Big data gives a massive opportunity for employment at every level. There are multi-science related skill and multi data experts which is in demand in future. The fields include data visualization, programming languages, Algorithms, data mining, Machine learning and AI, Data structures and Databases.
Indeed report in 2019 indicated there is 344% of the rise in the demand for the profession of data science specialist from 2013. It was estimated that the U.S. Bureau of Labour Statistics expects the computer research information science and operation research analysis is expected to grow by 19% and 27% respectively. Data is the new oil which powers every corner of human enterprise and commerce.
The demand for analytical skills is steadily increasing but there is a huge supply-side deficit. This occurs globally and is not limited to any part of the geography. Although large data analysis is “hot work”, there are still a large number of unfilled jobs in the world due to the lack of skills required. A study by the McKinsey Global Institute indicates that the US will face a shortage of about 190,000 data scientists and a million and a half managers and analysts able to understand and make decisions using the Big Data by 2018.
Big Data gives Big Opportunity:
The implications for job seekers around the world are clear: if you have the sense of numbers and detail, big data and data science could be extremely lucrative and stable career paths.
Big data had become a competitive edge for every industry and company. The area where the big data is used is from supply chain management to health care and marketing campaigns to merchandising analysis. Large and medium-size companies are fed up with the decision making, marketing, fine-tune outreach, acquisition and many more using real-time and historical insights.
Along with the big companies like Apple, Google and Microsoft, small and medium-sized companies are using big data for a job listing. And the arms race for talent Big Data has placed these professionals in an incredible position to promote themselves and find a company and a career path that really suits them.
Cultivation of Big Data talent:
To deal with the impending shortage of qualified candidates at the DSA, Quant Crunch states that IBM outlines the scale of problems that offers educational institutes and educational companies more ways to mobilize the forces. At first, it is a challenging task for communicating with the college students, k-12 students and those who are looking out for new opportunities.
The job will be everywhere where data science is everywhere.IBM has identified the following sectors as having the highest demand for DSA talent. Percentages express the proportion of job vacancies in the DSA category:
1.Public Administration: 7%
2.Wholesale Trade: 9%
3.Finance and Insurance: 19%
4.Information services: 17%
5.Technical services, scientific and Professional services: 18%
8.Gas Extraction, Oil, Mining and Quarrying: 9%
9.Wholesale trade: 9%
10.Management of Enterprises and companies: 13%
Every service sector from the public to retail, insurance to scientific research, every industry is being disrupted by the shift in the job market. According to IBM, it was noted that 2.5 quintillion bytes of data are generated daily by humans. Every decision made by the entertainment company Netflix apparently relies on the mountain of the user data they sit on. Uber is not only considered as a transportation company, but it is also a technology company.
How can we prepare people for a whole new kind of economy:
Here are a few tips suggested by IBM for the preparation of people for a new economy
1.Lower Hiring Requirements:
Large employers like Hasbro and Microsoft are reducing the educational requirements and experience for recognizing the value of self-motivated problem solvers and the value of driven, or are separating existing positions with such requirements into multiple job-related positions. ‘Entrance.
2.Early starting of Data Literacy Education:
Almost every business will be benefited by adding big talent to their value chain. Most of the graduates are lagging in these skills. Hence IBM suggested the introduction of “baseline data literacy”, which means adding big data basics as early when a student reaches junior high. This will provide a general understanding of the firm basics of big data. And more fine tuning can be provided later in the industry.
3.Focusing on DSA skills in Higher Learning:
Adding new courses and degree tracks must be the main motive of the higher learning institutions.IBM positions of the big data observe that 20% of the positions at least require 6 years of hands-on experience and 42% of the positions are open for the candidates with graduation degree. More colleges with internship opportunities and classroom experience are specially tailored to big data to meet the requirements of the positions.
Even though the skills required will change continuously, especially DSA skills. Hence eLearning is one of the remedies for the rapidly changing economy. There is an explosion of eLearning courses nowadays.