Data is one of the most expensive assets to companies. The value of the big data analytics market is expected to exceed $655 billion by 2029. Data is valued so much because it either makes or breaks an entity and its reputation. But why do entities depend so much on data? What is such a big deal? Data is used in many ways by entities in this modern day and age. Companies analyze large volumes of data to get insights and understand trends which enable management to make better decisions.
So, what is big data? Big data is data that contains a high degree of variety, and it usually is extracted from fresh sources in great volumes. Companies across various industries, governments, and agencies are using big data for their projects. This data is so huge that it is difficult to manage with traditional data management tools or methods. Individuals with specialized skills and training are hired to mine this structured or unstructured data to provide the company with meaningful insights.
Companies then use these insights to make data-driven decisions which help in solving key business problems. Businesses all over the world are now using big data for their various business needs. Companies in all types of industries are now shifting and making use of big data to benefit their businesses.
You can also read Why choose an MBA in Analytics & Data Science?
Here are some of the reasons why big data is an ideal career path –
It is said that data is useless without the skill to analyze the same. IT professionals who have skills and training in big data analytics are in high demand in all industries and sectors. It is because data is currently the biggest asset of an organization. But they are currently lacking professionals who can work on this asset and provide lucrative returns to the entity.
Big data is a game changer in all industries, and it is a part of the day-to-day lives of everyone on earth. Big data is used by so many industries for various needs. The following are instances of the same –
a. Banking and securities – Big data is used for the analysis of trade and to analyze market trends. This industry relies heavily on big data for various uses such as KYC, risk management, high-frequency trading, analyzing market sentiments, and much more.
b. Communications and media – The entertainment industry is also dependent on big data for many uses, such as content, insights about customer tastes, and measuring the popularity of content among consumers.
c. Healthcare industry – Healthcare firms use public health data and even data from google maps for efficient analysis of healthcare information and to track chronic diseases. Data from patients are also analyzed by doctors to administer evidence-based medicines rather than medicines prescribed based on lab tests and reports.
d. Education – Big data is used by schools to monitor students’ activities as well as to analyze demographics, aspirations of students, behavioral aspects, and much more. Big data is always used for recommending correct courses to students based on their interests and aptitude.
e. Manufacturing and natural resources – Big data is used in manufacturing industries to gain a competitive advantage and solve manufacturing challenges faced. They can also be used to predict demands, track shipments, and for optimization of tools.
Since Big data is an area that is booming and in demand, professionals who are skilled in the same are also in demand. They are offered big bucks even at starting positions. Annual salary hikes are also given, along with performance bonuses.
Big data is an area that provides businesses with a competitive edge. Companies that use data to their benefit through analysis and make decisions based on the outcomes of this analysis can make such decisions that prove beneficial. Some companies reap huge profits by making the right decisions at the right time and obtaining a first-mover advantage.
As seen above, companies in almost all industries and sectors are now dependent on big data for their various needs and requirements. Hence, this area as a career path has a lot of employment potential and scope.
Presently, analytics is used by most businesses and is considered an area with huge scope and potential. Analytics provide the company with important insights into the business and about various trends in the market, which drives the decisions to be taken by management.
To know more, read Important concepts to learn in MBA Analytics and Data Science.
Popular job profiles in Big data Analytics are as follows –
Big Data Engineer
They are primarily responsible for building, implementing, and testing big data ecosystems as per the needs of the businesses. They may also update the existing software and systems to streamline the data analysis process. The average salary of a big data engineer is INR 8.7 LPA.
They are assigned the duties of cleansing and formatting the data. This data is then available for analysis by other professionals. They may also be involved in database design and implementation. The average salary of a data architect is INR 23.7 LPA.
Responsible for a large range of activities involving data analysis and management. This includes visualization, munging, and processing of data. They prepare reports with recommendations based on their analysis. The average salary of a data analyst is INR 4.4 LPA.
Machine Learning Engineer
It is an extremely challenging job profile under big data. This role involves designing and developing machine learning systems and algorithms as per the needs of the entity. This role requires professionals skilled in SQL, REST APIs, etc. The average salary of a machine learning engineer is INR 7.5 LPA.
This professional is engaged with designing databases and data models that enable the simplification and formatting of complex organizational data. They provide innovative solutions to businesses to achieve their goals concerning operations, product lifecycle, and customer experience. The average salary of a data modeler is INR 15.0 LPA.
This role is based on providing the best data analysis solution to the business based on its needs and requirements. It includes various activities such as identifying sources of data, processing, collaborating with business teams, and providing the most appropriate data analysis solution. The average salary of a data scientist is INR 10.5 LPA.
Data Security Analyst
As their profile name suggests, the data security analyst is involved with ensuring that databases and data systems are protected from hackers and viruses. They are primarily responsible for implementing and monitoring antivirus software and other security protocols. The average salary of a data security analyst ranges between INR ₹ 4.5 LPA to INR 7.8 LPA.
One of the main responsibilities of this job profile is enhancing the effectiveness of database tools and services. They are in charge of design, building, and maintenance of database systems and structures. The average salary of a database manager is INR 15.0 LPA.
One of the most popular online courses offered by Manipal University Jaipur is the online MBA in Analytics & Data Science. Analytics and Data Science is preferred by individuals because it helps to gain knowledge that prepares you for the future, broadens your job opportunities, increases earning potential, and helps aspirants achieve career advancement and growth. You can find this online degree on the Online Manipal website.
To know more, you can read: MBA Analytics & Data Science course syllabus.
The curriculum for MUJ’s online MBA program is designed to be nearly identical to that of the on-campus program, and it includes recorded and live classes, as well as interactive media conferences. Students can gain access to free courses on Coursera, and the student placement cell hosts career fairs to help students land their dream jobs.
In any job, there is always the fear of being replaced by artificial intelligence or new technologies. Big data analytics is a field where even though the data may be acquired using software or tools, analytics and insights always require a human touch.
Big data’s future scope and potential are huge and promising. There is heavy demand for these professionals in the market currently, and it is anticipated that this demand shall rise in the years to come. Hence, Big data is a sought-out career choice for any professional. Choose a big data career path and become a vital asset to the company, boosting their business and your career.
Information related to companies and external organizations is based on secondary research or the opinion of individual authors and must not be interpreted as the official information shared by the concerned organization.
Additionally, information like fee, eligibility, scholarships, finance options etc. on offerings and programs listed on Online Manipal may change as per the discretion of respective universities so please refer to the respective program page for latest information. Any information provided in blogs is not binding and cannot be taken as final.
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