand-supply gap of 2 lakh data analytics professionals by 2020.
- This lag between demand and supply exists not only in India but is a global phenomenon. As per the estimates of McKinsey, the gap between supply and requisite demand for analytics skills in the US will reach 50-60% by 2018.
Big Data = Big Career Leap
The dearth of talent globally has made Big Data emerge as a hot career choice. Skilled and certified analytics professionals are much in demand and are being offered sky-high pay packets. Industry findings have indicated that data scientists are earning more than CAs and engineers with similar experience. In the coming years, as the demand-skill gap widens further, the opportunities and pay scales for qualified analytics professionals will grow further at a whopping pace.
Currently, data scientists with around 5 years’ experience are earning over Rs 75 lakh per annum as compared to Rs 8-15 lakh for CAs and Rs 5-8 lakh for engineers with the same experience level.(Source: TeamLease Services)
Industry experts are increasingly emphasizing the huge prospects in Big Data analytics and terming it as the “best career move.” In India, specifically, opportunities are galore, as apart from demand from domestic companies, there is a huge demand for outsourced analytics work. Harish K. Subramanian, Program Director of Big Data Analytics at Great Learning says “India, in particular, is a hotbed of opportunity in Data Analytics. Not only are companies going to embrace complex, multi-modal data analysis, but the demand for consulting services is bound to skyrocket. Companies will migrate to a Big Data setup and increasingly outsource advanced analytics projects. The skills required in this field range from statistical analysis to model validation, and data architecture to engineering software systems. This means that professionals from a variety of backgrounds (and with the ability to work well with a diverse group) can successfully build a thriving career in the area.”
With India expected to become the Data analytics hub in the coming years, getting a professional certification in Big Data can give your career a major boost.
The Future is Big in Big Data
How Big is the Scope of Big Data in India
4 Ways Big Data is Delivering Business Value to e-Commerce