What exactly is 'big data'?
For those struggling to understand exactly what big data means; data is all around us, from the photos we share with friends through to news, blogs and even the dreaded website cookies! Google is a prime example of a company that holds vast amounts of data, with its platform responding to and recording over 40,000 search queries… per second!
Why is big data different to normal data?
Well simply put, big data is a HUGE amount of regular data. Regular data we handle on our PCs everyday can be easily maintained under the power of a few folders. Similar to building a Lego bridge, you require no special tools to build or maintain your project, but, what about a big bridge that crosses a river in a city? Well, you need architectural drawings, planning, safety reports, huge machinery, very complex strategy and most importantly, a lot of money! This is essentially the same problem businesses and governments have with their big data.
The big data market has a forecasted spending value of around $250bn USD in 2025, equating to over 18% CAGR growth per annum (1). This is significant growth.
The main driver for advancements in big data technology is big corporate/government spending on advanced insights to stay competitive and, of course, IOT. IOT is one that we can all relate to with the average person in a developed nation having in excess of 10 connected devices (this includes your mobile phone, smart watches, laptops and even washing machines!) All of this analysed data helps companies build better cars, grow better crops and give more automation to our daily lives.
So why should you choose a career in this space?
Well simply put, the demand is only getting greater for this technology by the day. It is estimated that in the next two years 4.4 million jobs worldwide will be generated – 1.2 million in Western Europe alone – related to the IT sector driven by Big Data (2). Through my own research in this market, salaries for Data Architects sit at a median of $122,000 in the US and non-management Software Vendor Presales salaries range from $180k - $300k in total compensation.
The market in 2021 has shown that there are more big data jobs than ever being posted with record amounts of funding for top Software companies in the space. A worthy example would be Databricks receiving $1bn funding in 2021 or Snowflake going through a $33bn IPO during the height of the Covid pandemic. This points towards the fact that the Covid pandemic has increased the need for big data analytics due to the massive surge in online commerce and more people using their connected devices than ever before, to be precise, the market grew 14% in 2020 (3), while other markets slumped.
What does a career in Big Data look like?
Currently, the big data hub globally sits in California with other hot areas being Texas, London, Paris, Munich and Israel. Typically speaking, individuals in technical big data roles will start in an Application Development or Cloud Infrastructure background but have a passion for emerging technologies as the big data market is constantly evolving due to fierce competition.
What does the future look like?
Self-driving cars, advanced autonomous robotics, spaceflight and delivery drones are all a biproduct of sophisticated big data analytics and clever data scientists. Not only is the industry lucrative, you will also be working to solve some of the most complex and exciting challenges of the future world.
If you would like to know more about the Big Data Market look out for future insights on our News page.
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