By Sumit Mittal, Founder & CEO of TrendyTech
In the present technologically advanced world, organisations are acknowledging the incredible potential of Big Data and harnessing it as a transformative force. With the accelerated adoption of digital technologies in different areas of business, organisations have found themselves sitting on a wellspring of data.
The recent market stats state – around 85 percent of businesses have started realising the need to invest their resources in big data analytics, helping them uncover critical insights and make data-backed decisions.
Transitioning from traditional business approaches, organisations harnessing and analysing data insights effectively delve into consumer behavior, market trends, and operational efficiency. Data-driven models have a profound impact on the renewed growth of organisations. By gaining a competitive edge over the present market landscape that is in a constant state of upheaval, modern businesses can position themselves as futuristic and forward-moving in a technologically advanced landscape.
Unleashing new market opportunities
Considering the transformations, Data has emerged as a powerful catalyst for creating unprecedented opportunities. Today, it is recognised as a driving force behind personalised business and marketing strategies, predictive analytics, and tailored solutions. Addressing the constraints of the organisations in traditional business models, it has opened up new avenues not only for established enterprises and startups but has also revolutionised the present job market, bringing forth new opportunities for talent.
If the Data is Ocean, Data Engineers act as sailors. As organisations grapple with expansive volumes of data, the need for data engineers is burgeoning at a fast pace.
The job market is teeming with opportunities for professionals who can collect, process, and analyse data effectively.
According to the latest report of NASSCOM, Indian Big Data Analytics is potentially a USD 16 Bn market, estimated to grow at a 26% CAGR from 2019 to 2025. As the market continues to explode, more organisations are creating opportunities for IT professionals in the Data Science and Analytics space. With the tech talent’s expertise, these organisations are making strides in the market by uncovering valuable insights and driving critical business decisions.
Since Big Data is an ever-evolving space, organisations need to be cognisant of the latest insights and trends dominating the market. On the other hand, Skill-based hiring has become a new phenomenon for organisations to build resilient workforces. This implies the need for professionals to keep up with the industry landscape to seek better roles and advance their career growth.
Having said that, there is no denial of the fact that the application of Big Data trends has created a new category of knowledge-enabled jobs and organisations see this as an opportunity to reap advantages from their existing IT talent by offering Learning & Development opportunities. Besides this, IT professionals can capitalise on upskilling programs to stay relevant in the industry. Subsequently, it helps professionals master skills and gain deep knowledge on new tech tools to convert vast data sets into valuable assets to tackle complex problems and drive innovation in the business world.
Key challenges and complexities in the market
In a digitally-led world, getting a hold of data is rarely a challenge. With the proliferation of connected devices – IoT enabled, scanners, sensors, etc, Big Data is no longer reserved for established enterprises with massive IT budgets. However, certain challenges are likely to emerge, given the criticality of data as businesses have more access to information than ever before.
Technologies like Artificial Intelligence (AI), Machine Learning (ML), IoT and many others are highly sophisticated. While Big Data offers enormous potential, vulnerabilities linked to Data privacy, security, and ethical concerns may arise with the sheer volume, variety and velocity of data.
Firstly, storage of large amounts of data may not be handled by traditional systems. Additionally, deployment of new tools and mechanisms can be extremely challenging. Furthermore, Real-time processing of data is crucial and requires the integration of efficient and scalable systems, causing organisations to encounter technical challenges including data storage, processing, and scalability issues.
The landscape requires specialised tools and algorithms to process and analyse massive data with greater efficiency and security with more emphasis on data exploration for constructive visualisation and interpretation. Hence, IT professionals planning to foray into the Big Data field must stay updated and acquire knowledge not only in Big Data tools but also in governance and ethics to raise accountability levels in complex data ecosystems.
The Big Data ecosystem is continuing to grow in tandem with the growth of startups and innovation hubs. To address the challenges and capitalise on market opportunities, organisations can leverage the IT workforce’s potential in order to gain Big Data advantage. This can enhance employability and contribute to their companies’ data-driven strategies.